SOFTNET SYSTEMS, INC. EXTENDS LETTER OF INTENT TO ACQUIRE ADDITIONAL INTEREST IN IMNET SYSTEMS, INC.
HIGHLAND PARK, Ill., Dec. 10 /PRNewswire/ -- SoftNet Systems, Inc. (AMEX: SOF) today announced that it extended a letter of intent with IMGE, Inc., (OTC) to acquire IMGE's 22.25% interest in IMNET Systems Inc., until Feb. 15, 1994, which would increase SoftNet's ownership in IMNET to 27.9%. The transaction is subject, to other conditions, including to the approval by the shareholders of SoftNet and other regulatory authorities. IMNET Systems, Inc. (IMNET) is a privately held company based in Atlanta. IMNET develops client/server-based document imaging solutions which are marketed through business partners worldwide. IMNET offers IMAGE ENGINE software and patented hardware that includes the world's only microfilm jukebox for oil-line storage and retrieval of images on roll microfilm. IMNET integrates microfilm storage and retrieval in a seamless mix with storage and retrieval of images from magnetic, optical and paper media. Hybrid systems, which provide the capability to retrieve documents on-line from various types of storage, have been called the wave of the future. IMNET is the only company in a position to capitalize immediately on this opportunity. IMNET is rapidly becoming a global supplier of imaging technology by establishing distributor and "private label" agreements with some of the information technology industry's leading companies. IMNET has established distributors in the United States, Canada, Japan, South Africa, Holland, France, and Germany, and is negotiating agreements in South America, the United Kingdom, the Middle East, Belgium, Korea and Southeast Asia. IMNET has systems installed and operating in the United States, Canada and Europe, in various diverse businesses, such as the Teachers Insurance, the Laborers Welfare and Pension Fund in Chicago, the Ministry of Revenue in the province of Quebec, Canada and ZVK/ULAK, a major Mutual Life and Employment Insurance Company in Germany. SoftNet, in addition to its stock ownership in IMNET, has recently become a distributor for IMNET's IMAGE ENGINE software and proprietary MegaSAR on-line microfilm technology. The Company, through its distributor agreement, has the right to market the IMNET imaging system in combination with the HPR "Code Review" medical bill auditing system, for use with insurance claim processing from the Hospital level to the payers level. SoftNet has combined the power of document imaging with the claims paying review system into what it believes is the most powerful tool in the health care insurance industry, which provides a "paperless" environment with MEDICAL HEALTH CARE COST CONTAINMENT. The Company, on Nov. 15, 1993, acquired all of the issued and outstanding stock of Utilization Management Associates, Inc., a Boston-based private company, which develops scientifically valid systems for identifying inefficient or avoidable hospital utilization, used by a number of HMOs, PPOs, managed care indemnity insurers, and hospitals nationwide. -0- 12/10/93 /CONTACT: John Jellinek, President of SoftNet Systems, 708-433-2780/ (SOF) CO: SoftNet Systems, Inc.; IMGE, Inc.; IMNET Systems, Inc. ST: Illinois, Georgia IN: CPR SU: TNM
LG-SH -- NY023 -- 2561 12/10/93 10:56 EST
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|Date:||Dec 10, 1993|
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