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INFORMATION AMERICA SIGNS AN AGREEMENT TO ACQUIRE HYLIND INFOQUEST; DISCUSSES PRELIMINARY FOURTH QUARTER RESULTS

 ATLANTA, Jan. 15 /PRNewswire/ -- Information America, Inc. (NASDAQ: INFO) today announced that it has signed an agreement to acquire Hylind infoQuest, Inc. of Baltimore.
 Hylind infoQuest is a privately held company that provides public record searching as well as filing and document services nationwide for law firms, financial institutions and others. Hylind infoQuest, founded in 1977, has achieved annual revenue growth of approximately 27 percent over the past five years. Hylind infoQuest has 11 offices throughout the United States and approximately 100 employees.
 Commenting on the acquisition, Mary A. Madden, president of Information America, said: "We are pleased to have signed an agreement to acquire Hylind infoQuest. Hylind brings to Information America added products, market share, customers, and a dedicated employee base." Madden continued: "It had been our intention to complete the acquisition in the fourth quarter of 1992. If we had met that schedule, unaudited figures suggested that the acquisition would have added to Information America's fourth quarter profits." Madden further commented: "Our goal is to complete the transaction within the next 30 to 45 days subject to completion of the audit and various disclosures."
 Madden, in discussing preliminary results for the fourth quarter of 1992, said: "An unexpected one-time assessment for utilities resulting in a $106,000 fourth quarter charge, together with lower than expected interest income and revenue in the law market, indicate that fourth quarter earnings per share will be in the range of $0.01 to $0.03." Madden went on to say: "This Hylind acquisition allows us to anticipate consolidated revenue in 1993 of approximately $24 million to $26 million. The transaction should also be accretive to net earnings both on an overall and per share basis."
 Madden briefly outlined Information America's 1993 plans by stating: "We are executing a three-pronged strategy focused in increasing non-law market penetration, which now represents approximately 32 percent of our total revenue, revitalizing the law segment of our business, and pursuing additional complementary acquisitions and joint ventures."
 Information America provides attorneys, other legal professionals, banks, government entities, and private investigative firms with on-line information designed to satisfy needs arising from commercial transactions and business litigation. The company's information products and services are used to search for background data about businesses, determine the existence of liens on real estate, locate assets of all kinds, obtain government records, and resolve many other transaction-related issues. The company serves 97 of the 100 largest law firms in the United States.
 -0- 1/15/93
 /CONTACT: Mary A. Madden, president of Information America, Inc., 404-892-1800, or Janice J. Kuntz of A. Brown-Olmstead Associates for Information America, 404-659-0919/
 (INFO)


CO: Information America, Inc.; Hylind infoQuest, Inc. ST: Georgia; Maryland IN: SU:

RA-CF -- AT006 -- 5567 01/15/93 17:21 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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