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NETWORK IMAGING CORPORATION ANNOUNCES AN AGREEMENT TO ACQUIRE CENTENNIAL COMPUTER SYSTEMS, A COMPUTER SYSTEMS INTEGRATOR LOCATED IN HOUSTON

 RESTON, Va., Nov. 18 ~PRNewswire~ -- Network Imaging Corporation (NASDAQ: IMGX) announced today it has entered into an agreement in principle to acquire Centennial Computer Systems of Houston for 60,000 shares of NIC common stock. Centennial is a computer systems integrator specializing in Local Area Network (LAN) and Wide Area Network (WAN) computer products and services. Centennial is an authorized IBM, NCR, Compaq, Novell, Microsoft, Apple, and Lotus dealer in Texas.
 For the year ended Dec. 31, 1991, Centennial had revenues of $2.0 million and earnings from operations of approximately $50,000. For the first six months of 1992, ended June 30, 1992, Centennial had revenues of $1.3 million and earnings from operations of $80,000. Over the past five years, Centennial has configured, installed, and supported computer networks and LANs to more than 300 companies in Texas, including Exxon Corporation, Browning-Ferris Industries, Schlumberger Corporation, Continental Airlines, and the State of Texas. With the acquisition of Centennial, NIC revenues for 1992 are forecast to be $17.0 million for FY 1992 on a pro forma basis.
 Network Imaging Corporation designs, integrates and markets computer based image processing systems and optical storage products. The company's flagship product, ImageXchange (TM), is being developed to provide businesses with an automated method of electronically processing, storing and retrieving large quantities of documents such as insurance forms, credit card applications, checks and legal records.
 According to Robert Bernardi, president of NIC, "The acquisition of Centennial will provide us an extremely impressive customer base in Houston and position NIC to launch our imaging products in the Texas region in 1993."
 The agreement between NIC and Centennial is subject to the preparation of a definitive acquisition agreement, approval of the definitive agreement by the companies' respective boards of directors and approval by Thomas James Associates, Inc., the investment banker for NIC.
 -0- 11~18~92
 ~CONTACT: Robert P. Benardi of Network Imaging Corporation, 703-478-2260~
 (IMGX)


CO: Network Imaging Corporation; Centennial Computer Systems ST: Virginia, Texas IN: CPR SU: TNM

AH-WB -- NY058 -- 2412 11~18~92 13:41 EST
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Publication:PR Newswire
Date:Nov 18, 1992
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