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POLICY MANAGEMENT SYSTEMS CORPORATION COMPLETES PURCHASE OF CYBERTEK SHARES

 DALLAS, Aug. 24 /PRNewswire/ -- CYBERTEK Corporation (NASDAQ: CKCP) of Dallas, Texas announced today that it has been informed that Policy Management Systems Corporation (NYSE: PMS) has completed the purchase of more than 96.8 percent of CYBERTEK Corporation shares for $15.10 per share.
 PMSC announced today in a press release 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.
 "The merger will significantly benefit the insurance industry and CYBERTEK customers by combining PMSC's financial strengths and technical skills with CYBERTEK industry experience and strong product capability," said Vaughn W. Morgan, CYBERTEK chairman of the board and chief executive officer.
 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: David R. Bankhead of CYBERTEK Corporation, 214-637-1540/
 (CKCP PMS)


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

TM -- NY072 -- 5625 08/24/93 18:08 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
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