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CAPRI, CIMNET SYSTEMS SIGN LETTER OF INTENT TO MERGE

 CAPRI, CIMNET SYSTEMS SIGN LETTER OF INTENT TO MERGE
 MINNETONKA, Minn., Aug. 14 /PRNewswire/ -- Capri Corp., a publicly


held blind-pool located in Minneapolis, and Cimnet Systems, Inc., a privately held Chicago-based software developer, announced today that they have signed a letter of intent to merge. The terms of the proposed merger call for the issuance of 9.5 million shares of Capri common stock in exchange for all of the stock of Cimnet. Upon consummation of the merger, current management of Cimnet would assume management of Capri and the members of Cimnet's board of directors would continue as the board of directors of Capri.
 The merger is subject to negotiation and execution of definitive agreements acceptable to Capri and Cimnet and to due diligence review to be conducted by each party.
 Capri was formed in 1991 as a vehicle to raise capital to acquire one or more business enterprises. Capri completed its initial public offering of common stock and warrants in December 1991. Capri currently has approximately $1.3 million in cash equivalent assets and has been seeking acquisition candidates. Capri has outstanding approximately 3.9 million shares of common stock and warrants to purchase 4.2 million shares of common stock. Capri's common stock and warrants are traded in the Minneapolis/St. Paul local over-the-counter market.
 Cimnet Systems, Inc., formed in October 1988, is in the business of developing, marketing and supporting computer software systems. "Paradigm(TM)," the company's principal product, is a state-of-the-art Computer Integrated Manufacturing (CIM) system designed specifically for the job shop manufacturing environment. With a growing international client base, the company has targeted Paradigm for the worldwide printed circuit manufacturing industry and plans to expand into other industry markets. Based on preliminary results and subject to completion of the company's fiscal year-end audits, the company has been profitable each year and had revenues of approximately $3 million and $2.6 million, respectively, for the fiscal years ended June 30, 1992 and 1991.
 Thomas F. Leahy, president of Capri, indicated that Cimnet's current software is the most comprehensive and user-friendly package of its type. In addition, Cimnet's engineering automation software package, when completed in late 1992, will give its user a major productivity advantage through improved quality and reduced cycle time.
 Mehul J. Dave, president of Cimnet, stated that, "This merger of our organizations is expected to provide Cimnet with the resources to capitalize on the worldwide client base we have developed in the last three years. As a public company, we plan to achieve continued growth through new product development."
 -0- 8/14/92
 /CONTACT: Thomas F. Leahy of Capri, 612-933-0609/ CO: Capri Corp.; Cimnet Systems, Inc. ST: Minnesota, Illinois IN: CPR SU: TNM


KH -- MN006 -- 9997 08/14/92 12:12 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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