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William Weiss |
Hasbrouck Heights, NJ - November 10, 2000 PaperClip Incorporated, Inc. (PaperClip)(OTC Bulletin Board:PCLP) has concluded an agreement with Access Solutions International, Inc. (ASI) to convert $2,305,506 of amounts due to ASI by PaperClip into 3,649,543 shares of Series A Preferred Stock. The shares were issued at the equivalent price of $0.71 ber share. The agreement also includes ASI's Waiver of $300,000 of management fees owed to ASI by PaperClip.
Additionally, PaperClip and ASI have agreed to restructure the outstanding $300,000 note payable to ASI which will now be paid over a 36 month period, commencing January 1, 2001.
The completion of this agreement reduces PaperClip's outstanding debt by more than 85% and results in the reduction of PaperClip's annual intrest payments by approximately $220,000.
About Access Solutions International Inc.
Access Solutions International, Inc. designs, develops, assembles and markets mainframe information storage and retrieval systems, including both software and hardware, for large companies.
About PaperClip Incorporated.
PaperClip Incorporated develops and markets software products that organize, manage and communicate documents, images and workflow for a wide range of users. Established in 1991, PaperClip has a customer base that includes small and mid-size organizations as well as Fortune 1000 multi-nationals. PaperClip markets its products through an international network of authorized PaperClip resellers. For further information, please contact PaperClip at (800) 9293503 or (201) 329-6300, or visit www.PaperClip.com. Public Symbol: PCLP.
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PaperClip and PaperClip32 are registered trademarks of PaperClip Incorporated. All other named products mentioned in this release may have been identified by trademarks or registered trademarks of their respective holder.