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STANDARD LOGIC COMPLETES $3 MILLION FINANCING; PROPOSED MERGER WITH APPOINT INC. PROCEEDS

 STANDARD LOGIC COMPLETES $3 MILLION FINANCING;
 PROPOSED MERGER WITH APPOINT INC. PROCEEDS
 ANAHEIM, Calif., Sept. 10 /PRNewswire/ -- Standard Logic Inc. (NASDAQ: STDL) today announced that it has signed an agreement with Renaissance Capital Partners II Ltd., a Texas Limited Partnership ("Renaissance"), whereby Renaissance has agreed to purchase up to $3 million in principal amount of debentures that are convertible into an aggregate of 6 million shares of Standard Logic common stock and that accrue interest at 12 percent per annum, payable monthly. This financing may permit the completion of the proposed merger between Standard Logic's wholly owned subsidiary, Standard Logic Acquisition Corp. ("SLAC"), and Appoint Inc. ("Appoint") pursuant to the agreement and plan of merger by and among Standard Logic, SLAC and Appoint dated Feb. 25, 1992 ("agreement and plan of merger").
 Pursuant to the Renaissance agreement, an initial cash payment of $1,250,000 has been made to Standard Logic, a reserve amount of $750,000 is being held for contingency and an additional $1 million is proposed to be added in one or more follow-on loan disbursements depending upon the satisfaction by Appoint of certain performance objectives. Proceeds of the debenture sale have been loaned by Standard Logic to Appoint for working capital purposes and to pay down outstanding Appoint trade payables in exchange for debentures that are convertible at $2.00 per share into shares of Appoint common stock ("Appoint debentures").
 In connection with the Renaissance financing, Standard Logic, SLAC and Appoint will enter into an amendment to their agreement and plan of merger, which will provide that the shareholders of Appoint will receive approximately 8,759,000 shares of Standard Logic common stock upon the successful completion of the merger of SLAC with Appoint. Such number of shares equals the number of currently outstanding shares of Standard Logic common stock.
 The Renaissance agreement states that if the merger of SLAC with Appoint is not completed by Dec. 31, 1992, or the merger becomes inadvisable in the sole judgment of Renaissance, then the Appoint debentures will be substituted for Renaissance's investment in Standard Logic and the agreement and plan of merger regarding the proposed merger between SLAC and Appoint will be terminated.
 In such event, all past loans made by Standard Logic to Appoint (including interest thereon) will be converted into convertible debt securities of Appoint having the same terms as Renaissance's Appoint debentures, less $750,000 which will be paid to Standard Logic upon termination of the agreement and plan of merger.
 -0- 9/10/92
 /CONTACT: Wes Baumgardner, CEO of Standard Logic, 714-632-9292; or Shannon T. Squyres of Corporate Relations Group, 714-955-1860, for Standard Logic/
 (STDL) CO: Standard Logic Inc.; Standard Logic Acquisition Corp.; Appoint
 Inc.; Renaissance Capital Partners II Ltd. ST: California IN: CPR SU: TNM


LS-KJ -- LA010 -- 7912 09/10/92 10:23 EDT
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Publication:PR Newswire
Date:Sep 10, 1992
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