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MECA SOFTWARE ANNOUNCES TERMINATION OF TENDER OFFER

 FAIRFIELD, Conn., June 30 /PRNewswire/ -- MECA Software, Inc. (NASDAQ: MECA) today announced that it has agreed with ChipSoft (NASDAQ-NMS: CSFT) to terminate the previously-announced agreement between the parties providing for the acquisition of MECA by ChipSoft. The agreement to terminate was based on the threatened challenge of the acquisition by the Antitrust Division of the Department of Justice and the inability of ChipSoft to resolve the Division's concerns. Under the terms of the agreement, the absence of any threatened challenge by the Division was a condition to ChipSoft's obligation to consummate the tender offer.
 Accordingly, ChipSoft's subsidiary will decline to purchase any shares tendered pursuant to its tender offer for all outstanding shares of MECA common stock. Certificates for tendered shares will be returned without expense to the tendering stockholder.
 "We are greatly disappointed by the termination of our tender offer with ChipSoft," stated MECA's President and Chief Executive Officer Daniel M. Schley. "During the past four months we have spent a great deal of time and effort on securing this transaction which we believed was in the best interests of our shareholders. The uncertainties created by the proposed transaction and the decision by the Antitrust Division of the Department of Justice to challenge this merger have come at a great cost to MECA."
 The company also announced that it expects to report a loss for the 1993 fiscal year ending June 30, 1993. All costs related to the failed merger will be accounted for in the June 30, 1993 period.
 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 outlets and via direct mail.
 -0- 6/30/93
 /CONTACT: Paul D. Harrison, chief financial officer, MECA Software, Inc., 203-256-5000/
 (MECA CSFT)


CO: MECA Software Inc.; ChipSoft ST: Connecticut IN: CPR SU:

DJ -- NE002 -- 7003 06/30/93 08:43 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
Words:345
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