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INTERFACE SYSTEMS, INC. MOVES TO SPIN OFF ITS NEMATRON CORP. SUBSIDIARY TO SHAREHOLDERS

INTERFACE SYSTEMS, INC. MOVES TO SPIN OFF ITS NEMATRON CORP. SUBSIDIARY
 TO SHAREHOLDERS
 ANN ARBOR, Mich., June 10 /PRNewswire/ -- Interface Systems, Inc.'s (NASDAQ-NMS: INTF) Board of Directors today took the first step toward spinning off its Nematron Corporation subsidiary to shareholders. The board has approved the filing of a request with the Internal Revenue Service in order to receive a ruling that the spin-off of Nematron will be a tax-free distribution to Interface System shareholders.
 Carl Bixby, president, stated, "We believe that Nematron will have a better ability to maintain its leadership in the industrial workstation market if it is an independent public corporation. The markets Nematron serves are different than the rest of Interface Systems' businesses which are in the IBM printer connectivity and communication area."
 Bixby stated further, "We expect a determination from the IRS within three to four months. If a favorable ruling is received and other conditions are favorable, it is our intent to spin off 100 percent of our Nematron common stock to shareholders."
 Ann Arbor-based Interface Systems is a diversified manufacturer of high-technology products. The company and its subsidiaries manufacture plug-compatible printers for IBM mainframe and midrange computer systems; PC-to-mainframe data communications systems; industrial-grade computers and computer terminals, called industrial workstations; and custom printed circuit boards.
 -0- 6/10/92
 /CONTACT: Carl L. Bixby, president, Interface Systems, Inc., 313-769-5900/
 (INTF) CO: Interface Systems, Inc.; Nematron Corporation ST: Michigan IN: CPR SU:


ML-SJ -- DE015 -- 8892 06/10/92 14:24 EDT
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Publication:PR Newswire
Date:Jun 10, 1992
Words:247
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