ATLANTA, Jan. 15, 2002 (PRIMEZONE) -- Color Imaging, Inc. (OTCBB:CIMG) reports that it has raised financing of $5,815,420, including $3,815,420 from a private placement which closed on December 26, 2001. Previously disclosed, on October 31, 2001, was an agreement to sell 1,000,000 shares of common stock at $2.00 per share to a nonaffiliated investment firm. The earlier agreement provided that a registration statement covering such shares must be filed with the Securities and Exchange Commission within 60 days.
Subsequently, on December 28, 2001, a Form SB-2 was filed with the Securities and Exchange Commission to register all of the shares sold in the two transactions. The total number of shares currently outstanding is 11,125,000.
Color Imaging develops and manufactures consumable products used in laser printers, analog and digital copiers and supplies complete printing systems for commercial printers. Consumable products include black text, color and specialty toners, including MICR (magnetic ink characters that are printed on checks and other financial documents). A complete printing system that installs directly on existing offset presses is provided for the commercial printer. The system expands conventional offset printing capabilities to include the printing of unlimited computer-driven variable data, including images, bar codes, MICR, and alphanumeric sequences.
These functions address the needs of the commercial printers for the digital processing and printing of variable data at extremely high speeds and eliminates all conventional prepress processes, such as the preparation of printing plates and mixing of inks.
Color Imaging, Inc. is headquartered at 4350 Peachtree Industrial Blvd., Norcross, GA. 30071. The telephone number is 800/783-1090 and the FAX is 770/242-3494. CIMG's web sites are www.colorimage-micr.com and www.logical-imaging.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act 1995: Information and announcements in this release involve Color Imaging's expectations, beliefs, hopes, plans, intentions or strategies regarding the future and forward-looking statements included in this release are based upon information available to Color Imaging as of the date of the release, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, but are not limited to dependence on suppliers; short product life cycles and reductions in unit selling prices; delays in development or shipment of new products; lack of market acceptance of our new products or services; inability to continue to develop competitive new products and services on a timely basis; introduction of new products or services by major competitors; our ability to attract and retain qualified employees; difficulties in assimilating companies previously acquired; inability to expand our operations to support increased growth; and declining economic conditions, including a recession. These and other factors and risks associated with our business are discussed from time to time in Color Imaging's filings with the SEC including the Form 10-KSB filed September 30, 2001 or Form SB-2 filed on December 28, 2001.