VADER GROUP INC. CHANGES NAME TO SOFTNET SYSTEMS, INC.
HIGHLAND PARK, Ill., July 6 /PRNewswire/ -- SoftNet Systems, Inc. (AMEX: SOF), today announced that at the annual stockholder meeting on June 29, 1993 the shareholders approved to change the name of the company from "The Vader Group Inc." to "SoftNet Systems, Inc." (SoftNet). The symbol for SoftNet on the American Stock Exchange will be changed from "VDR" to "SOF". Also approved was to amend SoftNet's certification of incorporation eliminating classes of directors elected for staggered terms and provide for a board of such size as the directors shall from time to time determine, but with a minimum of five directors, each elected for an annual term and until his successor is elected and qualified. Five directors were elected at the meeting, Peter R. Harvey, John Jellinek, John G. Hamm, Philip Kenny and Alfred J. Ziegler. Mr. John Jellinek was elected as its new president and chief executive officer replacing Mr. Peter R. Harvey who will continue as chairman of the board. Mr. Jellinek who has many years of experience in health care management and health care cost containment will be responsible for managing SoftNet's new business directions of "health care cost containment" and "image processing". SoftNet entered the field of health care billing review by acquiring the exclusive rights to use the "code review" software developed by Boston-based HPR (Health Payment Review) in the United States for self- administering "Taft Hartley" multi-employer trust funds. SoftNet provides surgical and doctor bill auditing and is servicing multi-employer trust funds in the Chicago area, with plans to expand this service nationwide. SoftNet in addition to its 5.65 percent stock ownership in Imnet Systems Inc. (IMNET), is a distributor for IMNET's Image Engine software and proprietary MegaSAR on-line microfilm technology. SoftNet 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 one of the most powerful tools in the health care insurance industry, which provides a "paperless" environment with medical health care cost containment. SoftNet has identified image processing and health care cost containment as its ongoing area of growth. It intends to increase its position in the above two areas through expanding its current involvements and additional acquisitions. -0- 7/6/93 /CONTACT: Alfred Ziegler, vice president of SoftNet Systems, Inc., 718-386-7631/ (SOF)
CO: Vader Group Inc.; SoftNet Systems, Inc. ST: Illinois IN: CPR SU:
SM-TS -- NY048 -- 8753 07/06/93 16:01 EDT
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|Date:||Jul 6, 1993|
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