VADER PLANS TO ACQUIRE ADDITIONAL INTEREST IN IMNET SYSTEMS INC. AND CHANGE ITS NAME TO SOFTNET SYSTEMS, INC.
HIGHLAND PARK, Ill., May 18 /PRNewswire/ -- The Vader Group Inc. (AMEX: VDR), today announced that it signed a letter of intent with IMGE, Inc. (OTC), to acquire IMGE's 22.25 percent interest in IMNET Systems Inc., by issuing 1,519,437 common shares of Vader, which would increase Vader's ownership in IMNET to 27.9 percent. The transaction is subject, among other conditions, to the satisfactory settlement of certain obligations owed to Vader by a third party, to the approval by the shareholders of Vader, the American Stock Exchange and other regulatory authorities. Imnet Systems, Inc. (IMNET) is a privately held corporation based in Atlanta which develops imaging software which runs under DOS, OS/2 and WINDOWS. Imaging subsystems include: Document Capture, Retrieval/Display, Object Storage (Magnetic, Optical, Microfilm, Paper), Output (Print, Fax), Database/Fileserver, and System Administration. IMNET's patented Microfilm Jukebox technology is available in on-line and near-line versions. 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. The following IMNET press release dated April 5, 1993 describes the IMNET imaging system installed at the Ministry of Revenue in Quebec, Canada. `IMNET AND BELL & HOWELL ANNOUNCE LARGEST PRODUCTION ELECTRONIC IMAGING SYSTEM IN THE WORLD FOR TAX APPLICATION AIIM Show 1993, Chicago, Ill., April 5, 1993 -- Atlanta-based, imaging solution provider, IMNET Systems, Inc. and System Integrator Bell & Howell, Ltd., a Canadian subsidiary of Bell & Howell, U.S.A., announced the start of production of the world's largest electronic document imaging system for tax applications. The implementation of the IMNET Image Engine solution at (MRQ) is the result of a close alliance between IMNET Systems, Inc. and Bell & Howell Ltd. IMNET's Image Engine solution allows 3,000 users to make requests from 2,500 3270 terminals attached to an IBM mainframe. The Ministry of Revenue in Quebec (MRQ) processes approximately 4 million new files each tax year. The original files are converted to microfilm for economic capture and storage. Approximately 250,000 inquiries are processed each tax season. There is very high demand for retrieval of documents within the current tax year. There is a lower demand for information from previous years but, accurate and quick retrieval is necessary when there is a demand. Most MRQ's records are stored on microfilm. There are still large quantities of paper in the archives. The Index and Location Databases are managed by a MicroVAX computer, which interfaces the mainframe applications with IMNET's Image Engine Request Processor. Images are retrieved on demand in three modes: Current tax information is electronically retrieved from IMNET's on-line MegaSAR microfilm jukeboxes. Previous year's information is electronically retrieved using Minolta MS-1000 microfilm reader/digitizers and some human assistance. The IMNET CAR Management software provides pick lists for the required film cartridges stored in the archives. Bar coding is used to track the handling of the requested film reels. Scanning, locating, digitizing, processing and routing on the network is all under computer control. If information is required from the paper archives, IMNET's PAR (Paper Assisted Retrieval) System generates pick lists for administrators in the archive storage area. The documents are located and scanned on demand. Within minutes, or a few hours whole files are assembled, collated and printed at high speed printers conveniently located near the case officers' workstations. There are three methods of electronic retrieval on the network: 1. Microfilm Jukebox - There will be 8 Microfilm Jukeboxes (SARs) on the network, each containing 1.2 million images. The SARs will be responsible to perform 16,000 - 20,000 electronic image retrievals per day. (3 Microfilm Jukeboxes in Quebec City.) 2. DOD Film Scanner (CAR) - (Digitized on Demand) - There will be 18 networked film scanners, MS-1000, from Minolta, which will be responsible to deliver 12,000 - 16,000 electronic image retrievals per day. (8 MS-1000 in Quebec City.) 3. Paper Scanner (PAR) - Initially, there will be 1 paper scanner, which will "scan for retrieval," those paper files which have not yet been processed through the filming process, but require electronic retrieval. It is estimated that 1,600 - 2,450 electronic image retrievals per day of this type will be needed. - The fully integrated total configuration includes 8 MegaSAR
Microfilm jukeboxes with Object Storage Servers, 18 Minolta MS-1000s, each with a PC Server, a CAR Supervisor system, a PC-based Database Service, a Host Gateway Processor, a Systems Administration Workstation, 3-Print Servers, and a PAR (Paper Assisted Retrieval) Workstation."
Vader in addition to its stock ownership 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. Vader has combined the power of document imaging with the claims paying review system into, what it believes it the most powerful tool in the health care insurance industry, which provides a "paperless" environment with Medical Health Care Cost Containment. The company has identified Image Processing and Healthcare Cost Containment as its ongoing area of growth. It intends to increase its position in the above two areas through expanding its current involvements, as well as reviewing potential acquisitions as they become known to management. Shareholders will be asked to approve changing the company's name to SoftNet Systems, Inc. at the annual shareholders meeting to be held June 29, 1993. -0- 5/18/93 /CONTACT: Alfred Ziegler, vice president of Vader Group Inc., 718-386-7631/ (VDR)
CO: The Vader Group Inc.; IMGE, Inc.; Imnet Systems, Inc. ST: Illinois, Georgia IN: CPR SU:
TS-OS -- NY055 -- 9792 05/18/93 12:47 EDT
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|Date:||May 18, 1993|
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