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O'DONNELL DAVIS MANAGEMENT ACQUIRES ALL STOCK OWNED BY BARRY MINDES, SCRIPT SYSTEMS PRESIDENT; MINDES RESIGNS

O'DONNELL DAVIS MANAGEMENT ACQUIRES ALL STOCK OWNED BY BARRY MINDES,
 SCRIPT SYSTEMS PRESIDENT; MINDES RESIGNS
 HACKENSACK, N.J., July 30 /PRNewswire/ -- Script Systems, Inc. (NASDAQ: SCPT) announced today that O'Donnell Davis Management, Inc. (private) of Princeton, N.J., has agreed to acquire all of the shares owned or beneficially owned by Barry Mindes, Script's president, for approximately $750,000.00. With the closing of this transaction, O'Donnell Davis will own or control 297,294 shares of common stock and 67,500 shares of preferred stock representing 54.4 percent of the voting power of Script.
 Commenting on the transaction, Barrett C. O'Donnell, president of O'Donnell Davis Management, stated that the acquisition "demonstrates our continuing optimism about Script's products and long-term growth plans."
 Upon signing the agreement, Mindes resigned as president and as a director of Script to pursue other business interests and investment opportunities.
 On May 4, 1992, Script announced that Script's board of directors had been asked to consider a share exchange in which the shareholders of Script and shareholders of InfoMed (the nation's leading provider of computer services to the home health care industry) would exchange their shares for shares of a newly formed Delaware corporation, Script-InfoMed Holdings, Inc. (SIH). The basis of the proposed share exchange is that each two shares of Script will be exchangeable for one share of SIH, and each share of InfoMed will be exchangeable for four shares of SIH. There are 1,877,387 shares of Script common stock outstanding (on a fully diluted basis) sand 811,033 shares of InfoMed common stock outstanding (on a fully diluted basis). If all of the shares of Script and InfoMed (on a fully diluted basis) are exchanged for shares of SIH, the present shareholders of InfoMed will own 78 percent of SIH and the existing shareholders of Script will own 22 percent of SIH. The shares of SIH issuable in the exchange will be registered with SEC, and will trade on NASDAQ when the share exchanges are completed.
 -0- 7/30/92
 /CONTACT: Barrett O'Donnell of O'Donnell Davis Management, 609-987-8635, or Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Script Systems/
 (SCPT) CO: Script Systems Inc. ST: New Jersey IN: SU: TNM


KD-TS -- NY025 -- 5008 07/30/92 10:45 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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