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OSPREY HOLDING AND CARDINAL INVESTMENT TO INVEST IN MPSI SYSTEMS

 TULSA, Okla., Feb. 10 /PRNewswire/ -- Ronald G. Harper, chairman of MPSI Systems Inc., and Gary K. Freedman, chairman of Osprey Holding Inc. (NASDAQ: OSPY), today announced that an agreement in principle for an equity infusion of $3.2 million in MPSI Systems Inc. has been reached. Of the total amount, Osprey and Cardinal Investment Co. Inc., both of Dallas, would invest $2.3 million. The balance of $900,000 would come from three current MPSI directors in the form of cash and debt conversion. The transaction includes a combination of Preferred and Common Stock, the details of which are currently being finalized.
 The transaction is contingent upon due diligence, completion of definitive documentation, agreement by MPSI's bank and approval by special committees of both companies' boards of directors and the full boards of both MPSI and Osprey. It is anticipated these steps will be completed during the early part of April 1993.
 Upon completion of the transaction, MPSI's board of directors will be restructured to total six members, including three current board members and three new members selected by Osprey and Cardinal. Gary Freedman, chairman and chief executive officer of Osprey, will additionally become president and chief operating officer of MPSI. Ron Harper will continue as chairman and chief executive officer of MPSI.
 Harper said that the infusion of funds returns MPSI to a sound financial base from which the company can continue moving forward with software development programs and process automation. He stated "We have weathered the tough economic conditions of the past several years, sized ourselves appropriately and are better positioned to respond to the marketplace needs of our customers throughout the world."
 MPSI is a Tulsa-based company providing decision support systems and information services to businesses around the world. Founded in 1970, the company's products are designed to meet planning and business decision needs of its clients. Its Retail Planning System (RPS) is used in over 76 countries by clients with substantial retail networks.
 Osprey's wholly owned subsidiary, Rubicon Corp., is a Richardson, Texas, based company that has for 17 years provided computerized laboratory information management systems and services for hospitals, health maintenance organizations and independent laboratories. Osprey Holding Inc. pursues new opportunities through acquisitions of businesses to continue to create shareholder wealth.
 -0- 2/10/93
 /CONTACT: Jim Auten of MPSI Systems, 918-250-9611/
 (OSPY)


CO: MPSI Systems Inc.; Osprey Holding Inc. ST: Oklahoma, Texas IN: CPR FIN SU:

TM -- SF011 -- 5400 02/10/93 17:39 EST
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Publication:PR Newswire
Date:Feb 10, 1993
Words:411
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