MECA SOFTWARE SIGNS AGREEMENT PROVIDING FOR THE ACQUISITION OF GREAT AMERICAN SOFTWARE
MECA SOFTWARE SIGNS AGREEMENT PROVIDING FOR THE ACQUISITION OF
GREAT AMERICAN SOFTWARE
FAIRFIELD, Conn., Nov. 15 /PRNewswire/ -- MECA Software, Inc. (NASDAQ: MECA) today announced that it had signed an agreement providing for the purchase of Great American Software. As part of this agreement MECA would purchase all of the outstanding capital stock and capital stock equivalents of Live Free or Die Software, Ltd., the parent corporation of Great American Software.
Under this proposed transaction, MECA would pay the shareholders of Live Free or Die, Ltd. approximately $5.8 million. Payment would be a combination of cash, notes and MECA common stock. MECA would also pay additional amounts based on the growth of net revenues over fiscal 1991 levels. Consummation of the transaction is subject to the successful completion of the due diligence process and negotiation of a final purchase agreement.
According to MECA's President and Chief Executive Officer Daniel M. Schley, "The proposed acquisition of Great American Software would fulfill a long-standing strategic objective of MECA to become a major software publisher in the small business finance market. Great American Software, with their highly regarded 'One-Write Plus' accounting system has successfully targeted the market we seek to address and would afford MECA an excellent opportunity to pursue our strategic vision."
Great American Software, located in Nashua, N.H., develops, markets and supports small business accounting software systems and related products. The company has built a software franchise around the concept of the one-write manual bookkeeping system. Great American's products are identified by the company's trademark, One-Write Plus. Great American Software completed their fiscal year ended July 31, 1991, with net revenues of approximately $8 million.
MECA Software, Inc. develops, publishes and markets a family of personal and business productivity software. MECA's products include Andrew Tobias' Managing Your Money, TaxCut, Home Lawyer and The Manager's Organizer.
/CONTACT: Paul D. Harrison of MECA Softawre, 203-256-5000/
(MECA) CO: MECA Software, Inc.; Great American Software ST: Connecticut, New Hampshire IN: CPR SU: SH -- NE006 -- 1415 11/15/91 09:51 EST