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COMMERCE CLEARING HOUSE ANNOUNCES SALE OF FIDUCIARY TAXSYSTEMS TO COMPUTER LANGUAGE RESEARCH BY ITS SUBSIDIARY, CCH COMPUTAX

 COMMERCE CLEARING HOUSE ANNOUNCES SALE OF FIDUCIARY TAXSYSTEMS TO
 COMPUTER LANGUAGE RESEARCH BY ITS SUBSIDIARY, CCH COMPUTAX
 RIVERWOODS, Ill., July 31 /PRNewswire/ -- Commerce Clearing House, Inc. (CCH) today announced that Fiduciary TaxSystems (FTS Corp.) was sold to Computer Language Research, Inc. of Carrollton, Texas, by CCH Computax, Inc. for an undisclosed amount. FTS provides computerized trust tax processing services for 134 banks nationwide, with revenues of approximately $7.3 million in 1991.
 According to Thomas G. Rolfe, president of CCH Computax, "Our organization has been involved in an overall strategic planning process which concluded that the trust tax processing business was not a strategic direction for us. As a result, we looked for a company that we felt could best serve the unique and complex requirements of our bank customers. We selected CLR/Fast-Tax because we felt they were positioned to ensure the kind of service our customers have come to expect."
 "Additionally," Rolfe said, "this move allows us to focus our resources more directly on the continuing development of our micro based software Prosystem FX. Prosystem FX provides complete processing of individual, partnership, corporation, and fiduciary returns for the tax preparation professional."
 The disposition of FTS was anticipated as part of the restructuring announced in CCH's second quarter earnings release dated July 23, 1992.
 -0- 7/31/92
 /CONTACT: Mort Sullivan of Commerce Clearing House News Bureau, 708-940-4600/ CO: Commerce Clearing House Inc.; Computer Language Research, Inc. ST: Illinois, Texas IN: FIN SU: TNM


SH -- NY024 -- 5522 07/31/92 10:42 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
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