SSA to be acquired by Gores Technology Group

[Kevin_Catlin@xxxxxxxxxxxx]

     Read it and ????
     
     >>>>>>>>>>>>>>>>>>>>>>>>>>
     
     Company Press Release
     Gores Technology Group to Acquire SSA
     CHICAGO--(BUSINESS WIRE)--April 7, 2000--Gores Technology Group, a 
     leading international technology and management company, and System 
     Software Associates, Inc. (OTCBB:SSAX - news) announced today that SSA 
     has agreed to sell substantially all of its assets to a newly-formed 
     subsidiary of Gores Technology for a total of approximately $52 
     million in cash and 25% of the common stock of the newly-formed 
     subsidiary. The parties intend to effect the sale in an expeditious 
     manner via a voluntary Chapter 11 bankruptcy proceeding to be filed on 
     or about April 14. The Chapter 11 proceeding will not include SSA's 
     subsidiaries. 
     
     Alec Gores, Chairman of Gores Technology, stated ``We are very pleased 
     to be adding SSA to the Gores family of technology companies. We place 
     a high importance on the current and potential value of SSA's 
     extensive customer base, skilled professionals, strong portfolio of 
     SSA and partner software and services, and significant international 
     operations. We intend to focus on the future growth and development of 
     the company.'' 
     
     ``This transaction is the result of an intense and thorough evaluation 
     of all of SSA's strategic alternatives by our advisors, Houlihan, 
     Lokey, Howard & Zukin, senior management and the SSA Board,'' said 
     Robert R. Carpenter, Chairman and Chief Executive Officer of SSA. ``We 
     believe that the Gores Technology Group capital resources, technical 
     and business expertise and philosophy of creating value for customers, 
     employees and investors make them a strong partner for the future. We 
     believe that our combined resources will both allow us to continue to 
     serve our customers, without interruption, and enable us to continue 
     to build upon our combined strengths after completion of the sale.'' 
     
     SSA anticipates that it will be required to use all of the cash 
     received upon closing of the sale to pay SSA's senior secured lenders 
     and administrative claims in bankruptcy, leaving 25% of the common 
     stock of the newly-formed subsidiary available for claims of unsecured 
     creditors of SSA in bankruptcy, including the holders of its 7% 
     convertible subordinated notes due 2002. SSA does not expect any 
     distribution to be made to holders of its equity securities. 
     
     The parties anticipate that the sale will close within 45-60 days. The 
     closing of the sale is subject to, among other things, completion of 
     definitive documentation, bankruptcy court approval and approval of 
     SSA's senior secured lenders. 
     
     About SSA 
     
     System Software Associates is a worldwide ERP software and services 
     provider with fiscal year 1999 revenue of $316 million. Its principal 
     product, eBPCS Version 6.1 is primarily sold to the industrial sector 
     including: automotive, chemicals, consumer goods, electronics, general 
     manufacturing, food and beverage, forest products and pharmaceuticals. 
     
     About Gores Technology 
     
     Gores Technology Group (GTG) is a leading international technology 
     acquisition and management company with an aggressive strategy of 
     acquiring promising high-technology organizations, products and 
     services, and managing them for increased growth and profitability. 
     GTG's established infrastructure currently manages a portfolio of 18 
     companies that are located in 40 countries throughout the world. Those 
     companies provide a broad range of technology-based products and 
     services to a substantial customer base of 12,500 corporations that 
     represent more than 1.5 million active users. 
     
     Safe Harbor Provision 
     
     The statements contained in this release regarding the timing and 
     process of the anticipated sale and bankruptcy proceeding and the 
     plans and future operations of SSA and Gores Technology are 
     ``forward-looking statements'' subject to the safe harbor created by 
     the Private Securities Litigation Reform Act of 1995. Where possible, 
     the words ``intend,'' ``expect,'' ``believe,'' ``anticipate'' and 
     similar expressions, as they relate to SSA, Gores Technology or their 
     management, have been used to identify such forward-looking 
     statements. These statements reflect current beliefs and specific 
     assumptions of SSA and Gores Technology with respect to future events 
     and are based on information currently available to them. Accordingly, 
     the statements are subject to significant risks, uncertainties and 
     contingencies, which could cause actual timing and process of the 
     anticipated sale and bankruptcy proceeding and actual future 
     expectations and the results thereof to differ from those expressed 
     in, or implied by, these statements. 
     
     
     ----------------------------------------------------------------------
     ----------
     Contact: 
     
          System Software Associates
          Joseph J. Skadra, 312/258-6000
          Facsimile: 312/474-7500
+---
| This is the BPCS Users Mailing List!
| To submit a new message, send your mail to BPCS-L@midrange.com.
| To subscribe to this list send email to BPCS-L-SUB@midrange.com.
| To unsubscribe from this list send email to BPCS-L-UNSUB@midrange.com.
| Questions should be directed to the list owner: dasmussen@aol.com
+---