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January 20, 1997updated 05 Sep 2016 1:00pm

ACCESS SOLUTIONS TO ACQUIRE PAPERCLIP FOR $6M IN SHARES

By CBR Staff Writer

North Kingstown, Rhode Island-based mainframe optical information storage and retrieval systems builder Access Solutions International Inc is to buy the assets and take on some liabilities of Hackensack, New Jersey developer of software for networked document management and imaging systems PaperClip Software Inc for $5.79m in new shares and warrants. Access will pay 1.544 million new shares, each with a Class B warrant attached, each warrant entitling the holder to buy a second Access share at $6. The two will assume the Access name once the deal is complete, but the PaperClip name will live on in products. Access went public only last summer, and in its fiscal first quarter reported sales of just $300,000.

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