Printer Friendly

NETWORK IMAGING CORPORATION ANNOUNCES AN AGREEMENT TO ACQUIRE MICROSOUTH, INC., A DOCUMENT IMAGING INTEGRATOR LOCATED IN ATLANTA

 RESTIN, Va., Feb. 26 /PRNewswire/ -- Network Imaging Corporation ("NIC") (NASDAQ: IMGX) has entered into an agreement in principle to acquire Microsouth, Inc. of Atlanta for 125,000 shares of NIC common stock. Microsouth, Inc. is a regional document imaging integrator specializing in computer graphics applications, CAD/CAM, document storage and retrieval, scanning and document conversion and color imaging. Microsouth maintains outside sales offices in Atlanta, Tampa, Fla., and Winston-Salem, N.C., and sells products through a network of VARs in the Southeastern United States.
 For the year ended July 31, 1992, Microsouth had revenues of $7.5 million and was profitable. Over the past 5 years, Microsouth has configured, installed, and supported CAD networks and document imaging systems to more than 100 companies in the Southeast, including Martin Marietta, Coca Cola, Siemens, Delta Airlines and Bell South. With the acquisition of Microsouth, NIC revenues for fiscal year 1993 are forecast to double over fiscal year 1992 revenues of $16 million.
 Network Imaging Corporation designs, integrates and markets document imaging systems and optical storage products. NIC's flagship product, ImageXchange(TM), provides businesses with an automated method of electronically processing, storing and retrieving large quantities of documents such as insurance forms, credit card receipts, checks and legal records. NIC's other flagship product, the SPANServer(TM), provides a complete plug-and-play optical disk storage solution on Unix- based and Novell-based networks.
 According to Robert Bernardi, president of NIC, "the acquisition of Microsouth will provide us an extremely impressive distribution channel for imaging products and position NIC to launch ImageXchange(TM) in the Southeastern region in 1993."
 The agreement between NIC and Microsouth, Inc. is subject to the preparation of definitive acquisition agreement, approval of the definitive agreement by the companies' respective boards of directors and approved by Thomas James Associates, Inc., the investment banker for NIC.
 -0- 2/26/93
 /CONTACT: Robert Bernardi or Steve Mooney of Network Imaging Corporation, 703-478-2260/
 (IMGX)


CO: Network Imaging Corporation; Microsouth, Inc. ST: Virginia, Georgia IN: CPR SU: TNM

AH-OS -- NY010 -- 0775 02/26/93 10:19 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 26, 1993
Words:340
Previous Article:CACI INTERNATIONAL INC CONTRACT BOOKINGS SETS MONTHLY RECORD
Next Article:$75 BILLION CMO'S AT RISK TO PREPAY, FITCH PREDICTS -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
NETWORK IMAGING CORPORATION ANNOUNCES AN AGREEMENT TO ACQUIRE CENTENNIAL COMPUTER SYSTEMS, A COMPUTER SYSTEMS INTEGRATOR LOCATED IN HOUSTON
IMAGERY NAMED DOCUMENT IMAGING COMPANY OF THE YEAR; WINS FOURTH ANNUAL LAN TIMES READERS CHOICE AWARD
SYNTREX TECHNOLOGIES WINS MAJOR LOTUS NOTES INSTALLATION AT MARY KAY COSMETICS
NETWORK IMAGING IN AGREEMENT TO ACQUIRE OPTIX SA FOR $39 MILLION IN STOCK
VADER PLANS TO ACQUIRE ADDITIONAL INTEREST IN IMNET SYSTEMS INC. AND CHANGE ITS NAME TO SOFTNET SYSTEMS, INC.
NETWORK IMAGING REPORTS FIRST QUARTER RESULTS WITH PRO FORMA EFFECT OF OPTIX ACQUISITION
NETWORK IMAGING SIGNS DEFINITIVE AGREEMENT TO ACQUIRE FRENCH CONCERN FOR $39 MILLION IN STOCK
DATA SYSTEMS NETWORK CORPORATION AND SOFTECH, INC. SIGN LETTER OF INTENT
IKON Office Solutions Acquires 23 Companies In First Quarter
TREEV Signs Four New Business Alliance Partners; Successful AIIM Show Demonstration of New TREEV 2000(TM) Suite Attracts Integrators to Join Partner...

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters