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SAZTEC INTERNATIONAL COMPLETES $1.5 MILLION IN FUNDING; ANNOUNCES NEW ACQUISITION

 SAZTEC INTERNATIONAL COMPLETES $1.5 MILLION IN FUNDING;
 ANNOUNCES NEW ACQUISITION
 KANSAS CITY, Mo., July 29 /PRNewswire/ -- SAZTEC International Inc. (NASDAQ: SAZZ) today completed previously announced agreements that provide the company with a substantial increase in working capital and a new acquisition.
 SAZTEC announced an agreement with Wallenberg-Sharp Ltd. that arranges $1 million in additional funding. The financing will be in the form of a subordinated convertible debenture bearing interest at an initial rate of 8 1/2 percent and convertible into common stock at $2.875 per share.
 SAZTEC also acquired the assets and business of Data Development Inc. (DDI) from GlobalTech Inc., an affiliate of Wallenberg-Sharp. DDI is an information conversion company located in Palm City, Fla. SAZTEC said DDI's services complement SAZTEC offerings, and its location in the Southeastern United States made it strategically attractive. Terms of the acquisition were not disclosed.
 SAZTEC also announced the completion of a private stock sale that contributed more than $500,000 of new equity. Principal buyers of the stock are a group involved in a 1990 subordinated convertible debenture transaction with SAZTEC. Some of the private investors are principals in William Blair & Co. SAZTEC directors and key executives also participated in the private placements.
 SAZTEC International, a world leader in information management, provides services for database construction and information conversion utilizing computer processing, electronic imaging, optical recognition, data entry and other technologies.
 SAZTEC International is traded in the over-the-counter market and is listed under NASDAQ SMALL CAP ISSUES under the symbol SAZZ. For more information, contact David W. Roberts, senior vice president and treasurer, SAZTEC International Inc., 6700 Corporate Drive, Kansas City, MO 64120. The telephone number is 816-483-6900.
 -0- 7/29/92
 /CONTACT: David W. Roberts of SAZTEC International, 816-483-6900/
 (SAZZ) CO: SAZTEC International Inc. ST: Missouri IN: CPR SU: TNM


BB -- DV005 -- 4744 07/29/92 16:02 EDT
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Publication:PR Newswire
Date:Jul 29, 1992
Words:311
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