Scan-Optics Completes Acquisition of Photomatrix

MANCHESTER, Conn., June 23 -- Scan-Optics, Inc. has completed its acquisition of product rights and certain assets of Photomatrix, Inc.'s subsidiary, Photomatrix Imaging Corp. The entire Photomatrix Imaging product and services business-- including the assets of the UK subsidiary, Photomatrix, Ltd.--will be transferred to Scan-Optics. For the cash purchase price of $2.1 million, Scan-Optics will acquire Photomatrix Imaging's current and future assets valued at $3.9M and will assume its current and future liabilities of $1.9M. Scan-Optics will also acquire the functional areas of the subsidiary's business, including customer service, sales, marketing, manufacturing, and product development. Scan-Optics expects to move manufacturing operations, administration and management to its Manchester, Connecticut headquarters, and to employ certain former Photomatrix employees in sales, engineering and customer service.