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COGNITRONICS EXPANDS INTO EUROPE AND VOICE MANAGEMENT THROUGH $2.6 MILLION PURCHASE OF DACON ELECTRONICS

 COGNITRONICS EXPANDS INTO EUROPE AND VOICE MANAGEMENT
 THROUGH $2.6 MILLION PURCHASE OF DACON ELECTRONICS
 STAMFORD, Conn., Oct. 22 /PRNewswire/ -- Cognitronics Corporation (AMEX: CGN), a leading manufacturer of voice processing equipment, said today it would add a line of incoming call management products and a direct presence in the European market for the first time through the $2.6 million acquisition of Dacon Electronics Plc. It is expected that the transaction will be completed within three weeks.
 The $2.6 million is payable in a combination of cash and stock; future additional payments in cash are dependent on earnings of Dacon over the next two years.
 Dacon Electronics, Hertfordshire, England, with an R & D and manufacturing facility in Saddle Brook, N.J., has current annual revenues of $6.0 million. "This will greatly expand the Cognitronics revenue base which last year totaled $18.0 million, and also will provide us with a new line of voice processing products and new markets in Europe," according to Matthew J. Flanigan, president and chief executive officer of Cognitronics.
 "This acquisition will provide us with greater balance in the voice processing industry because Dacon serves the commercial markets, while Cognitronics historically has served the telephone operating companies," he added. "Cognitronics' growth over three decades has occurred in the United States, while Dacon's focus has been primarily in Europe."
 Chairman and Chief Executive Peter Chamberlain of Dacon said, "The synergies between the companies along with the complementary products and markets make for an extremely good business opportunity. The Dacon management is delighted to be in the vanguard of an exciting future."
 Cognitronics is a leading manufacturer and supplier of voice processing equipment, including telephone network announcement products and interactive voice response (IVR) systems, to telephone operating companies, original equipment manufacturers and commercial end-users. Cognitronics also manufacturers precision machined parts and electromechanical assemblies.
 -0- 10/22/92
 /CONTACT: Harold F. Mayer, vice president of Cognitronics Corporation, 203-327-5307/
 (CGN) CO: Cognitronics Corporation ST: Connecticut IN: TLS SU: TNM


TS -- NY058 -- 3449 10/22/92 10:42 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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