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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/