CEO of Scangraphics Again Demonstrates Confidence In Company's Future Growth.LIMERICK, Pa.--(BUSINESS WIRE)--Jan. 21, 1999-- Foregoes Cash Compensation For Stock Scangraphics Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SCNG SCNG Strategic Center for Natural Gas ), announced Thursday that Laurence L. Osterwise, president and 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. of Scangraphics, continues to align his compensation with the interests of the Company's stockholders. At a recent meeting of Compensation Committee of the Board of Directors of Scangraphics, Laurence L. Osterwise proposed to the committee that he, for a second time, would forego the cash portion of his compensation for one year in return for a quantity of warrants to purchase shares of Scangraphics' common stock. At a subsequent meeting of the full Board of Directors, this proposal was approved. As a result of this action, Osterwise will receive 300,000 warrants, each warrant giving Osterwise the right to purchase one share of Scangraphics common stock. These warrants shall vest at the rate of 1/12th per month, starting Nov. 1, 1998. Osterwise commented that, "We have made terrific progress in the rebuilding and redirecting of our Company to new and potentially very large markets. I am confident in the strong upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar that we have created. "I have again proposed and agreed to accept a quantity of warrants in lieu of the cash portion of my compensation for another year, because I believe that my interests should continue to be fully aligned with those of our stockholders." About Scangraphics ... Scangraphics Inc., headquartered in Limerick, is comprised of three operating companies: Tangent Imaging Systems, Sedona GeoServices, and Technology Resource Centers. This group pioneered and remains a leader in scanning and image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished technology, large document scanners, backfile conversion Scanning older documents that reside in a file cabinet. Service bureaus specialize in this conversion process. services, internet enabled business geographics and data visualization See information visualization. software and solutions and imaging software and systems. Scangraphics has Business Partnerships and Alliances with such companies as Oracle Corp. (Nasdaq:ORCL ORCL Oracle (stock symbol) ) and Sun Microsystems Inc. (Nasdaq:SUNW SUNW Sun Microsystems, Inc (former stock symbol; now JAVA) SUNW Stanford University Network Workstation (Sun Microsystems, Inc) ), and its products are marketed internationally through systems integrators and distributors. Scangraphics is a publicly held corporation, with shares traded on Nasdaq (SCNG). Scangraphics and its operating companies can be found on the Web at: www.scangraphics.com. Forward Looking Statements... Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes" "anticipates" "plans" or "expects" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Sedona and Scangraphics are registered trademarks of Scangraphics Inc. Tangent and Tangent Imaging Systems are trademarks of Scangraphics Inc. All product names are trademarks or registered trademarks of their respective companies. |
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