Allegro New Media Completes Acquisition of Serif, Inc. and Serif (Europe), Ltd., Expanding Product Lines and Distribution Capabilities
Terms of the acquisition included, among other things, the issuance of one million shares of Allegro common stock.
Combined revenues of Allegro and Serif, both publishers of computer software for the SOHO (small office/home office) and business market, would have exceeded $10 million on a combined basis in 1995. However, the combined revenues of Allegro and Serif for 1996 are expected to be less than that amount, primarily due to a decrease in Serif's sales attributable to a lack of operating capital.
"Our business plan calls for acquisitions and internal product development that will increasingly position Allegro as a unique resource to SOHO and business customers. The acquisition of Serif adds products, European operations, direct mail capabilities, and development and management resources, which is expected to facilitate our rapid growth," said Barry A. Cinnamon, Chairman and Chief Executive Officer of Allegro.
Gwyn Jones, the principal owner of Serif, is expected to join Allegro's Board of Directors and serve as an Executive Vice President, Product Development of Allegro New Media.
Serif provides affordable publishing and graphics software for the SOHO market. Serif currently offers PagePlus Home/Office 95, PagePlus 3.0 and DrawPlus 2.0, as well as a variety of clipart and font collections. Serif's first product, PagePlus 1.0, a Windows-based desktop publishing application, was launched in 1991 and has won numerous industry awards. Serif has also won awards as the best desktop publisher and graphics software vendor, based on reader votes in PC Direct Magazine.
Allegro sells more than 25 titles in five product lines, including Entrepreneur Guides, Berlitz Executive Travel Guides, Learn To Do Series and Business Reference Series.
Note: Allegro New Media publishes interactive CD-ROM software applications that automate traditional business tasks.
For further information contact Barry Cinnamon at 201-808-1992; e-mail firstname.lastname@example.org. Allegro's "Business Tools for the Inter...Active" can be found at retail outlets throughout the United States and Canada or may be ordered directly by calling 800-ALLEGRO (255-3476).
Except for historical information contained herein, the matters set forth in this news release are forward looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Potential risks and uncertainties include such factors as the level of business and consumer spending for computer software, the amount of sales of the company's products, the competitive environment within the computer software industry, the ability of the company to integrate the Serif operations and the financial strength of the retail industry. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the company with the securities and Exchange Commission.
SOURCE Allegro New Media
/CONTACT: Richard Jay Coyle of Bentley Partners, Inc., 201-891-7782/
CO: Allegro New Media; Serif, Inc.; Serif (Europe), Ltd. ST: New Hampshire, New Jersey IN: CPR SU: TNM
HH-ES -- NYM064 -- 4907 08/12/96 10:43 EDT http://www.prnewswire.com
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|Date:||Aug 12, 1996|
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