For Immediate Release
Contact: Roger Kuhn
INSCI Corp
508-870-4014
rkuhn@insci.com
WESTBOROUGH, MA - January 21, 1997 - INSCI Corp today announced that it had received a commitment for a bank line of credit from Silicon Valley Bank. Under the terms of the line, which contains normal and customary banking provisions and covenants, a total of $1,750,000 is available for working capital and equipment financing needs. Silicon Valley Bank is a leading provider of banking services for emerging growth companies in the technology sector.
According to Ted Prince, INSCI's Chairman and Chief Executive Officer, “INSCI participates in the rapidly growing electronic document management market. Our growth rate for the first half of this fiscal year has exceeded the market rate, and we are striving to continue this trend. The working capital line from Silicon Valley Bank puts in place a key ingredient needed for continued growth. This line supplements the more than $5 million in new equity capital we raised in the fall of 1996 for acquisitions.”
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INSCI Corp (National NASDAQ: INSI) develops, markets, and supports software for the automated document factory market including client/server electronic printing and document management software utilizing optical disk, CD and automated tape libraries to index, archive, retrieve and distribute computer-generated documents and scanned images including statements, reports, invoices and transaction data. The Company provides customers with an extensive range of system integration and consulting services based upon its expertise in integrated output management, electronic printing, imaging, document management, print-on-demand, data storage, data warehousing and data mining. The Company markets its products through a combination of direct sales force and marketing relationships with companies including Xerox Corporation, Unisys, Oce Printing (formerly Siemens Nixdorf Systems) and Storage Technology Corporation. The Company is headquartered in Westborough, Massachusetts. For more information about INSCI Corp, visit its home page on the Internet at http://www.insci.com.
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