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Symbolics Announces Manufacturing and Distribution Agreement with Japanese Consortium
Contact: Ronald R. Benanto (617) 221-1045
Francis J. Feeney, Jr. (617) 221-1052
For Immediate Release
SYMBOLICS ANNOUNCES MANUFACTURING AND DISTRIBUTION
AGREEMENT WITH JAPANESE CONSORTIUM
BURLINGTON, Mass., July 30, 1990 - Symbolics, Inc. (NASDAQ:SMBX),
today announced that it has entered into an agreement in principle
with a Japanese consortium led by Nichimen Corporation for a five
year exclusive license in Japan of manufacturing and distribution
rights to Symbolics Ivory-based software and hardware products.
The aggregate cash proceeds to Symbolics from the license and
related transactions, which are still subject to final definitive
agreement, are approximately $4 million to be paid at a closing
expected by the end of August, 1990.
Nichimen, a major Japanese trading Company, is currently (through
its subsidiary, Nihon Symbolics Corporation) the distributor of
Symbolics' products in Japan. Symbolics will continue to manufacture
hardware products for the consortium, and will also furnish them with
important new product enhancements.
Jay Wurts, Symbolics' chairman, chief executive officer and president,
stated, "We are very pleased that the consortium has recognized the
potential in applying Symbolics technology to their local market, and
we greatly value our relationship with them. The anticipated proceeds
of this transaction will aid us in financing our future business plans."
Symbolics, Inc., headquartered in Burlington, Mass., is the leading
provider of symbolic processing hardware and software used in sophisticated
applications, including interactive scheduling and planning, hypertext-based
publishing, computer-aided mathematical computing and HDTV-based graphics
imaging and processing.