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For more information, please contact: FOR IMMEDIATE RELEASE
FOR MEDIA AND ANALYSTS:
Kimberly Pepper Libby Nolder
ImageX.com Cole & Weber
(425) 452-0011 ext. 235 (503) 548-3312
[email protected] [email protected]
FOR INVESTOR RELATIONS:
Barb Stuart
ImageX.com
(425) 452-0011 ext. 273
[email protected]
IMAGEX.COM CLOSES ON ACQUISITION OF HOWARD PRESS L.L.P.
BLUE-CHIP CUSTOMER RELATIONSHIPS, EXPERIENCED SALES FORCE AND FULFILLMENT
CAPABILITIES STRENGTHENS IMAGEX.COM'S MARKET LEADERSHIP
BELLEVUE, WASH. - JUNE 27, 2000 - ImageX.com-Registered Trademark- Inc.
(NASDAQ: IMGX), the leading business-to-business Internet market maker for
printed business materials, today closed on the acquisition of privately-held
Howard Press, L.L.P., a full-service printing company with $30 million in
1999 revenue, serving more than 200 customers, 42 of which are Fortune 1000
companies. This transaction solidifies ImageX.com's leadership in the
e-commerce printing industry by adding a substantial blue-chip customer base,
a comprehensive range of Web-based printing and fulfillment services, a
strong sales force and significant revenues.
"Howard Press contributes a remarkable base of Fortune 1000
customers, a well experienced sales force and additional fulfillment
capabilities to ImageX.com's ever-growing portfolio," said Rich Begert,
president and chief executive officer of ImageX.com. "This transaction is
another demonstration of our acquisition strategy at work; introducing major
corporate customers to our technology and expanded line of products and
services while solidifying and strengthening ImageX.com's position in the
business-to-business design and print e-commerce industry."
ImageX.com acquired the assets of Howard Press for $1.4 million in
restricted stock and $12.6 million in cash, plus debt of $5 million which is
being refinanced. Howard Press is now a wholly-owned subsidiary of
ImageX.com, operating from its Roselle, N.J. headquarters under the direction
of chief operating officer, Scott Porter. The company's customer base
includes
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Fortune 1000 companies such as AT&T, Chase Manhattan Bank, Johnson & Johnson,
Kraft Foods and Mercedes-Benz.
"Over the last few years, our customers have been demanding complete
online solutions," said Scott Porter, chief operating officer of Howard Press.
"We evaluated a variety of e-procurement providers and determined ImageX.com's
services were the most comprehensive. We are thrilled to be part of the
ImageX.com family and look forward to providing the enhanced functionality that
is vital to our customers."
Howard Press represents ImageX.com's fifth acquisition over the past
15 months, following the recent closing of Creativepro.com, a vertical portal
and supplier of e-services and Extensis-TM- branded software tools for
creative professionals; PrintBid.com and PaperDeals.com, an online bidding
and paper e-procurement system; Image Press, Inc., a California-base print
broker; and Fine Arts Graphics, an Oregon-based commercial printer. ABOUT
HOWARD PRESS L.L.P.
Headquartered in Roselle, N.J., Howard Press is a full-service printing
company providing Fortune 1000 companies with a broad range of printing,
publishing and warehousing services. The company serves more than 200 customers,
including AT&T, Bristol-Myers Squibb, Capital Cities/ABC, Chase Manhattan Bank,
Johnson & Johnson, Kraft Foods, Lucent Technologies, National Broadcasting
Company, Prudential, United Parcel Service and many more. Founded in 1970, the
business operates six facilities in New Jersey. More information is available at
www.howardpress.com.
ABOUT IMAGEX.COM
Founded in 1995 and based in Bellevue, Wash., ImageX.com is the leading
business-to-business Internet market maker for printed business materials.
ImageX.com caters to the unique needs of every type of printing customer --
individuals, small businesses, corporations, graphic arts professionals,
printing industry suppliers and manufacturers. From buying paper stock to
finding the right graphic professional to design materials, ImageX.com's
technology provides innovative services for each step in the process of printing
materials. The company has filed for 52 patents for its Web-based, just-in-time
print manufacturing technology, which facilitates the entire workflow process
from creative concept to delivery of the final product. ImageX.com's branded
service areas include the Corporate Online Printing Center, the Small Business
Printing Center, PrintBid.com, PaperDeals.com, PrintPlace.com and
Creativepro.com, an online vertical e-marketplace for the graphic arts
community. ImageX.com was ranked third among the world's
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best-managed, fastest-growing technology companies by Forbes ASAP in its April
2000 cover story. Forbes noted the company's sound management, finances, market
opportunity and competitive position. ImageX.com's customers include Automatic
Data Processing (ADP), CB Richard Ellis, CIBC World Markets, Donaldson, Lufkin &
Jenrette (DLJ), HomeGrocer.com, Liz Claiborne and Merck and Co. More information
on the company, its services and its online marketplace can be obtained from
http://www.imagex.com or by calling (800) 959-7845.
# # #
REGISTERED TRADEMARKS AND SERVICE MARKS ARE THE PROPERTY OF THEIR
RESPECTIVE OWNERS.
This release contains forward-looking statements relating to the development of
the Company's products and services and future operating results, including
statements regarding the Company that are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
projected. The words "believe," "expect," "intend," "anticipate," variations of
such words, and similar expressions identify forward-looking statements, but
their absence does not mean that the statement is not forward-looking. These
statements are not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict. Factors that
could affect the Company's actual results include the progress and costs of the
development of our products and services and the timing of market acceptance of
those products and services. A more detailed description of certain factors that
could affect actual results include, but are not limited to, those discussed in
ImageX.com's 10Q, Annual Report filed on May 15, 2000. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as
of the date of this release. ImageX.com undertakes no obligation to update
publicly any forward-looking statements to reflect new information, events or
circumstances after the date of this release or to reflect the occurrence of
unanticipated events.
