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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (date of earliest event reported) February 20, 1998
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ScanSource, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
South Carolina 1-12842 57-0965380
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification
Number)
6 Logue Court, Suite G, Greenville, SC 29615
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(Address, Including Zip Code of Principal Executive Offices)
(803) 288-2432
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
On February 20, 1998, ScanSource, Inc. (the "Company"), announced that it
had signed a letter of intent to acquire The CTI Authority, Inc ("CTI"). A copy
of the news release is attached hereto as Exhibit 99.
On February 28, 1998, the Company completed the acquisition of CTI. The
transaction is being treated by the Company for accounting purposes as a pooling
of interest, and was undertaken pursuant to a merger of CTI with a wholly-owned
subsidiary of the Company which is operating under the name Catalyst Telecom,
Inc. following the merger. The Company issued 238,830 shares of its common
stock, no par value, to the shareholders of CTI as consideration in the merger.
The CTI shareholders were granted registration rights with respect to a portion
of the shares issued by the Company in the merger.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(A) Not applicable.
(B) Not applicable.
(C) Exhibits.
Exhibit 99, News Release, dated February 20, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SCANSOURCE, INC.
Date: February 28, 1998 By: /s/ JEFFERY A. BRYSON
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Jeffery A. Bryson
Chief Financial Officer
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EXHIBIT 99
Company Press Release
ScanSource To Acquire The CTI Authority, Inc.
GREENVILLE, S.C.--(BUSINESS WIRE)--Feb. 20, 1998--ScanSource, Inc.
(NASDAQ:SCSC-news), an international distributor of specialty technology
products, announced today that, through its Catalyst Telecom division, it has
signed a letter of intent to acquire The CTI Authority, Inc., a wholesale
distributor of computer telephony integration (CTI) products.
With a sales office in Cranford, N.J., The CTI Authority's sales for the 12
months ended Dec. 31, 1997 were approximately $8.4 million (unaudited). The
acquisition will be accounted for as a pooling of interests.
"The CTI Authority is a leading U.S. distributor of computer telephony
products, with a key focus on Dialogic. When combined with our lineup of
business telephones, Catalyst will be in the forefront of the telephony
distribution market," said Randy McDougald, Catalyst Telecom President. "After
the merger, Sandra Rivera and Mike Stahl, owners of The CTI Authority, will be
joining Catalyst as vice president of sales and merchandising, respectively."
"We will now be better positioned to help resellers succeed in the computer
telephony business by combining our knowledge of the CTI market with Catalyst
Telecom's financial strength and logistics expertise," said Sandra Rivera, The
CTI Authority President.
ScanSource, Inc. is an international value-added distributor of specialty
technologies, including automatic identification (auto ID) and point-of-sale
(POS) products, and - through its Catalyst Telecom division - telephony
products. Serving only the value added reseller (VAR), ScanSource is committed
to growing specialty technology markets by strengthening and enlarging the VAR
channel. ScanSource's commitment to VARs includes offering a broad product
selection, competitive pricing, fast delivery, technical support, sales
training, customer financing and qualified leads. For more information, contact
ScanSource, Inc., 6 Logue Court, Greenville, S.C. 29615, phone 864/288-2432. The
toll-free sales telephone number is 800/944-2432.Web address:
www.scansource.com.
Contact:
ScanSource, Inc.
Jeffery A. Bryson, Chief Financial Officer, 864/288-2432
