OCS TECHNOLOGIES CORP. SIGNS LETTER OF INTENT TO ACQUIRE SYNTAX SYSTEMS INC.
OCS TECHNOLOGIES CORP. SIGNS LETTER OF INTENT TO ACQUIRE SYNTAX SYSTEMS INC. VANCOUVER, British Columbia, March 31 /PRNewswire/ -- OCS Technologies Corp. (Vancouver: OCS) today announced that it has signed a letter of intent to acquire SYNTAX Systems Inc. of Auburn, Wash. SYNTAX products are targeted at the North American criminal justice and public safety markets and include records management software for police and sheriff departments, computer aided dispatching for emergency services, court management, criminal investigation automation and network software products used to interface state, county and national criminal information centers. The principal shareholders, Peggy and Roger Franklin, founded SYNTAX in 1983. Under the terms of the letter of intent, OCS will pay to the SYNTAX shareholders a combination of shares, based on today's price of $4.40 per share, plus cash equal to the value of SYNTAX as determined by an independent business valuator. The total consideration will be finalized after the independent business valuation is received but is expected to be in the range of U.S. $4-6,000,000. In addition, the SYNTAX principals will be retained by way of management agreement and will be provided with performance incentives including the issuance of up to 1,000,000 OCS shares to be issued over a five-year period at the then prevailing market price of OCS's shares based on the after-tax cash profits generated by the network products division of SYNTAX. SYNTAX has automated more than 120 city and county public safety departments nationwide in the United States who use more than 250 separate SYNTAX proprietary software products. SYNTAX employs a staff consisting of full-time criminal justice professionals and network software engineers. Raymond W. Foucault, chief executive office of OCS stated "This new addition to the OCS Technologies group further strengthens our presence as a major factor in two important business sectors for us: Law Enforcement and Corrections." OCS is a leading developer and marketer of software products designed to meet the particular needs of three large and growing markets - law enforcement agencies, correctional institutions and natural resource/environmental managers. -0- 3/31/92 /CONTACT: Neil F. Hummel of OCS Technologies, 604-273-8045; or Dean Erickson of Erickson Consulting Group Inc., 310-829-4601/ (OCS.) CO: OCS Technologies Corp. ST: British Columbia IN: SU:
EH -- LA034 -- 3666 03/31/92 18:50 EST
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|Date:||Mar 31, 1992|
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