Digital Equipment lifts charge on MTI assets.LONDON--(BUSINESS WIRE)--Sept. 12, 1996-- - MTi now free of all debt - MTi's cash flow to improve Management Technologies Inc. (MTi) (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 :MTCI MTCI Microsoft Trustworthy Computing Initiative MTCI Motion Triggered Contact Insufficiency ) today announced that the charge on the assets of MTi Trading Systems Limited has been lifted. The company is now free to utilise sources of finance which had previously been unavailable. The charge originated from MTi's acquisition of Digital's DESISCo trading systems division in January 1995. The final US$1.4 million payment of the agreed US$10 million has now been paid -- and the charge has been removed. Peter Morris, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , MTi commented "We can close the chapter on the acquisition process and we will now operate under the single company name, MTi, which reflects a total integration of all our business activities. Over the past 18 months, due to this charge being in place, MTi has been unable to access the usual sources of funding and working capital. However, we now have the advantage of being unencumbered by any bank borrowings or debt and can use our cash flow more effectively to fund future growth." Morris continued, "Our relationship with Digital is also stronger and we anticipate a continuing successful business partnership, especially in Germany, Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. and the CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S . MTi's cash flow will benefit immediately since we will now receive revenues as opposed to accumulating these as part of the Digital settlement." Digital has also supplied MTi with the appropriate hardware to nourish nour·ish v. To provide with food or other substances necessary for sustaining life and growth. MTi's product development capabilities. MTi will continue to act as a value added reseller See VAR. (company) value added reseller - (VAR, or "value added retailer") A company which sells something (e.g. computers) made by another company (an OEM) with extra components added (e.g. specialist software). of Digital hardware products offering front to back office solutions on either Intel or Digital Alpha platforms. This is significant in terms of MTi's ability to address the needs of the major players in the banking industry. Notes to Editors: MTi specializes in the development, installation and support of international banking software and integrated trading room The notion of "trading room" (sometimes used as a synonym of "trading floor", see below) is widely used in financial markets to refer to the office space where market activities are concentrated in investment banks or brokerage houses. solutions. MTi's diversified and impressive product line includes many industry vanguards, such as Abraxsys and the OpenTrade family which includes the advanced traders' desktop, TradeWizard. MTi has offices in all major financial centers and supports over 150 financial institutions worldwide. CONTACT: MTi Peter Morris, 011 44 0 1895 230011 email: mti_info@mtits.co.uk www:http//www.mtits.co.uk or Write Image Richard Leslie, 011 44 0 171 383 2220 100633.3161@compuserve.com.uk |
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