MECA SOFTWARE, INC. ANNOUNCES THE COMPLETION OF THE SALE OF ITS ONE-WRITE PLUS PRODUCT LINE TO NEW ENGLAND BUSINESS SERVICE, INC.
FAIRFIELD, Conn., Jan. 18 /PRNewswire/ -- MECA Software, Inc. (NASDAQ-NMS: MECA) today announced that it had completed the sale of its One-Write Plus product line of small business accounting software to New England Business Services, Inc. (NEBS) Under the terms of the agreement, MECA will receive $8,250,000 in cash at the closing and an additional $1 million which will be held in escrow and paid out over the next 12 month period. MECA will also receive additional consideration in the form an earn-out for the delivery of certain software products over the next 12 months in the amount of $1 million and management fees which if fully earned will bring the total value of the transaction to nearly $11 million. "We're extremely pleased with the conclusion of our negotiations with NEBS," commented Daniel M. Schley, president and chief executive officer of MECA Software, Inc. "Over the past six months, our limited working capital resources have hampered our ability to aggressively pursue and maximize market opportunities for our core products. The sale of the One-Write Plus product line provides us with the resources we believe are necessary to aggressively compete in the personal finance and income tax categories. It additionally will provide us the ability to further invest in Research & Development which we believe is essential to the future competitiveness of our core products." MECA Software, Inc., develops, publishes and markets a family of personal productivity software designed to assist individuals in managing personal or small business finances, preparing their income taxes and managing personal legal affairs. MECA's products, which include Managing Your Money, TaxCut and Home Lawyer are sold through distributors and retailers, by mail order and through the mail. -0- 1/18/93 /CONTACT: Paul D. Harrison, chief financial officer of MECA Software, Inc., 203-256-5000/ (MECA)
CO: MECA Software, Inc. ST: Connecticut IN: CPR SU:
CH -- NE002 -- 5729 01/18/93 08:38 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 18, 1993|
|Previous Article:||GENETICS INSTITUTE, INC. SIGNS LICENSE AGREEMENT FOR NEW HEMOPHILIA PRODUCT WITH BRITISH TECHNOLOGY GROUP|
|Next Article:||ALDEN PRESS AND AFFILIATE OF WORLD COLOR PRESS ANNOUNCE MERGER; TENDER OFFER TO HOLDERS OF ALDEN PRESS STOCK AT $15 PER SHARE IN CASH|