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CHIPSOFT AGREES TO ACQUIRE ELECTRONIC FILING CAPABILITY, APPOINTS VICE PRESIDENT OF ELECTRONIC SERVICES

 CHIPSOFT AGREES TO ACQUIRE ELECTRONIC FILING CAPABILITY,
 APPOINTS VICE PRESIDENT OF ELECTRONIC SERVICES
 SAN DIEGO, July 22 /PRNewswire/ -- ChipSoft Inc. (NASDAQ: CSFT), the leading supplier of tax preparation software, has entered into an agreement to purchase certain assets of SPEED>S Corp., an electronic services company based in Minneapolis. In a related event, the company announced that effective Sept. 1, Robert E. (Bob) Barr, currently with South Carolina's Tax Commission, will join ChipSoft to develop and oversee its newly formed Electronic Services Division.
 Terms of the SPEED>S purchase give ownership of SPEED>S' hardware, software and trademarks to ChipSoft. ChipSoft plans to hire certain key members of SPEED>S' staff, who will continue operations in Minneapolis. Further details of the purchase were not disclosed. Consummation of the purchase is subject to closing conditions.
 "This purchase will allow ChipSoft to provide its TurboTax and MacInTax users a more integrated means of electronically filing their own or their clients' tax returns," said Charles H. Gaylord, ChipSoft' chairman and chief executive officer.
 ChipSoft has historically contracted each year with third-party electronic tax filing firms, through which TurboTax and MacInTax customers could electronically transmit their returns to the IRS. By providing this service directly to its customers, ChipSoft expects to provide greater convenience and efficiency, increasing customers' satisfaction with the process.
 An analysis conducted in August 1991 by the Federation of Tax Administrators suggests a multibillion-dollar market in 7-10 years for electronically filed federal and state, individual and business tax returns and reports.
 Barr, currently manager of Information Resource Services for the South Carolina Tax Commission, has been hired by ChipSoft to manage the company's Electronic Services Group. Barr has been instrumental in implementing South Carolina's nationally recognized successes in electronic tax return filing, electronic tax payments, and electronic tax return and payment acknowledgements.
 Currently, Barr chairs the ANSI ASC X12 Government Subcommittee, which is the leading body in the nationwide development of all government electronic data interchange (EDI) standards, including those for the electronic filing and payment of taxes. He also has been instrumental in leading a number of other national initiatives in both federal and state electronic tax reporting for both individual and business taxes. Barr holds a master of business administration degree from the Wharton School, University of Pennsylvania; and a bachelor of science degree from the University of South Carolina.
 ChipSoft Inc. is the leading publisher of tax preparation software for personal computers in the United States. ChipSoft develops, markets and supports a broad line of more than 230 tax preparation and related software products sold under the brand names TurboTax and MacInTax. ChipSoft sells its tax preparation software to consumers and small businesses for use in preparing their own tax returns and to professional preparers for use in preparing their clients' tax returns.
 ChipSoft reported net income for its third fiscal quarter, ending March 31, 1992, of $10,198,000, or $.85 per share, on revenue of $32,035,000.
 -0- 7/22/92 R
 /CONTACT: Debra Kelley of ChipSoft, 619-453-4446, ext. 482/
 (CSFT) CO: ChipSoft Inc.; SPEED>S Corp. ST: California IN: CPR SU: TNM PER


AL-CH -- SD005 -- 1950 07/22/92 13:17 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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