FOR RELEASE DECEMBER 18, 2000 - 8:00 A.M. EASTERN STANDARD TIME
PLEASE CONTACT
Edward W. Sample, C.E.O. Michael DiLorenzo/David McKee
Piranha, Inc. Schwartz Communications
(972) 739-0373 (781) 684-0770
[email protected] [email protected]
PIRANHA, INC. ANNOUNCES INTENT TO ACQUIRE
NATIONAL NASDAQ COMPANY, PRINTWARE, INC.
DALLAS, TX--DECEMBER 18, 2000--Edward W. Sample, Chairman and C.E.O. of Piranha,
Inc. (OTC BB: BYTE), announced today that Piranha intends to immediately
commence a tender offer to acquire all of the shares of Printware, Inc. (NASDAQ:
PRTW) in a proposed tax-free transaction.
Piranha's tender offer will be issued at a purchase price of $3.75 per share and
has been approved by Piranha's Board of Directors.
Piranha is a cutting-edge technology company that specializes in implementing
digital workflow software solutions, featuring innovative data compression
science. Piranha's proprietary science and technology have become recognized by
leaders in the printing and publishing, medical, financial, and entertainment
industries.
"Today's announcement marks a very significant milestone in Piranha's short
history because it provides a tremendous opportunity to incorporate Piranha's
unique science and technology with Printware's leadership at the production end
of the printing process," stated Sample. "Printware has made a concentrated
effort to focus on Internet applications that maximize its unique
computer-to-plate technology. Piranha specializes in Internet workflow, image
management and distribution. Both Piranha and Printware operate outside of the
conventional off-set printing business by empowering conventional printing
customers to utilize the speed, functionality, and universal appeal of the
Internet. Combined with already developed Piranha digital workflow applications,
image databases, and data compression sciences, Printware's leading edge
computer-to-plate technology will allow users who require ink-on-paper and
electronic publishing to now reach both worlds from a single application. This
synergistic relationship maximizes the technologies of each separate company."
Piranha's recent acquisition of JJT, Inc. provides a "front end" digital capture
operation with high profile clients including The Library of Congress, The New
York Public Library, The University of Texas at Austin and others. Piranha's
core product, Piranha Byte, provides digital asset management, including data
compression for transmission and storage efficiencies, image database and
workflow management tools. Piranha Byte has been sold to such notables as DDB
Worldwide, McCann-Erickson, and Quebecor World. Piranha Net is a developing
compression science that addresses the need for smaller but better images for
use on web pages, speeding download time. Piranha Stream is a real-time encoded
streaming media product. Piranha customers are ideal candidates for Printware's
leading edge computer-to-plate Internet printing applications. Printware
customers are ideal candidates for Piranha's data workflow expertise.
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"While there are numerous advantages to Printware shareholders I will highlight
four additional reasons that clearly add to the dynamics," Sample continued.
PIRANHA LEADERSHIP:
o President, C.O.O., Larry Greybill. Thirty years of industry experience
with The Chicago Tribune, Associated Press, Seven Worldwide and
others.
o Chief Technology Officer, Raj Malhotra. Mr. Malhotra built the online
infrastructure for AP AdSEND, the Associated Press system that
provides delivery, tracking and archiving services for digital ads.
o Director of Business Development, Roy Zucca. Mr. Zucca, formerly
senior vice president and manager of Print Technology for Young &
Rubicam, is one of the leading technical executives in the ad agency
world.
PIRANHA RESEARCH & DEVELOPMENT:
o Director of R&D, Dr. Xialion Wu. Dr. Wu has received numerous awards
including Distinguished Research Professor at the University of
Western Ontario, and was a member of the Emmy Award winning JPEG
Engineering Group in 1996. Dr. Wu has published over 94 papers in the
field of graphics/visualization and image/multimedia processing and
has co-authored a number of patents.
o Chief Scientist, Carey Lotzer. With a degree in Geophysics and
significant experience in Analytical Mathematics, Mr. Lotzer's
proprietary compression algorithms are the foundational building
blocks of Piranha, Inc.
PIRANHA ADVISORY BOARD:
o Time, Inc.
o Newsweek
o R.R.Donnelley and Sons Company
o QuadGraphics, Inc.
PIRANHA SALES AND MARKETING:
o Director of International Business, Alan Fairnington. Mr. Fairnington,
formerly president of J. Walter Thompson's Asia-Pacific region,
directs the Company's international sales and marketing efforts.
o Regional Manager, North America, Hoshin Seki. Mr. Seki is a
well-recognized leader in quality assurance and technology development
in the advertising and print production worlds.
"The structure of the proposed acquisition would result in Piranha's conversion
to a National Nasdaq company", explained Sample. "This will significantly
broaden our representation in the marketplace and will allow analyst coverage of
our company."
MORE INFORMATION ABOUT PIRANHA, INC. IS AVAILABLE AT WWW.PIRANHA.COM.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Included in this press release are certain "forward looking" statements within
the meaning of the Securities Act of 1933, as amended. Although the Company
believes that the expectations reflected in such forward looking statements are
reasonable, actual results may differ materially from those anticipated in the
forward looking statements as a result of certain factors including sales
levels, retention, competition trends, and other market factors. This
announcement does not constitute an offer of any securities for sale or a
solicitation of an offer to buy any securities.
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