SCRIPT SYSTEMS SECURES NEW LINE OF CREDIT
SCRIPT SYSTEMS SECURES NEW LINE OF CREDIT HACKENSACK, N.J., Aug. 13 /PRNewswire/ -- Script Systems, Inc.
(NASDAQ: SCPT) today announced that it had secured its corporate finance needs through a new line of credit from United Jersey Bank/Central, N.A., replacing a similar one with First Fidelity Bank, N.A., North Jersey which was terminated and not renewed in July. All outstanding obligations will be transferred through United Jersey without interruption of the company's activities.
United Jersey Bank/Central is also InfoMed's primary bank. On May 4, 1992, Script announced that Script's board of directors had been asked to consider a share exchange in which the shareholders of Script and shareholders of InfoMed (the nation's leading provider of computer services to the home health care industry) would exchange their shares for shares of a newly formed Delaware corporation, Script-InfoMed Holdings, Inc. (SIH). The basis of the proposed share exchange is that each two shares of Script will be exchangeable for one share of SIH, and each share of InfoMed will be exchangeable for four shares of SIH. There are 1,877,387 shares of Script common stock outstanding (on a fully diluted basis) and 811,033 shares of InfoMed common stock outstanding (on a fully diluted basis). If all of the shares of Script and InfoMed (on a fully diluted basis), are exchanged for shares of SIH, the present shareholders of InfoMed will own 78 percent of SIH and the existing shareholders of Script will own 22 percent of SIH. The shares of SIH issuable in the exchange will be registered with the SEC, and will trade on NASDAQ when the share exchanges are completed. -0- 8/13/92 /CONTACT: Barrett O'Donnell of Script Systems, 609-987-8635, or Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Script Systems/ (SCPT) CO: Script Systems, Inc. ST: New Jersey IN: SU: FNC
LR-CK -- NY025 -- 9536 08/13/92 10:37 EDT
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|Date:||Aug 13, 1992|
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