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August 30, 2000
- For Immediate Release
New York, NY - Caminus Corporation (Nasdaq: CAMZ) announced
today that it has completed the acquisition of Nucleus Corporation of
Texas. Caminus is a leading supplier of software systems for trading and
risk management in electric power and natural gas throughout North America
and Europe. Nucleus is a leading supplier of software systems for energy
trading in North America. Caminus acquired the assets of Nucleus for $19.6
million, consisting of $13.7 million in cash, 261,334 newly issued shares
of common stock of Caminus Corporation, and issuance of stock options.
"We expect Nucleus to record between $3.5 and $4.0 million of revenue
for the balance of 2000 and be a penny accretive to Caminus' pro forma
cash earnings in Q4," said Mark Herman, Caminus CFO. "In 2001, we expect
Nucleus will add a minimum of $10 million in revenue and $.05 per share
of pro forma cash earnings to Caminus."
"Since we announced the letter of intent to acquire Nucleus last month,
we have been receiving a tremendous vote of confidence on the decision
from existing customers of both Caminus and Nucleus," said David Stoner,
Caminus CEO. "The acquisition has also been enthusiastically received
by prospective customers. Based on our initial feedback, they clearly
see how Nucleus' complementary software and subject matter expertise will
add significant value to the solutions we offer."
About Caminus:
Caminus Corporation (Nasdaq: CAMZ) is a leading provider of software solutions
and strategic consulting services to participants in energy markets throughout
North America and Europe, including utilities, electrical power generating
companies, energy marketers, electric power pools, gas producers, processors,
and pipelines. Caminus offers a suite of software solutions and associated
services to enable energy market participants to manage complex risk scenarios
and effectively trade and manage energy transactions, addressing multiple
energy commodities and types of risk across varied geographies. In addition,
Caminus provides strategic consulting services to many of the leading
energy market participants. Caminus currently has over 100 energy enterprise
customers of its software solution and strategic consulting services.
Many of Caminus' customers are leaders in the energy industry, including
British Energy, Consolidated Edison, Conoco, Powergen, and Dynegy. Caminus
is headquartered in New York, with offices in Houston and Dallas, Texas;
and London and Cambridge, UK. For more information about Caminus, visit
the company web site at www.caminus.com.
About Nucleus:
Headquartered in Houston, Nucleus Corporation has been one of the energy
market's fastest growing technology vendors, exclusively serving the demands
of the energy-trading sector since 1995. Nucleus markets a full range
of products and consulting services, from its most popular wholesale power
module to its recently released gas retail module. For more information
about Nucleus Corporation of Texas, visit the company web site at www.nucleuscorp.com.
This press release contains forward-looking statements relating to the
revenue and earnings per share contributions expected to be provided by
Nucleus Corporation of Texas for the balance of 2000 and 2001, and such
statements involve a number of risks and uncertainties. The success of
the acquisition and future operating results of Caminus Corporation may
differ from the results discussed or forecasted in the forward-looking
statements due to factors that include, but are not limited to, risks
associated with acquisitions, such as potential difficulties in the assimilation
of operations, strategies, technologies, methodologies and products of
the acquired company, the risk of loss of key personnel of the acquired
company, diversion of management attention from other business concerns,
business risks including the risk of variations in quarterly operating
results, significant current and expected additional competition and the
need to continue to expand product distribution and services offerings.
Further information on potential factors that could affect the financial
results of Caminus Corporation are included in Caminus' Report on Form
10-K for the year ended December 31, 1999 and its other filings with the
Securities and Exchange Commission.
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