Dixie National Corp. completes agreement with Text Retrieval Systems.HILTON HEAD ISLAND Hilton Head Island An island off the southern coast of South Carolina in the Sea Islands of the Atlantic Ocean. It is a popular tourist resort. The town of Hilton Head Island, on the northeast coast, has a population of 35,200. , S.C.--(BUSINESS WIRE)--Nov. 2, 1995--Dixie National Corp., a publicly traded holding company (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 Symbol: DNLC DNLC Directory Name Lookup Cache ), headquartered in Hilton Head Island, S.C. and Text Retrieval Systems (TRS See traffic engineering methods. TRS - term rewriting system ), of Ponte Vedra, Fla., today announced the completion of an agreement under which TRS has conveyed 35% of its common stock to DNLC and given that firm an option to acquire the remainder through a subsequent exchange of stock. To confirm its option, DNLC has given TRS shareholders 100,000 shares of DNLC stock and will grant TRS a $750,000 line of credit. The option can be exercised through June 30, 1997. Text Retrieval Systems publishes electronic reference libraries that link related information sources for convenient access by personal computers. The libraries, often containing thousands of pages in electronic form, are connected by hypertext cross-reference links which allow users to avoid time consuming manual research of documents. Their most recent product is an employer's compliance library which links all federal employment laws and related regulations to a compendium of state statutes and regulations. Commenting on the agreement, Dixie National Chairman and Chief Executive Officer S. Leroy Reed Jr., said "Potential applications for TRS' information search techniques utilizing PC-based electronic libraries extend far beyond their announced products. The capital we provide will enable them to expand development in marketing efforts into other key segments of the business community." TRS President Bruce Grewell added: "We are dedicated to becoming the industry leader in PC-based applications requiring interrelated in·ter·re·late tr. & intr.v. in·ter·re·lat·ed, in·ter·re·lat·ing, in·ter·re·lates To place in or come into mutual relationship. in reference sources. Our electronic libraries enable a user to search 50,000 pages of data in seconds. Employment compliance libraries were a natural starting point Noun 1. starting point - earliest limiting point terminus a quo commencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the time at which something is supposed to begin; "they got an early start"; "she knew from the for us since the average small business is faced with complying with more than 60 complex federal and state employment statutes. With the financial support provided by Dixie National, we anticipate substantial growth in our business." Dixie National is in the process of restructuring its business strategy and has been exploring several acquisition opportunities in the applied technology area. Today's agreement is the first announcement by DNLC since the sale of its life insurance subsidiary was completed on Oct. 2, 1995. CONTACT: Dixie National Corp., Hilton Head Island G. Thomas Reed Thomas Reed may refer to:
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