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SORICON SECURES $1.5 MILLION DOMESTIC CREDIT FACILITY; COMPANY BUILDS BACKLOG OF $4.8 MILLION AT JULY 31

< BOULDER, Colo., Aug. 16 /PRNewswire/ -- Soricon Corp. (NASDAQ: SRCC, SRCCW), a leading provider of check and document readers,


today announced it has secured a $1.5 million domestic credit facility from Silicon Valley Bank.
 Neville Vere Nicoll, chief executive officer and president, said timing of the new credit facility coincides w built a backlog for check and document readers totalling $4.8 million at July 31. The credit facility will assist the company in funding its anticipated growth.
 The company's backlog consists largely of a series of recent orders for its check and document readers placed by Safeway, Target Stores and several large check verification companies. In addition, Soricon recently announced purchase orders from its U.K. distributor, Advanced Recognition Ltd., and Colorado-based King Soopers, a large grocery store chain. The company has also realized its first orders through its partnership with VeriFone Inc.
 "Soricon is off to a very positive start in the second half of the year," Vere Nicoll said. "July revenues of $900,000 were the highest single month in 1993 for the company, and we anticipate continued revenue growth over the remainder of the year." Vere Nicoll added that revenues are expected to exceed $9 million for fiscal 1993. That compares to sales of $5.1 million in 1992.
 Check and document readers are point of sale devices that enable retailers and other merchants to quickly and accurately input check data used to detect high risk payments and reduce bad check losses. Soricon, whose flagship product is the CheckReader(TM), has a strong presence in retail markets. In addition, the company targets its check and document readers to the emerging financial point of transaction market.
 -0- 8/16/93
 /CONTACT: Neville Vere Nicoll or David A. Kempf of Soricon, 303-440-2800; or Pfeiffer Public Relations, 303-393-7044/
 (SRCC)


CO: Soricon Corp. ST: Colorado IN: SU:

BB -- DV003 -- 2991 08/16/93 10:38 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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