Innovative Tech Systems Inc. announces an exclusive five-year OEM agreement with Intergraph Corp.HORSHAM, Pa.--(BUSINESS WIRE)--Jan. 27, 1995--Innovative Tech Systems (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 :ITSY;ITSYW) Friday announced that it has entered into an exclusive five-year OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and agreement with Intergraph Corp. (NMS See NetWare Management System. :INGR). Under the terms of the OEM agreement, Intergraph Corp. will have exclusive OEM distribution rights with respect to Innovative Tech Systems' SPAN(TM) software. Intergraph Corp. will market, sell and distribute the SPAN(TM) software under the IFM IFM Institut Français de la Mode (French Fashion Institute) IfM Institute for Micromanufacturing (Louisiana Tech University) IFM Interface Module IFM Instantaneous Frequency Measurement (TM) software tools for Facilities Management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. brand. Intergraph will distribute the IFM(TM) suite of products through a worldwide sales channel that generated over $1 billion of revenue in 1993. Most analysts expect Intergraph to report sales of over $1 billion in 1994. Innovative Tech Systems will continue to aggressively develop, support and market the SPAN(TM) family of software products worldwide through its direct sales force and resellers. Innovative Tech Systems under the terms of the agreement with Intergraph Corp. has agreed not to act as an OEM supplier for any other third party. The financial terms of the OEM agreement provide for Innovative Tech Systems to receive 30 percent royalties on all sales of IFM(TM) products. Minimum royalties during each year of the agreement must be $1.5MM in order for Intergraph Corp. to maintain exclusive OEM distribution rights. Commenting on the agreement, William Thompson, chief executive officer and president of Innovative Tech Systems stated, "We believe that the worldwide marketplace for Computer Integrated Facilities Management (CIFM CIFM Computer Integrated Facilities Management ) will continue to develop and we believe that Intergraph Corporation has the sales and marketing expertise to pursue these market opportunities. "In addition to the minimum royalties of $1.5MM per year during the term, the agreement also calls for increased royalties based on the previous years sales." "Innovative Tech Systems has developed a leading software solution for the effective planning and management of an organization's facilities and we are elated e·lat·ed adj. Exultantly proud and joyful. e·lat  ed·ly adv.e·lat to enter into this agreement with Intergraph Corporation. "We believe that this strategic partnership with Intergraph Corporation will broaden access to the distribution channels that were previously unavailable to Innovative Tech Systems," added Thompson. Dr. Tony Crawford, vice president of Intergraph Software Solutions' AEC AEC US Atomic Energy Commission Noun 1. AEC - a former executive agency (from 1946 to 1974) that was responsible for research into atomic energy and its peacetime uses in the United States Atomic Energy Commission division added, "Intergraph has a long history of serving the facilities management needs of our customers. This exclusive agreement with Innovative Tech Systems enables us to expand the scope of our solution into operations and maintenance and underscores our long term commitment to this market." Innovative Tech Systems Inc. is the developer of SPAN(TM), an industry leading software solution for the effective planning and management of an organization's facilities. Intergraph Corp. is the world's largest company dedicated to supplying interactive computer graphics systems. -0- SPAN is a trademark of Innovative Tech Systems Inc. IFM is a registered trademark of Intergraph Corp. CONTACT: Innovative Tech Systems Inc., Horsham John M. Thompson, 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. , 215/441-5600 |
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