IPS Announces Sale Of Chicago-Based TMC

Business Wire, May 31, 1999

MARKHAM, Ontario--(BUSINESS WIRE)--May 31, 1999--

IPS(TSE:IPV.)

- MANAGEMENT TURNS FOCUS BACK TO CORE VISION BUSINESS -

Image Processing Systems Inc. (TSE:IPV)-under its trade name IPS Automation-today announced that it has sold Chicago-based Tisma Machinery Corporation (TMC). IPS acquired TMC in July 1997.

"The synergies between the companies anticipated at the time of purchase did not materialize," commented John Bowie, IPS Chairman, "And, the current management attention and resources required at TMC became more than we were prepared to accommodate."

"Our management's attention and energies are better focused on our vision business-filling the pent-up demand in our display inspection business, commercializing our new automobile glass inspection products and continuing development of exciting new products," said Ken Wawrew, IPS President and Chief Executive Officer. "This demand has generated the largest number of shipments for our first quarter in the history of the Company and our order backlog now sits at $12.5 million."

IPS Automation is a complete automation systems provider. The company's automated display and inspection (ADI) systems are recognized as the best in the world for display manufacturers. IPS also provides advanced inspection solutions for the automotive glass and brewing industries, developed in close co-operation with key customers.

IPS Automation, an ISO 9001 and International Quality Network (IQNET) certified company, is listed on the Toronto Stock Exchange under the symbol IPV and has offices and representatives in Canada, China, Japan, Korea, The Netherlands, Taiwan and the United States. Blue-chip customers in 23 countries use IPS Automation's solutions.

Copies of our press releases are available on the IPS website at www.ipsautomation.com.