CITATION Computer Systems closes sale of UK business.ST. LOUIS--(BUSINESS WIRE)--March 17, 1997--CITATION Computer Systems, 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 : CITA CITA Committee for the Implementation of Textile Agreements CITA Canadian Institute for Theoretical Astrophysics CITA Center for Information Technology Accommodation (US; now the GSA IT Accommodation Division) ) today announced that it had closed the previously announced sale of its United Kingdom operations to Health Systems Limited, a new UK based company. The sale price was not disclosed. Under the terms of the transaction, Health Systems Limited will acquire CITATION's operating assets Operating Assets Another term for working capital. , retain the majority of the Company's employees in the UK and assume responsibility for CITATION's existing customers and contracted commitments in the UK. A product licensing agreement provides CITATION Citation (foaled 1945) U.S. Thoroughbred racehorse. In four seasons he won 32 of 45 races, finished second in ten, and third in two. He won the 1948 Triple Crown, and became the first horse to win $1 million. He set a world record in 1950 by running a mile in 1:33 3/5. with royalties on any future sales made by Health Systems of CITATION clinical software products in the UK. As previously announced, the transaction will result in a loss in the Company's fiscal fourth quarter, which ends March 31, 1997. That loss now is estimated at between $.43 and $.46 per share. However, among other benefits, CITATION expects to receive approximately $0.8 million in income tax refunds Tax refund Money back from the government when too much tax has been paid or withheld from a salary. related to the transaction over the next nine months. J. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Copper, CITATION's chairman and chief executive officer, stated, "This agreement will remove from CITATION the volatility and cash drain caused by the UK operations. In addition, it establishes a distributor for CITATION in the UK, which has long been the Company's preferred method of doing business internationally. The agreement also is expected to provide CITATION a source of income and positive cash flow." Health Systems Limited was formed by a group of executives with significant healthcare information systems experience in the UK. CITATION provides comprehensive client/server information systems for clinical, financial/administrative areas, and a community-wide registration system. CITATION has 600 systems in more than 450 healthcare facilities throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, the United Kingdom, Ireland, Asia-Pacific and other countries. CITATION has its headquarters in St. Louis. -0- CITATION -- The Best Information Systems Value in Healthcare CONTACT: CITATION Rick Neece, 314/579-7900 Ned Maniscalco, 314/982-1700 |
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