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POLICY MANAGEMENT SYSTEMS CORPORATION COMPLETES PURCHASE OF CYBERTEK SHARES

 COLUMBIA, S.C., Aug. 24 /PRNewswire/ -- Policy Management Systems Corporation (NYSE: PMS) today announced that it has completed the purchase of more than 96.8 percent of CYBERTEK Corporation (NASDAQ: CKCP) shares for $15.10 per share.
 PMSC said that the remaining shares would be converted to cash at $15.10 per share in a merger with a PMSC subsidiary later this month. The total cost of the CYBERTEK acquisition will be approximately $60 million.
 "We are very pleased with this acquisition and the strategic value it brings to all parties, including the life insurance industry," said G. Larry Wilson, PMSC chief executive officer and chairman of the board. "The acquisition affords us an excellent opportunity to expand our customer base as well as achieve greater operational efficiency by combining our mutual resources."
 Wilson continued, "By uniting CYBERTEK's excellent products, life insurance experience, and reputation for customer service with PMSC's financial strength and advanced technologies, we will be able to offer outstanding, cost-effective solutions to the life insurance industry."
 PMSC is a leading provider of automation and information solutions to the insurance industry worldwide. CYBERTEK provides software and processing solutions primarily to the life insurance market in the United States.
 -0- 8/24/93
 /CONTACT: Jim O'Brien of Manning Selvage & Lee, Inc., 212-213-7005, for Policy Management Systems Corporation/
 (PMS CKCP)


CO: Policy Management Systems Corporation; CYBERTEK Corporation ST: South Carolina IN: INS SU: TNM

LD-TM -- NY060 -- 5593 08/24/93 16:49 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
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