Computer Language Research, Inc. And Ernst & Young LLP Announce Agreement To Design And Support International Tax Software.CARROLLTON, Texas and NEW YORK--(BUSINESS WIRE)--Oct. 6, 1997-- Computer Language Research, Inc. (Nasdaq/NM:CLRI CLRI Central Leather Research Institute (India) ) and Ernst & Young LLP LLP - Lower Layer Protocol have entered into an agreement according to which Ernst & Young will design and support portions of CLR's InSource International tax software. InSource International tax software is also known by the trade names of FTMS See Fusion FTMS. (Foreign Tax Management System) and ITMS iTMS iTunes Music Store (Apple) ITMS Interim Traffic Management System ITMS Immediate (Check) Truth Maintenance System (AI) ITMS Integrated Transportation Management System (International Tax Management System). Under terms of the agreement, CLR (Common Language Runtime) The runtime engine in Microsoft's .NET platform. The CLR compiles and executes programs in Microsoft Intermediate Language (MSIL). The counterpart to the CLR for the Common Language Infrastructure (CLI), ECMA's standard version of . retains ownership rights to its software, but will now tap into the expansive international resources of Ernst & Young to help design and support the software. In addition, Ernst & Young will bring its worldwide international tax experience to the design of client server versions of CLR's international tax software, expected to be available next year. "This agreement is a major win for our customers because it dramatically expands the resources focused on our international software," said Allen Harris, Group Vice President in charge of the corporate tax group at CLR. "CLR will establish technology direction and will develop the software. Ernst & Young will establish tax technical direction and provide expanded support for the product," Harris added. James J. Tobin, national director of international tax services at Ernst & Young, noted, "We are pleased that CLR has selected Ernst & Young to help with the design and support of their corporate international tax compliance software. We'll add several experienced international client service managers immediately to the support team for ITMS/FTMS software so current users will quickly reap the rewards in terms of improved support." Ernst & Young will also continue to develop advanced tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. applications for its "EY/Powersource" international tax software. Lester Fuwa, a partner at Ernst & Young, will manage the overall Ernst & Young effort to provide design and support resources for the CLR InSource International tax software. According to Fuwa, "The combination of resources from CLR and Ernst & Young will enable us to accelerate development of the next generation of high performance client server software. Aside from the dramatic performance improvements that will be achieved with the CLR client server platform, we will be expanding FSC FSC See: Foreign Sales Corporation optimization and DASTM DASTM Dollar Approximate Separate Transactions Method (US IRS) analysis capabilities. We also will be developing planning software to assist clients in managing worldwide taxes and modeling the effects of anticipated transactions. These planning tools will have the ability to use information directly from the compliance software." Over the next five years, CLR expects to fund in excess of $15 million to its international tax software initiatives. Ernst & Young will add another $10 million of funding over the same time frame for additional support and development of advanced international tax planning applications. Stephen T. Winn, president of CLR, noted that "The combined funding of about $25 million over the next five years will enable us to dramatically improve support to our existing international clients and develop extraordinary client server based international tax compliance and planning software for release in the future." Computer Language Research, Inc. is headquartered in Carrollton, Texas, and maintains sales and support facilities throughout the United States. The Company provides tax and accounting software and information services See Information Systems. to accounting firms, banks, corporations, and partnerships under the trade names ACE and Fast-Tax. The Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Rent Roll, Inc., develops and markets apartment housing software and information services to large property management firms and owners of multifamily apartment communities under various trade names. Ernst & Young provides assurance and advisory business, tax, and consulting services for domestic and global clients. The firm has over 25,000 people in 89 U.S. cities. -0- "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 All statements in this release other than historical facts are forward-looking statements that involve risks and uncertainties and are subject to change at any time. CLR derives its forward-looking statements from its operating budgets and forecasts, which are based upon detailed assumptions about many important factors such as product demand, market conditions, technological developments, and competitive activities. While CLR believes that its assumptions are reasonable, it cautions that there are inherent difficulties in predicting the impact of certain factors, especially those affecting the timing and magnitude of software sales and the performance of recently acquired businesses, which could cause actual results to differ materially from predicted results. CONTACT: Computer Language Research, Inc., Carrollton Robert H. Dilworth, 972/250-8679 E-mail: bob_dilworth@clr.com Internet: http://www.clr.com or Ernst & Young LLP, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Colette Murphy, 212/773-1089 E-mail: colette_murphy@ey.com Internet: http://www.ey.com or Makovsky & Company Alice Dayton, 212/508-9644 E-mail: alice@makovsky.com |
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