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VSI ENTERPRISES INC., IAT/AG SIGN LETTER OF INTENT FOR VSI PURCHASE OF IAT INTERNATIONAL INC.; COMPANY WILL MARKET INTERACTIVE PC/WORKSTATION VIDEOCONFERENCE PRODUCT

 VSI ENTERPRISES INC., IAT/AG SIGN LETTER OF INTENT FOR VSI PURCHASE
 OF IAT INTERNATIONAL INC.; COMPANY WILL MARKET INTERACTIVE
 PC/WORKSTATION VIDEOCONFERENCE PRODUCT
 NORCROSS, Ga., Dec. 18 /PRNewswire/ -- VSI Enterprises Inc. (NASD Bulletin Board: VSIN; Boston) and IAT/AG, Switzerland, the exclusive European distributor of VSI products, today disclosed completion of a letter of intent for VSI to purchase an IAT/AG subsidiary called IAT International Inc. (IAT-US).
 Under the agreement, IAT-US would have exclusive North American rights to make, sell and sublicense a PC/workstation videoconference product developed by IAT/AG and known as "IBIKOS."
 According to the letter of intent, VSI would exchange 1.2 million shares of common stock for all of the issues and oustanding shares of IAT-US. At the closing, IAT-US would have principal assets including $750,000 of cash plus the IBIKOS license. The agreement in principle also provides for the issuance of additional shares of VSI common stock in the event that certain net revenue and income targets are met by IAT-US during fiscal 1994.
 The completion of the agreement is subject to an independent expert review of the product and the executive of definitive acquisition and licensing agreements.
 IBIKOS is a multimedia, full-spectrum, interactive communications PC/workstation enhancement, combining voice, data and video communications. In effect, IBIKOS transforms a personal computer or desktop workstation into a complete communications center.
 The product is used interactively with other IBIKOS-equipped workstations, or can be linked to conventional single-site or multi-site videoconference networks. It operates on Windows 3.0 and provides full-motion video, joint editing and expansion options for adding VCRs, video disks or stereophonic audio.
 "This joint venture results from our long-standing successful relationship with IAT," said Paul A. Scott, president and chief executive officer of VSI Enterprises. "Based on the success of IBIKOS in the European marketplace, we believe that the IBIKOS product has great potential in North America."
 "We are very pleased about our opportunities with VSI," said Philippe Bodart, chief operating officer of IAT-AG. "IBIKOS is the type of product that can revolutionize the way business people interact to formulate decisions."
 IAT/AG develops, markets and sells interactive desktop video-communications PC/workstations in Europe in close cooperation with the national PTT's.
 VSI is a leading international manufacturer and integrator of high-quality videoconference systems, solutions, technology and services, providing a broad line of custom-design services. VSI's clients include U.S. governmental agencies and Fortune 1000 companies.
 -0- 12/18/91
 /CONTACT: Kirsten White of VSI Enterprises Inc., 800-258-9909/
 (VSIN) CO: VSI Enterprises Inc. ST: Georgia IN: SU: TNM


BN-BR -- AT003 -- 3296 12/18/91 09:40 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 18, 1991
Words:435
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