Bankers Trust to Buy CIS Securities

THE JOURNAL RECORD, November 23, 1994 | Go to article overview

Bankers Trust to Buy CIS Securities


TULSA _ Bankers Trust New York Corp. has agreed to purchase $10 million in stock and warrants of CIS Technologies Inc. of Tulsa.

CIS said the purchase was part of a strategic alliance announced Tuesday with BT Holdings (New York) Inc., a subsidiary of Bankers Trust, the nation's seventh largest banking company, with assets of $108 billion.

The alliance with BT Holdings was formed to create a strategic alliance to pursue opportunities in cash management and data services in the health care industry, CIS said Tuesday.

Bankers Trust will acquire a minority interest in CIS Technologies consisting of $10 million in new common stock and new, nonvoting, convertible preferred stock with warrants, said Philip D. Kurtz, chairman and chief executive officer of CIS Technologies.

"We are pleased to have entered into this alliance with Bankers Trust which will enable our company to take advantage of the many consolidation and growth opportunities in the dynamic health care sector," Kurtz said. "This transaction strengthens our company's financial position and matches us with a partner which will help our company to reach its full potential. We also believe this will enable us to expand our product line in cash management and data services. …

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