JOSTENS COMPLETES ACQUISITION OF WICAT SYSTEMS
JOSTENS COMPLETES ACQUISITION OF WICAT SYSTEMS MINNEAPOLIS and OREM, Utah, Aug. 24 /PRNewswire/ -- Jostens Inc.
(NYSE: JOS) and Wicat Systems Inc. (NASDAQ: WCAT) today announced the completion of the acquisition of Wicat Systems, Inc. originally announced on
April 6, 1992. Wicat Systems will be combined with
Jostens Learning Corporation (JLC), a Jostens subsidiary, which is the nation's leading provider of computer-based instructional technology for elementary and secondary schools. Each share of Wicat will be exchanged for .1859 shares of Jostens common stock, resulting in the issuance of approximately 4.1 million Jostens shares.
H. William Lurton, Jostens chairman and chief executive officer, said, "Wicat Systems will significantly strengthen our current JLC offerings in the educational market place. I am very pleased to have this fine organization as a part of Jostens and the JLC team. Wicat's commitment to excellence in products and service is similar to JLC's and I look forward to the opportunity to expand our presence in this exciting educational market." John Kernan, chairman and chief executive officer of Jostens Learning stated, "The combination of JLC and Wicat will bring together the best product development, sales and customer support talent in the industry. With the combination of these two companies we have an outstanding opportunity to use technology to make a significant difference in American public education." Jostens, headquartered in Minneapolis, is a leading provider of products and services for the youth, education, sports award and recognition markets. The Fortune 500 company reported sales of $878 million for the fiscal year ended June 30, 1992. -0- 8/24/92 /CONTACT: Robb Prince of Jostens, 612-830-3262, or Mike Plant of Wicat, 801-224-6400/ (JOS WCAT) CO: Jostens Inc.; Wicat Systems Inc. ST: Minnesota; Utah IN: SU: TNM
AL -- MN013 -- 2737 08/24/92 17:04 EDT
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|Date:||Aug 24, 1992|
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