HARCOURT BRACE PROFESSIONAL PUBLISHING LAUNCHES EMPLOYEE STOCK OWNERSHIP
PLANS AND ESOPLAN SOFTWARE IN RESPONSE TO GROWING INTEREST IN ESOPs 

March 28, 1996 -- SAN DIEGO, CA -- Harcourt Brace Professional Publishing
announced today that Employee Stock Ownership Plans: A Practical Guide to
ESOPs and Other Broad Ownership Programs book and companion software
ESOPlan are now available. 

Despite the growth of employee ownership in the United States, especially
through employee stock ownership plans (ESOPs), few books have been
written that discuss the technicalities of employee ownership plans, and
none at all are specifically targeted at CPAs and other professional
advisors. Employee Stock ownership Plans fills that gap. 

Employee Stock Ownership Plans provides an authoritative and detailed
reference for professional advisors who want the most current and accurate
information. The book is structured to allow the reader quick access to
specific issues and topics. The first chapter introduces the ESOP concept
and briefly discusses other broad ownership plans. With this grounding,
the reader can then turn to any chapter without having to refer to other
parts of the book first. 

Employee Stock Ownership Plans explores why thousands of companies are
finding that employee ownership plans such as ESOPs are ideal for them. It
explains the best ways to take advantage of the ability of a seller in a
closely held company to defer taxation on gains from a sale to an ESOP by
reinvesting in other companies. It also describes how to finance an ESOP
that borrows money to buy out owners or to acquire capital with pretax
dollars. 

Also available is a powerful and easy-to-use software program by MoneySoft
called ESOPlan. This program can be used in conjunction with the book or
by itself. ESOPlan provides you with the capability to evaluate and
structure both leveraged and non-leveraged ESOPs. 

ESOPlan guides you through the entire analysis process and helps you to
determine the benefits and cost of implementing an ESOP. ESOPlan is
designed to prepare a management study that considers such factors as the
projected financial position of the company, an internal estimate of
value, and an examination of the various tax benefits, compared to the
costs, for establishing an ESOP under a variety of structures. The program
helps the user answer questions such as: What are the tax benefits and
savings that an ESOP offers the company? How much will it cost to
establish and maintain an ESOP? How does an ESOP compare to a traditional
transaction? How will the ESOP impact the future financial performance of
the company? How does the ESOP benefit employees? What is the impact on
the value of shares held by remaining shareholders? 

There are two main components to ESOPlan: the Analysis Section and the
Report Writer. In the Analysis Section, the user enters historic financial
data, analyzes the data and walks through a series of ESOP structure and
financing issues in order to evaluate the impact of various "what if..."
scenarios on the company, shareholders, employees and lenders. ESOPlan
automatically "crunches the numbers" to prepare the feasibility evaluation
and lay the foundation for a board room-quality management report or
funding document. 

The Report Writer takes the results of the feasibility evaluation and
complies it into a "smart" narrative report that can be edited with any
popular word processor. The Report Writer lets the user put the finishing
touches on the ESOP feasibility evaluation and combine it with an
explanation of the user's assumptions and other appropriate business
information to create a formal presentation for management, shareholders,
and prospective funding sources.

For ordering information, call 1-800-831-7799. Employee Stock Ownership
Plans (book) + ESOPlan (software) - $379 (reg $474), ISBN 0-15-606415-4.
ESOPlan (software only) is $395, ISBN 0-15-602143-9. Employee Stock
Ownership Plans (book only) is $79, ISBN 0-15-602173-0. 

Harcourt Brace Professional Publishing
525 B Street, Suite 1900
San Diego, CA 92101-4495
619-699-6716,  fax 619-699-6542
 
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