IMSI Sells Allume Systems, Inc. for $12.75 Million in Cash & Stock
05 Luglio 2005 - 2:30PM
PR Newswire (US)
IMSI Sells Allume Systems, Inc. for $12.75 Million in Cash &
Stock Sale Proceeds Generate 127% Cash on Cash Return of
Acquisition of Allume Systems From April 2004 NOVATO, Calif., July
5 /PRNewswire-FirstCall/ -- IMSI(R) (OTC:IMSI) (BULLETIN BOARD:
IMSI) , a leading developer and publisher of consumer, business and
precision design software solutions, today announced the sale of
its wholly owned subsidiary Allume Systems, Inc. ("Allume") for a
combination of $11.0 million in cash and 397,547 shares of the
common stock of Smith Micro Software, Inc. (NASDAQ:SMSI) valued at
$1.75 million. Through the utilization of its net operating loss
carryforwards, IMSI does not expect to have any tax liability as a
result of the sale. "We were pleased with the results and the
milestones achieved by Allume over the last year but we believe the
sale gives IMSI a unique opportunity to become a market leader in
the stock house plans market and take advantage of additional
opportunities in the distribution of content on the internet," said
Martin Wade, IMSI CEO. "With the acquisition of Weinmaster Homes,
Ltd., the operator of the #2 Google ranked site
http://www.globalhouseplans.com/ on July 1, 2005, our subsidiary,
Houseplans, Inc., will become the leading marketer of online house
plans in Canada and significantly strengthen our offering in the
U.S.," said Gordon Landies, IMSI President. "With the strength of
the base house plans business and the added resources of the
Weinmaster acquisition as well as the performance of our CAD
business, we expect our overall business in 2006 to demonstrate
robust growth, operating earnings and positive cash flow." About
IMSI Founded in 1982, IMSI has established a tradition of providing
the professional and home user with innovative technology and
easy-to-use, high-quality software products at affordable prices.
The company maintains two business divisions. The Precision Design
division, anchored by IMSI's flagship product, TurboCAD(R) and the
DesignCAD(TM) line, also develops and markets other visual content
and design software such as FloorPlan(R) 3D. The division also
includes several online properties focused on the sale of content
and services to the architectural, engineering and construction
market thru its stock house plans site at Houseplans.com, its CAD
add-on store, Cadalog.com and the online CAD symbol site,
CADsymbols.com. The Consumer & Business Software Solutions
division, which provides small businesses and consumers with
software solutions through its popular products such as
TurboProject(R), FormTool(R), FlowCharts&More(TM), HiJaak(R)
and TurboTyping(TM). More information about IMSI can be found at
http://www.imsisoft.com/. Safe Harbor Statement This announcement
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and within the meaning of the Private
Securities Litigation Reform Act of 1995. Actual results could
differ materially from those projected in the forward-looking
statements as a result of various factors including the ability of
the company to successfully commercialize its new technologies as
well as risk factors set forth under "Factors Affecting Future
Operating Results" in the company's annual report on Form 10-KSB
for the year ended June 30, 2004, and such other risks detailed
from time to time in the company's reports filed with the
Securities and Exchange Commission. The company undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements, which may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. DATASOURCE: International Microcomputer
Software, Inc. CONTACT: Gordon Landies, +1-415-878-4000, or , or
Bill Bush, +1-415-878-4039, or , both of International
Microcomputer Software, Inc. Web site: http://www.imsisoft.com/
Copyright