<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K/A
Amendment No. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 29, 1997
UNICOMP, INC.
(Exact name of registrant as specified in its charter)
Commission file number: 0-15671
Colorado 84-1023666)
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
1850 Parkway Place, Suite 925
Marietta, Georgia 30067
(Address of principal executive offices including zip code)
Registrant's telephone number, including area code: (770) 424-3684
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired
On November 29, 1997, UniComp, Inc. (the "Company") acquired 100% of the
issued and outstanding capital stock of Novatek Corporation and Sun and Sky
Development Corporation (together "Novatek"). The Company acquired all of the
capital stock of Novatek for 788,708 shares of its common stock, or
approximately $6.9 million, pursuant to an Agreement and Plan of
Reorganization dated November 29, 1997 (the "Agreement"). The terms of the
Agreement and the amount of the consideration paid for the Novatek capital
stock was determined through arms-length negotiations among the parties. The
transaction was accounted for as a pooling-of-interest and audited financial
statements for the appropriate period based on the significant subsidiary
tests are filed under this item.
The description of the transactions contemplated by the Agreement is
qualified entirely by reference to the Agreement which was previously filed
as Exhibit 2.1 and is incorporated herein by reference.
<PAGE>
Report of Independent Accountants
To the Stockholders and Directors of Novatek Corporation
We have audited the accompanying balance sheet of Novatek Corporation as of
December 31, 1996, and the related statements of operations, stockholders'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Novatek Corporation as of
December 31, 1996, and the results of its operations and its cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
As discussed in Note 7 to the financial statements, the Company was acquired
by UniComp, Inc., a publicly traded U.S. Company, on November 30, 1997, in
exchange for 788,708 shares of UniComp, Inc. common stock. The transaction
has been accounted for as a pooling-of-interests.
COOPERS & LYBRAND L.L.P.
Atlanta, Georgia
January 2, 1998
<PAGE>
NOVATEK CORPORATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1996
Novatek Corporation Balance Sheet December 31, 1996
<TABLE>
<CAPTION>
ASSETS
- ------------------------------------------------------------------------------------------------------
<S> <C>
Current assets:
Trade accounts receivable, net of allowance for doubtful accounts of $7,500.......................... $ 124,328
Inventories, net of reserve of $10,500............................................................... 316,299
----------
Total current assets............................................................................... 440,627
Property and equipment, net.......................................................................... 5,909
Other assets......................................................................................... 210
----------
Total assets....................................................................................... $ 446,746
----------
----------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Cash overdraft....................................................................................... $ 57,711
Accounts payable..................................................................................... 265,980
Accrued expenses..................................................................................... 7,795
Capital lease obligation............................................................................. 26,465
----------
Total current liabilities.......................................................................... 357,951
Purchase commitments (Note 6)
Stockholders' equity:
Common stock, no par value; 500 shares authorized, 500 shares issued and outstanding................. 500
Additional paid-in capital........................................................................... 47,556
Retained earnings.................................................................................... 40,739
----------
Total liabilities and stockholders' equity......................................................... $ 446,746
----------
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
NOVATEK CORPORATION
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<S> <C>
Revenues:
Equipment..................................................................... $6,314,863
Services...................................................................... 243,370
----------
Total revenues.............................................................. 6,558,233
Cost of sales................................................................... 5,121,191
----------
Gross profit................................................................ 1,437,042
Selling, general and administrative............................................. 1,443,701
Depreciation.................................................................... 7,229
----------
Total operating expenses.................................................... 1,450,930
Operating loss.................................................................. (13,888)
Other income, net............................................................... 430
----------
Loss before provision for income taxes.......................................... (13,458)
Income tax provision............................................................ 818
----------
Net loss.................................................................... $ (14,276)
----------
----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
NOVATEK CORPORATION
STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
COMMON STOCK
--------------------
<S> <C> <C> <C> <C> <C>
ADDITIONAL TOTAL
PAID-IN RETAINED STOCKHOLDERS'
SHARES AMOUNT CAPITAL EARNINGS EQUITY
--------- --------- ----------- --------- ------------
Balance, December 31, 1995............................. 500 $ 500 $ 47,556 $ 55,015 $ 103,071
Net loss............................................. (14,276) (14,276)
--------- --------- ----------- --------- ------------
Balance, December 31, 1996............................. 500 $ 500 $ 47,556 $ 40,739 $ 88,795
--------- --------- ----------- --------- ------------
--------- --------- ----------- --------- ------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
NOVATEK CORPORATION
STATEMENTS OF CASH FLOWS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
<S> <C>
Net cash provided by operating activities:
Net loss............................................................... $(14,276)
Adjustments to reconcile net income to net cash used by operations:
Depreciation and amortization........................................ 7,229
Allowance for doubtful accounts...................................... 7,500
Inventory reserve.................................................... 10,500
Changes in assets and liabilities:
Accounts receivables............................................... 138,615
Inventories........................................................ (20,494)
Prepaid expenses and deposits...................................... 74,790
Accounts payable................................................... (29,000)
Accrued expenses................................................... 5,820
---------
Net cash provided by operating activities........................ 180,684
---------
Cash flows from investing activities:
Cash expenditures for property and equipment........................... (4,403)
---------
Net cash used in investing activities............................ (4,403)
---------
Cash flows from financing activities:
Repayment of stockholder loans......................................... (127,950)
Cash expenditures for capital lease obligations........................ (18,085)
Decrease in bank overdraft............................................. (30,246)
---------
Net cash used in financing activities............................ (176,281)
---------
Net decrease in cash..................................................... 0
Cash and cash equivalents at beginning of period......................... 0
---------
Cash and cash equivalents at end of period............................... $ 0
---------
---------
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
NOVATEK CORPORATION
NOTES TO FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies:
The Company
Novatek Corporation (the "Company") assembles, develops, and supports hardware
products for use in the payment transaction processing industry. The Company
resells hardware that is used for retailers to process credit card payments.
Use of Estimates
The preparation of financial statements requires management to make estimates
and assumptions underlying the reported amounts and disclosures. Changes in the
status of certain matters, facts or circumstances underlying these estimates
could result in material changes to these estimates, and actual results could
differ from these estimates.
Revenue Recognition
Revenues from the sale of hardware products are recognized upon delivery and
determination that collectibility is probable. Revenues from consulting
services are recognized when the services are provided.
Inventories
Inventories consist of finished goods which are purchased by the Company for
resale and used equipment which the Company refurbishes prior to resale.
Inventories are stated at the lower of cost or market, cost being determined on
a first-in first-out (FIFO) basis.
Property and Equipment
Property and equipment consists of furniture and fixtures, computers and
equipment, stated at cost. Depreciation is provided on the straight-line method
over the estimated useful lives of the related assets. When assets are retired
or otherwise disposed of, the cost and related accumulated depreciation are
removed from the accounts. The resulting gain or loss is recognized in
operations for the period.
Income Taxes
Income taxes are provided on taxable income at the statutory rates applicable to
such income in the United States under Statement of Financial Accounting
Standards No. 109, "Accounting for Income Taxes," which requires recognition of
deferred tax liabilities and assets which arise from differences in the book and
tax basis of the assets and liabilities of the Company. As of December 31,
1996, there are no significant current or deferred tax assets or liabilities.
<PAGE>
NOTES TO FINANCIAL STATEMENTS, Continued
1. Summary of Significant Accounting Policies, continued:
Advertising Costs
The Company expenses costs of advertising as incurred. Total advertising
expense for the year ended December 31, 1996 was $11,918.
2. Property and Equipment:
The components of property and equipment at December 31, 1996 are as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
ESTIMATED
USEFUL LIFE
(YEARS) 1996
----------- ---------
Furniture and fixtures............... 7 $ 52,443
Machinery and equipment.............. 5 9,298
Rental equipment..................... 5 4,725
Leasehold improvements............... 5 5,636
---------
72,102
Less accumulated depreciation............................ (66,193)
---------
$5,909
---------
---------
</TABLE>
3. Related Party Transactions:
The two principal shareholders and officers of the Company periodically
loan funds to the Company for working capital needs. At December 31, 1996,
no such loans were outstanding. In 1997, the Company has entered into a
month-to-month operating lease with its officers for office space.
4. Leases:
The Company leases office space on a month-to-month basis under operating
leases. Rental expense for the year was $25,985. The Company leases
office equipment under capital leases which expire in 1997. Lease
payments in 1996 were $18,085. Remaining minimum lease payments at
December 31, 1996 were $26,465.
<PAGE>
NOTES TO FINANCIAL STATEMENTS, Continued
5. Employment Agreements:
In January 1992, the Company entered into agreements with two nonshareholder
employees whereby each employee is entitled to receive either five percent of
the proceeds from the sale of the Company or shares equal to five percent of the
outstanding shares prior to a public offering of the Company's common stock.
These agreements were determined to constitute a variable plan as defined in
Accounting Principles Board Opinion No.25, Accounting for Stock Issued to
Employees, and accordingly, Novatek recorded no compensation expense at the time
the agreements were issued. See Note 7.
6. Purchase Commitments:
Effective January 1, 1997, the Company entered into an agreement with a major
credit card transaction processing company. Under the agreement, Novatek
committed to purchase $1,500,000 of equipment for resale from the credit card
transaction processing company on a quarterly basis through the end of 1997. In
exchange for this purchase commitment, Novatek was designated a preferred
reseller and installer of the vendor's credit card transaction processing
equipment in the United States. Novatek did not meet the prescribed minimum
purchase commitments under the agreement.
7. Subsequent Event:
The Company was acquired by UniComp, Inc., ("UniComp") a publicly traded U.S.
Company, on November 30, 1997, in exchange for 788,708 shares of UniComp, Inc.
common stock. The transaction has been accounted for as a pooling-of-interests.
UniComp develops and markets platform-migration software and development tools
that enable users to migrate applications written for proprietary IBM mid-range
computer systems to portable operating systems such as UNIX and Windows NT in
the United States and the United Kingdom.
As discussed in Note 5, in January 1992, the Company entered into agreements
with two nonshareholder employees whereby each employee was entitled to receive
five percent of the proceeds from the sale of the Company. Novatek recorded no
compensation expense in conjunction with the issuance of these agreements.
Therefore, UniComp recorded compensation expense equal to ten percent of the
total purchase price for issuance of stock to the two employees at the time of
the purchase.
<PAGE>
(b) Pro Forma Financial Information
NOTES TO THE UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
ASSUMPTIONS
The unaudited pro forma balance sheet reflects the combination of the
historical consolidated February 28, 1997 balance sheet of UniComp and the
December 31, 1996 balance sheet of Novatek. The acquisition of Novatek was
accounted for as a pooling-of-interest.
PRO FORMA ADJUSTMENT
The following adjustment has been made to the unaudited pro forma
consolidated balance sheet:
(a) The stockholders' equity accounts have been adjusted to reflect the
conversion of all Novatek common stock into 788,708 shares of UniComp
common stock.
No other adjustments were necessary to present the unaudited pro forma
consolidated balance sheet since the accounting policies of Novatek prior to
the merger were substantially the same as that of the Company and there were
no significant transactions between the parties prior to the merger.
<PAGE>
UniComp, Inc. and Subsidiaries
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
UNICOMP NOVATEK PRO FORMA PRO FORMA
2/28/97 12/31/96 ADJUSTMENTS CONSOLIDATED
- -------------------------------------------------- ------------- ---------- ----------- -------------
<S> <C> <C> <C> <C>
Assets
Current assets:
Cash and cash equivalents....................... $ 3,810,195 $ $ $ 3,810,195
Accounts receivable, net........................ 9,924,738 124,328 10,049,066
Receivables from related parties................ 353,500 353,500
Other Receivables............................... 150,611 150,611
Inventories..................................... 1,910,821 316,299 2,227,120
Prepaid pension................................. 442,030 442,030
Prepaid expenses................................ 802,304 802,304
Deferred Income Taxes........................... 61,200 61,200
Other........................................... 63,655 63,655
------------- ---------- -------- -----------
Total current assets.......................... 17,519,054 440,627 17,959,681
------------- ---------- -------- -----------
Property and equipment, net....................... 4,124,800 5,909 4,130,709
------------- ---------- -------- -----------
Noncurrent assets:
Acquired and developed software, net............ 5,846,712 5,846,712
Goodwill, net................................... 3,161,431 3,161,431
Deferred Income Taxes........................... 505,757 505,757
Other........................................... 307,438 210 307,648
------------- ---------- -------- -----------
Total noncurrent assets....................... 9,821,338 210 9,821,548
------------- ---------- -------- -----------
Total assets.................................. $ 31,465,192 $ 446,746 $ $31,911,938
------------- ---------- -------- -----------
------------- ---------- -------- -----------
Liabilities
Current liabilities:
Accounts payable................................ $ 3,210,582 $ 265,980 $ $ 3,476,562
Accrued expenses................................ 1,186,232 7,795 1,194,027
Deferred revenues............................... 2,092,847 2,092,847
Lines of credit and bank overdraft.............. 7,610,846 57,711 7,668,557
Income taxes payable............................ 175,878 175,878
Other accrued taxes............................. 602,325 602,325
Current portion of notes payable................ 492,428 26,465 518,893
------------- ---------- -------- -----------
Total current liabilities..................... 15,371,138 357,951 15,729,089
------------- ---------- -------- -----------
Long-term liabilities:
Notes payable................................... 879,063 879,063
Deferred income taxes........................... 839,325 839,325
------------- ---------- -------- -----------
Total long-term liabilities................... 1,718,388 1,718,388
------------- ---------- -------- -----------
Total liabilities............................. 17,089,526 357,951 17,447,477
------------- ---------- -------- -----------
Stockholders' equity
Common stock.................................... 68,878 500 7,387 76,765
Additional contributed capital.................. 13,076,378 47,556 (7,387) 13,116,547
Retained earnings............................... 2,001,711 40,739 2,042,450
Treasury stock.................................. (608,810) -- (608,810)
Cumulative translation adjustment............... (162,491) -- (162,491)
------------- ---------- -------- -----------
Total stockholders' equity.................... 14,375,666 88,795 -- 14,464,461
------------- ---------- -------- -----------
Total liabilities and stockholders' equity.... $ 31,465,192 $ 446,746 $ -- $31,911,938
------------- ---------- -------- -----------
------------- ---------- -------- -----------
</TABLE>
SEE NOTES TO THE UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
<PAGE>
NOTES TO THE UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
ASSUMPTIONS
The unaudited pro forma statements of operations reflects the combination
of the historical consolidated February 28, 1997 statement of operations of
UniComp with the December 31, 1996 statement of operations of Novatek, the
February 29, 1996 statement of operations of UniComp with the December 31,
1995 statement of operations of Novatek, and the February 28, 1995 statement
of operations of UniComp with the December 31, 1994 statement of operations
of Novatek.
PRO FORMA ADJUSTMENT
No adjustments were made to the unaudited pro forma statement of
operations since the accounting policies of Novatek prior to the acquisition
were substantially the same as that of the Company, and there were no
significant transactions between the parties prior to the merger.
<PAGE>
UniComp, Inc. and Subsidiaries
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
UNICOMP NOVATEK PRO FORMA
2/28/97 12/31/96 CONSOLIDATED
------------ ------------ -------------
<S> <C> <C> <C>
Revenues:
Equipment....................................... $ 6,222,698 $ 6,314,863 $ 12,537,561
Services........................................ 11,039,143 243,370 11,282,513
Software........................................ 7,889,208 7,889,208
------------ ------------ -------------
Total Revenue................................. 25,151,049 6,558,233 31,709,282
------------ ------------ -------------
Cost of sales:
Equipment....................................... 5,234,084 5,121,191 10,355,275
Services........................................ 2,247,797 2,247,797
Software........................................ 3,011,393 3,011,393
------------ ------------ -------------
Total cost of sales........................... 10,493,274 5,121,191 15,614,465
------------ ------------ -------------
Gross profit...................................... 14,657,775 1,437,042 16,094,817
------------ ------------ -------------
Selling, general, and administrative.............. 11,841,767 1,443,701 13,285,468
Depreciation expense.............................. 741,731 7,229 748,960
------------ ------------ -------------
Total operating expenses...................... 12,583,498 1,450,930 14,034,428
------------ ------------ -------------
Operating income (loss)........................... 2,074,277 (13,888) 2,060,389
Other income (expense)
Other, net...................................... 45,730 430 46,160
Interest, net................................... (282,112) (282,112)
------------ ------------ -------------
Total other income (expense), net............. (236,382) 430 (235,952)
Income before provision for income taxes.......... 1,837,895 (13,458) 1,824,437
------------ ------------ -------------
Provision for income taxes........................ 311,820 818 312,638
------------ ------------ -------------
Net income........................................ $ 1,526,075 $ (14,276) $ 1,511,799
------------ ------------ -------------
------------ ------------ -------------
Earnings per share................................ $ 0.26 $ 0.22
------------ -------------
------------ -------------
Weighted average number of shares................. 5,970,522 6,759,230
</TABLE>
SEE NOTES TO UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
<PAGE>
UniComp, Inc. and Subsidiaries
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
UNICOMP NOVATEK PRO FORMA
2/29/96 12/31/95 CONSOLIDATED
------------ ------------ -------------
<S> <C> <C> <C>
Revenues:
Equipment....................................... $ 5,516,470 $ 4,870,316 $ 10,386,786
Services........................................ 9,577,845 9,577,845
Software........................................ 7,196,704 7,196,704
------------ ------------ -------------
Total Revenue................................. 22,291,019 4,870,316 27,161,335
------------ ------------ -------------
Cost of sales:
Equipment....................................... 4,292,687 3,709,187 8,001,874
Services........................................ 1,754,963 1,754,963
Software........................................ 1,930,072 1,930,072
------------ ------------ -------------
Total cost of sales........................... 7,977,722 3,709,187 11,686,909
------------ ------------ -------------
Gross profit...................................... 14,313,297 1,161,129 15,474,426
------------ ------------ -------------
Selling, general, and administrative.............. 11,048,431 1,157,857 12,206,288
Depreciation expense.............................. 709,858 15,673 725,531
------------ ------------ -------------
Total operating expenses...................... 11,758,289 1,173,530 12,931,819
------------ ------------ -------------
Operating income (loss)........................... 2,555,008 (12,401) 2,542,607
Other income (expense)
Other, net...................................... (41,701) 9,119 (32,582)
Interest, net................................... (251,182) 9,807 (241,375)
------------ ------------ -------------
Total other income (expense), net............. (292,883) 18,926 (273,957)
Income before provision for income taxes.......... 2,262,125 6,525 2,268,650
------------ ------------ -------------
Provision for income taxes........................ 202,615 1,182 203,797
------------ ------------ -------------
Net income........................................ $ 2,059,510 $ 5,343 $ 2,064,853
------------ ------------ -------------
------------ ------------ -------------
Earnings per share................................ $ 0.40 $ 0.35
------------ -------------
------------ -------------
Weighted average number of shares................. 5,188,092 5,976,800
</TABLE>
SEE NOTES TO UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
<PAGE>
UniComp, Inc. and Subsidiaries
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
UNICOMP NOVATEK PRO FORMA
2/28/95 12/31/94 CONSOLIDATED
------------ ------------ ------------
<S> <C> <C> <C>
Revenues:
Equipment......................................... $ 4,110,066 $ 3,359,711 $7,469,777
Services.......................................... 7,219,178 7,219,178
Software.......................................... 6,527,072 6,527,072
Sound systems..................................... 468,268 468,268
------------ ------------ ------------
Total Revenue................................... 18,324,584 3,359,711 21,684,295
------------ ------------ ------------
Cost of sales:
Equipment......................................... 3,066,841 2,757,392 5,824,233
Services.......................................... 1,032,415 1,032,415
Software.......................................... 2,038,418 2,038,418
Sound systems..................................... 304,570 304,570
------------ ------------ ------------
Total cost of sales............................. 6,442,244 2,757,392 9,199,636
------------ ------------ ------------
Gross profit........................................ 11,882,340 602,319 12,484,659
------------ ------------ ------------
Selling, general, and administrative................ 9,014,043 566,356 9,580,399
Depreciation expense................................ 651,551 18,333 669,884
------------ ------------ ------------
Total operating expenses........................ 9,665,594 584,689 10,250,283
------------ ------------ ------------
Operating income (loss)............................. 2,216,746 17,630 2,234,376
Other income (expense)
Other, net........................................ 123,707 2,378 126,085
Interest, net..................................... (224,034) 3,795 (220,239)
------------ ------------ ------------
Total other income (expense), net............... (100,327) 6,173 (94,154)
Income before provision for income taxes............ 2,116,419 23,803 2,140,222
------------ ------------ ------------
Provision for income taxes.......................... 494,741 3,149 497,890
------------ ------------ ------------
Net income.......................................... $ 1,621,678 $ 20,654 $ 1,642,332
------------ ------------ ------------
------------ ------------ ------------
Earnings per share.................................. $ 0.34 $ 0.30
------------ ------------
------------ ------------
Weighted average number of shares................... 4,710,228 5,498,936
</TABLE>
SEE NOTES TO UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
<PAGE>
(c) Exhibits
EXHIBIT NO. DESCRIPTION
----------- ------------
Exhibit 2.1 Agreement and Plan of Reorganization By and Among
UniComp, Inc., Smoky Mountain Technologies, Inc.,
Novatek Corporation, Its Shareholders, Sun and Sky
Development Corporation, and Its Shareholders Dated
November 29, 1997 (Previously filed with form 8-K filed
on December 15, 1997)
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of
Marietta, State of Georgia, on the 13th day of February, 1998.
UNICOMP, INC.
By: /s/ Stephen A. Hafer
--------------------------
Stephen A. Hafer
Chairman of the Board, President
and Chief Executive Officer
