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 MINNEAPOLIS, Sept. 20 /PRNewswire/ -- DataMap, Inc. (OTC Bulletin Board: DTMP) announced today it has completed its private placement financing with an investment of $3 million from Bachow and Associates, Inc., a Bala Cynwyd, Pa.-based capital expansion firm. Under the terms of the agreement, Bachow and Associates will receive 200,000 shares of Series B preferred stock (each share convertible into 10 shares of common stock) and options to purchase additional common stock at prices ranging from $3 to $4.20 per share.
 Gary Mertz, president and chief executive officer of DataMap, said, "The placement of the $3 million in preferred stock, which represents the second stage of our overall $4.4 million financing package, now places the company in a strong financial position and enables us to expand our marketing of products and services to the insurance and banking industries."
 DataMap said it now believes, with its financing complete, the company qualifies for listing of its common stock on NASDAQ and has submitted its application for approval.
 DataMap developed the Geographic Underwriting System (GUS(R)) for the insurance industry in partnership with Insurance Services Office, Inc. (ISO) under a 15-year contract. The GUS service was developed by the two companies to deliver accurate hazard information to personal and commercial property and casualty companies via ISO's national communications network. Simply by entering an address on a computer terminal, an agent or insurer can get risk information for public fire protection, auto rating territories and drive distance determination, windstorm exposure, and crime information, in just a few seconds. GUS service is available in 48 states and by the end of September will be available for the entire U.S. Additional hazard and risk layers are planned for release in the near future.
 Within the banking industry, DataMap has signed a contract with Bankers systems Inc. (BSI), a St. Cloud, Minn., private firm, whose clients represent more than 75 percent of the banks in the U.S. BSI specializes in compliance issues, and the contract with DataMap will enable banks to demonstrate via reports and maps that loans are made equitably on a geographic basis. "We expect this business to grow very rapidly and be a significant revenue source for the company," Mertz noted.
 The company completed the first stage of its financing last month when it raised $1.4 million in a private placement of common stock with three institutional investors.
 All the private placements were arranged by William Blair & Company, the Chicago-based investment banking firm, acting as financial adviser and agent for DataMap in the placement of the securities.
 DataMap, based in Eden Prairie, Minn., provides computerized geographic solutions for the insurance, banking and retail industries, utilizing its proprietary software and national road and street database, coupled to census demographics and customer data.
 -0- 9/20/93
 /CONTACT: Gary Mertz, president and CEO, 612-934-0900, or James Hovis, chairman, 815-758-5983, both of DataMap; or Alex Tassos of Alex Tassos & Associates, 619-748-0787, for DataMap/

CO: DataMap, Inc. ST: Minnesota IN: CPR SU: FNC

ML -- DE004 -- 3508 09/20/93 09:11 EDT
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Publication:PR Newswire
Date:Sep 20, 1993

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