SULCUS COMPUTER CORP. COMPLETES ACQUISITION OF JBA SINGAPORE LTD.
SULCUS COMPUTER CORP. COMPLETES ACQUISITION OF JBA SINGAPORE LTD. GREENSBURG, Pa., Sept. 9 /PRNewswire/ -- Sulcus Computer Corp. (AMEX: SUL) and JBA Information Systems, Inc., jointly announced the completion of the acquisition by Sulcus of JBA Singapore Ltd. Acquisition of JBA (Hong Kong) Ltd, a sister company, was completed in July. Jeffrey S. Ratner, Sulcus chairman and chief executive officer, and Geoffrey Kung, JBA president, made the announcement jointly today. Terms of the acquisition call for the payment by Sulcus of $1,450,000 (U.S.) to the shareholders of JBA Singapore Ltd. and JBA (Hong Kong) Ltd. In addition, they will have the opportunity to earn $8,855,800 in non-dilutive Sulcus common shares over a period of three years, based on earnings. Mr. Ratner stated that "these two leading Asian hospitality software systems companies with their distinguished management are recognized as among the largest developers and system integrators of hospitality automation systems in their marketplace. Their expertise, industry knowledge, reputation achieved over the last decade and grasp of political and local customs in their eight-country region will be most beneficial to Sulcus as we continue to penetrate the rapidly growing Asian market." Mr. Kung said, "The Asian hospitality market is growing faster than any other region in the world today and JBA is already the area's leading lodging and restaurant software automator. Becoming a member of the Sulcus family and being able to offer its broad hospitality product lines will significantly enhance JBA's importance in this growing marketplace. Our new Sulcus Hospitality Asian Group will serve the hospitality industry in China, Indonesia, Korea, Malaysia, Thailand and Vietnam, as well as Hong Kong and Singapore." Mr. Kung and Chiu Sin Sing will remain on the five-man board of directors of JBA along with three Sulcus appointees. Sulcus Computer Corporation is a leading developer of automated systems for the hospitality and real estate markets. Sulcus hospitality systems are in operation in more than an estimated 4,500 hotels, resorts, restaurants and country clubs, in 40 countries worldwide. Customers include such names as Hilton, Sheraton, Marriott, Sfuzzi's, Embassy Suites, Nikko, Holiday Inn, Four Seasons, Canadian Pacific, ChiChi's, Le Meridien, ANA, Radisson, Clubhouse Inns, Marie Callender's, Regent and Novatel. -0- 9/9/92 /CONTACT: Jeffrey S. Ratner, chairman and CEO of Sulcus, 412-836-2000; or Geoffrey Kung, president and chairman of JBA, 852-838-1130/ (SUL) CO: Sulcus Computer Corp.; JBA Information Systems, Inc. ST: Pennsylvania IN: CPR LEI SU: TNM
GK-KW -- NY050 -- 7546 09/09/92 13:26 EDT
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|Date:||Sep 9, 1992|
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