United Systems Technology, Inc. Announces Purchase of Shamrock Systems, LLC

SOURCE: United Systems Technology, Inc.

DALLAS--(BUSINESS WIRE)--June 26, 2002--United Systems Technology, Inc (OTC:USTI - News) announced today that it has acquired substantially all of the assets of Shamrock Systems, LLC ("Shamrock") based in Memphis, Tennessee.

This transaction includes all rights to the Shamrock ProfitPower software owned by Shamrock, contracts for Software Support, and all accounts receivable. The purchase price was $215,100, which includes the assumption of certain liabilities of Shamrock including Customer Support obligations for the remainder of the contract terms.

This acquisition adds more than 100 Shamrock installations to USTI's already significant customer base of over 2,100 in the United States and Canada. This acquisition is the first by USTI outside the local government sector and marks the introduction of the Company's base products into another select vertical market.

This Press Release contains forward-looking statements, other than historical facts, which reflect the view of Company's management with respect to future events. Such forward-looking statements are based on assumptions made by and information currently available to the Company's management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from such expectations include, without limitation, the ability of the Company i) to generate levels of revenue and adequate cash flows from its operations to support and maintain its current cost structure and ii) to develop and deliver products that are competitive, accepted by its markets and are not rendered obsolete by changing technology. The forward-looking statements contained herein reflect the current views of the Company's management with respect to fu
ture events and are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those contemplated by such forward-looking statements.

USTI develops, markets and supports application software for select vertical markets in both the for profit and not for profit sectors. The software applications operate in IBM midrange, network and single user PC platforms. USTI and its subsidiaries have over 2,100 installations in the United States and Canada.

--------------------------------------------------------------------------------
Contact:

United Systems Technology, Inc., Dallas
Mr. Randy McGee, 972/402-8600

Printer Friendly

Email Page

Sponsor Message