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OCS TECHNOLOGIES CORP. FOURTH QUARTER AND ANNUAL RESULTS

 VANCOUVER, British Columbia, Aug. 24 /PRNewswire/ -- OCS Technologies Corp. (Vancouver, Toronto: OCS) posted record revenues for its latest fiscal year that ended April 30, 1993. Revenues increased to $12,464,913, compared to $2,115,295 (restated) for 1992. The loss after unusual items and discontinued operations was $23,403,462 for 1993, compared to a net loss of $2,722,947 in 1992. The loss per share was $2.98 in 1993 with an average 10,120,671 shares outstanding at year end, compared to a loss per share of $0.63 in 1992 with 5,183,626 shares outstanding at year end.
 The results for the year include the expensing of a number of unusual items:
 -- the unamortized portion of the
 CARE product software $4,854,058
 -- the unamortized portion of the
 software acquired from Syntax $994,099
 -- the unamortized portion of the
 goodwill related to Pamap Technologies
 acquisition $622,943
 Management made a strategic decision to sell the Geographic Information Systems Division represented by its investment in Pamap Technologies Corp. and Digital Resource Systems Ltd. in order to focus its financial and managerial resources on its primary business of justice information systems. Effective April 30, 1993, the company sold its interest in the GIS companies and OCS IV Limited Partnership which held the marketing rights for the GIS products. As a result of this sale the company recorded a loss of $5,395,620 from discontinued operations at April 30, 1993. The company will receive a royalty based on gross revenues and cash flow of the GIS business for a period of 10 years of up to 5,000,000 shares.
 For the fourth quarter of fiscal year 1993, revenues increased to $3,576,843, compared to $446,722 for the same quarter in the prior year. The net loss from continuing operations was $8,115,089, compared to $530,565 for the same quarter in the prior year. The fourth quarter included the expensing of $4,691,994 of acquired research and development relating to the purchase of Atkisson & Associates Inc. and the assets of Diversified Computer Products Inc.
 During the fourth quarter, a number of significant transactions occurred:
 -- private placement of special warrants of $11,674,800 completed on
 March 22, 1993.
 -- acquisition of Atkisson & Associates Inc. of Bakersfield, Calif.,
 effective April 1, 1993.
 -- acquisition of the assets of Diversified Computer Products,
 Inc. of Tampa, Fla., effective April 30, 1993.
 Subsequent events:
 -- Prospectus approved July 29, 1993
 -- GTE Letter of Intent
 -- State of Florida contract with INTEGRIS
 OCS Technologies is headquartered in Richmond, British Columbia. The company's primary business is the supply of public safety justice information systems and services. OCS's software products and services are used by public safety agencies, including law enforcement, fire and emergency health services, municpal and county courts, prosecutor's office and in the administration of jails, prisons, parole and probation agencies. OCS helps these important public sector agencies do their job better for all everyone.
 -0- 8/24/93
 /CONTACT: Raymond W.G. Foucault, chairman and CEO of OCS Technologies, 604-273-8045/
 (OCS.)


CO: OCS Technologies Corp. ST: British Columbia IN: CPR SU: ERN

MF-JL -- LA011 -- 5357 08/24/93 09:32 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
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