LAGUNA NIGUEL, Calif., June 5, 2008 (PRIME NEWSWIRE) -- INFINITE Software Corporation (Pink Sheets:IFSC), a global IT integrator and software provider, is leading HP Enterprise Business Partner and the developer of the award winning INFINITE product set for legacy system migration and modernization. The company announced today that it has acquired certain assets of UniComp solutions, a division of UniComp, Incorporated (Pink Sheets:UCMPQ).
INFINITE Software has acquired the intellectual property rights and ownership to the Elite 36 and Elite 400 product line from UniComp. The transaction was approved by the bankruptcy judge handling the liquidation of UniComp, which filed for bankruptcy under a chapter 11 filing. Subsequent to the chapter 11 filing, the trustee handling the matter converted the chapter 11 to a chapter 7 and began the process of liquidating the company in favor of its creditors.
The Elite product set marketed by UniComp had its roots in the Unibol product family that had been acquired by INFINITE Software (formerly named California Software) in 2000. Bruce Acacio, CEO, INFINITE Software said, "We are very pleased to have finalized an agreement on this matter. We have been supporting many of the former UniComp customers since their bankruptcy filing, but many of them felt as though they were in a precarious position. We wanted to alleviate any concerns these Elite product customers may have."
INFINITE Software has pledged to continue support for the Elite 36 customers based on the same terms as their contracts with UniComp.
About INFINITE Software Corporation
INFINITE Software is a global provider of software and services for the legacy extension and financial services markets. The company is headquartered in Orange County, CA and operates globally from offices in Asia, North America, South America and Europe. The Company's products are marketed under the brand names INFINITE and LPS. INFINITE Software enjoys over 100,000 installations in 56 countries.
About UniComp, Incorporated
UniComp marketed the Elite 36 product set in the United States. The Elite 36 product is a toolset that migrated System/36 applications to Windows and Unix. The company is now in chapter 7 bankruptcy and is in the process of being liquidated.
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as California Software or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements in this release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.