Scan-Optics, Inc. signs definitive agreement for acquisition of Southern Computer Systems

Scan-Optics, Inc. (NASDAQ: SOCR), a leader in high volume document processing systems and information management solutions, announced the signing of a definitive agreement to acquire privately owned Southern Computer Systems, Inc. of Birmingham, AL (SCS) fir $7 million in cash or other consideration. SCS generated approximately $6.5 million in profitable revenues in 1997. Over the past 21 years, SCS has established a leadership role in the production data input market segment with over 40,000 users worldwide representing over 2,700 customers with its KeyEntry III and ImageKey products. SCS has recently released a new image data capture suite, VistaCapture, utilizing Microsoft ActiveX technology.

Founded in 1977, SCS develops, markets and supports a portfolio of data entry and document automation software products that enable customers to realize high quality data, image capture, and character recognition for high speed document recognition and data entry applications. These products are designed to create, verify, validate and export documents such as invoices, bills of lading, credit card applications and order forms. SCS also provides document automation consulting, network and application integration services. SCS markets and sells its products and services to customers in the transportation, financial services, health care and state and federal government markets. SCS currently has approximately 50 employees. Scan-Optics intends to keep SCS at its present location.

Scan-Optics, Inc., with headquarters in Manchester, CT, is recognized internationally as an innovator and solution provider in the information management and imaging business It designs, manufactures and services products and systems for character recognition, image processing and display, data capture, data entry, and multiuser business computers. ScanOptics' systems and software are marketed worldwide to commercial and government customers directly and through distributors. The company has sales and service offices located throughout the U.S. and abroad.

Statements about the company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21 E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such forward-looking statements be subjected to the safe harbors created thereby. Since these forwardlooking statements involve risks and uncertainties and are subject to change at any time, the company's actual results could differ materially from expected results.

Copyright Association for Work Process Improvement Jun 1998
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