ObjectSoft & InteractiVisions Sign Letter of Intent To Merge
Transactional, Interactive Kiosk Firms
HACKENSACK, N.J., May 5 /PRNewswire/ - ObjectSoft Corp.
(Nasdaq: OSFT), developer of the SmartStreet Kiosk, electronic
commerce and other interactive public access touch-screen-based
technology, and InteractiVisions, Inc., a privately held company
which designs and implements interactive electronic merchandising
networks using touch screens at points of sale, announced today
that they have signed a letter of intent to merge.
Under terms of the transaction and in exchange for all of the
outstanding capital stock of InteractiVisions, Hackensack-based
ObjectSoft will transfer 600,000 shares of its common stock to
InteractiVisions, Incorporated in Delaware. Upon completion of the
transaction, InteractiVisions will operate as a separate unit of
ObjectSoft. ObjectSoft stock closed May 2 at $5.31 which values
the transaction at approximately $3.2 million. It also is expected
that InteractiVisions' management will enter into customary
employment agreements with ObjectSoft and ObjectSoft will grant
options to certain InteractiVisions employees.
The merger is expected to be concluded within 45 days, and is
subject to various conditions, including completion of due
diligence reviews, execution of definitive agreements, board
approvals and InteractiVisions' shareholder approval.
"The joining of these two highly innovative firms will allow us
to expand the free information we provide and to offer a wide range
of products, entertainment and other services through credit card
purchase at our kiosks and other interactive sites," said
ObjectSoft CEO David E.Y. Sarna.
"We're building a larger, stronger family here. There's just a
huge amount of synergy between InteractiVisions and ObjectSoft,
providing consumers a sophisticated and user-friendly system to get
information and to make purchasing decisions with printed
information and vibrant, colorful TV images," said
InteractiVisions' CEO E.S. Eskridge, Jr.
No staff layoffs or transfers between ObjectSoft and
InteractiVisions, based in Carey, N.C., with a development facility
in Easley, S.C., are expected as a result of the merger, Sarna and
Eskridge said. Eskridge will become a director of ObjectSoft and
head of the InteractiVisions unit of the combined firm.
ObjectSoft, which has a strategic alliance with Microsoft, is
installing SmartStreet Kiosks throughout the City of New York under
a contract with New York City and has placed kiosks in the
Department of Health Building at 125 Worth St., the Bronx and
Brooklyn Municipal Buildings, Queens Borough Hall and the St.
George Terminal of the Staten Island Ferry.
Under New York's CityAccess program, the SmartStreet Kiosks
allow users to look up government information, such as access to
building and property records, and on-line ordering of Health
Academy courses, birth and death certificates, as well as tourist
services. In addition to the touch screen, an overhead video
features a message from Mayor Rudolph Giuliani and a narration by
actor Tony Randall.
InteractiVisions uses touch screen technology to provide an
alternative sales resource with a true television interface under
worldwide rights to technology developed by AT&T Bell Laboratories.
The firm runs networks for AT&T at their exhibits in Walt
Disney World's EPCOT Center and at Universal Studios in Hollywood
and Orlando. Other customers of InteractiVisions include the
Haines and Bali divisions of Sara Lee and Walt Disney attractions.
The InteractiVisions system allows consumers to see products on
real television; make selections such as size and color and then
make credit card purchases. Specializing in fashion and retailing,
InteractiVisions is highly regarded for its creativity in
developing interactive programming and content. The firm also
delivers a TV channel with previews from Broadway shows and other
performances that are updated daily and transmitted to 25,000 New
York City hotel rooms.
Sarna envisions a system of SmartStreet Kiosks and SmartScreen
touch screens on bus stop shelters and in other locations where
people can get the latest travel and tourism information, see TV
clips to review movies and live performances, take a mini-tour of
museums and other attractions, even check out restaurant offerings.
Then, the combined ObjectSoft/InteractiVisions technology would
prepare a map to show the traveler how to walk or ride to the
destination, allow the consumer to make a reservation and even to
purchase a ticket or a souvenir from the gift shop.
Eskridge emphasized that the combined technology will allow up-
to-the-minute information on destinations, prices, ticket
availability and transportation information.
This press release contains certain forward-looking statements
concerning ObjectSoft which are subject to a number of known and
unknown risks that could cause actual results, performance and
achievements to differ materially from those described or implied
in the forward-looking statements. Among such risks are those
discussed in the Company's Registration Statement on Form SB-2 and
its Quarterly Report on Form 10-QSB and include, but are not
limited to, limited operating history, recent establishment of new
business divisions, dependence on new and untested product, risks
related to technological factors and potential manufacturing
difficulties.
SOURCE ObjectSoft Corp.
-0- 05/05/97
/CONTACT: Pat Smith, Public Relations of Rubenstein Associates,
212-843-8026, for ObjectSoft/
(OSFT)
CO: ObjectSoft Corp.; InteractiVisions, Inc.
ST: New Jersey
IN: CPR
SU: TNM