SOFTWARE PRODUCTION JOINS PRISM GROUP
SOFTWARE PRODUCTION JOINS PRISM GROUP WOODINVILLE, Wash., Sept. 16 /PRNewswire/ -- Prism Group Inc.
(OTC Pink Sheets) has signed a letter of intent to acquire Software Production Inc. (SPI), a software manufacturing services firm based in Bellevue, Wash., for an amount in excess of $3 million, payable in cash and stock over a three-year period, according to K.C. Aly, Prism's president.
"This acquisition expands the company's software manufacturing business. SPI's business and customer base are distinct from, and complimentary to, MicroDisk Services, Prism's primary subsidiary," Aly said. "SPI will be operated as an independent subsidiary, and we are excited about their addition to Prism Group." SPI's executive team will continue unchanged. Richard McNeill is president, Mike Poste is vice president of Sales and Marketing and Scott Emmons is vice president of Operations. McNeill noted that the transaction would allow SPI access to additional finances and other resources to help SPI continue its record of successful operations and growth. SPI employs more than 80 people and operates from a 30,000-square- foot facility in Bellevue. Its 1991 sales were approximately $4,000,000. Prism Group acquired MicroDisk Services of Woodinville in November 1991. MicroDisk, like SPI, is a software manufacturer. Prism, based in Sarasota, Fla., is traded on the over-the-counter market under the symbol PSMG. -0- 9/16/92 /CONTACT: Brad Tedeschi of Prism Group, 206-889-4457; or K.C. Aly of MicroDisk Services, 206-881-1609; or Richard McNeill of Software Production, 206-746-7467/ (PSMG) CO: Prism Group Inc.; MicroDisk Services; Software Production Inc. ST: Washington, Florida IN: CPR SU: TNM
LM-JH -- SE004 -- 0362 09/16/92 18:03 EDT
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|Date:||Sep 16, 1992|
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