Andean Development Announces Acquisition of Computer Company.BOCA RATON, Fla.--(BUSINESS WIRE)--Feb. 12, 1998--Andean Development Corp. (NASDAQ/NMS:ADCC ADCC antibody-dependent cell-mediated cytotoxicity. ADCC antibody-dependent cell-mediated cytotoxicity. ) announced today that it has acquired a 70% equity interest in Ingesis S.A., a computer software company located in Santiago, Chile. The purchase price was $100,000 USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. . Ingesis has developed a system, utilizing a digital signature generated by encrypting a logarithm logarithm (lŏg`ərĭthəm) [Gr.,=relation number], number associated with a positive number, being the power to which a third number, called the base, must be raised in order to obtain the given positive number. on a computer chip, which has been approved by the Chilean Internal Revenue Service as a replacement for the current system of tracking and auditing the collection of value added taxes. The current system utilizes preprinted paper forms. The company will begin commercial testing of this system over the next 60 days. Pedro Pablo Errazuriz, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , noted that this acquisition is in keeping with the company's strategy of investing in niche business which have the potential to produce a high return on a minimum investment. Errazuriz further stated, "that should the commercial test prove successful, then I anticipate that this system will be installed in the majority of the stores throughout Chile and there will be opportunities in other countries utilizing systems similar to the Chilean IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. VAT system." CONTACT: Andean Development Corp., Boca Raton David Mayer, 561/416-8930 |
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