REDWOOD CITY, Calif. Nov. 1, 2001 (PRIMEZONE) -- iPrint Technologies, inc. (Nasdaq:IPRT), the leading online printing technology and infrastructure provider, today announced that it has completed its merger with privately held Wood Associates, a leading supplier of promotional and marketing programs to the Fortune 1000. With offices nationwide, Wood Associates services over 200 Fortune 1000 enterprise customers, including BP, Charles Schwab and Compaq.
"After many months of preparation and planning, we're raring to go," stated Monte Wood, who will assume the position of President and CEO of the combined organization. "As Royal discussed in our most recent quarterly conference call, we've already started making wide-sweeping changes throughout both organizations, all designed to cut costs and focus our energies on the strongest element of our business, our Fortune 1000 customers."
iPrint Technologies held its Q3 2001 earnings conference call on Monday, October 29, announcing that it beat the First Call consensus EPS estimate of a $0.13 loss per share by $0.02. In the call, the company highlighted cost-cutting activities, including elimination of redundancies between the two companies, salary reductions for the executive staff, and further building consolidation.
"Our company will look very different 90 days from now," added Royal P. Farros, who will retain his role as Chairman and continue driving technology and communications initiatives at iPrint. "We've given guidance that we'll see a five-fold increase in revenues Q4 over Q3, so as you can imagine, this is a very busy and exciting time for our company."
iPrint will issue securities to former shareholders of Wood Associates representing approximately 49% of the combined organization. The combined organization will continue to be called iPrint Technologies and retain the Nasdaq symbol "IPRT." The merger is accounted for as a purchase by iPrint. Wood Associates becomes a wholly owned subsidiary of iPrint and continues operating under the Wood Associates brand.
Robyn Cerutti, iPrint's current CFO, continues as CFO in the merged organization. "We're off to a good start in combining operations," said Cerutti. "As you would expect, driving toward profitability is our top goal."
About iPrint Technologies, inc.
iPrint Technologies, inc. (Nasdaq:IPRT), created by a merger between iPrint and Wood Associates, is a leader in providing promotional branding solutions and technology to the Fortune 1000 and small businesses. With a network of 19 offices nationwide, iPrint works with world-class organizations such as BP, Charles Schwab, Compaq, Microsoft, OfficeMax, Oracle and PeopleSoft, as well as servicing over one million small business customers. iPrint's technology and solutions improve the way businesses buy custom imprinting and corporate printing. The company has been distinguished with the Inc./Cisco Technology Award, an "Innovation in Print" award by CAP Ventures, and named the No. 15 top eBusiness by InformationWeek. For information on corporate services, please visit http://www.iPrintTech.com.
Note to Editors: iPrint is a registered trademark of iPrint Technologies, inc. Other marks are the property of their respective owners.
(Sources: PC Data Online, Top Monthly E-Tailers Reports and Top Monthly Sites Reports; CAP Ventures, Research; BizRate.com, Customer Certified Ratings; Keynote.com, 2000.)
Forward Looking Statements
This news release contains "forward-looking statements" (as that phrase is used in Section 21E of the Securities Exchange Act of 1934) related to iPrint's plans and expectations about its combination with Wood Associates and the anticipated benefits thereof. Actual results could differ materially from those stated or implied in the company's forward-looking statements because of risks and uncertainties associated with the combination, including without limitation the ability of the two companies to successfully integrate their managements and operations, the success of the combined company increasing its customer base and leveraging that base to generate revenue, and the status of iPrint's Nasdaq listing.
In addition, the projected financial information contained in this release is subject to additional risks and uncertainties, including but not limited to, the risk of lower than expected customer orders, competitive factors including pricing pressures, technological developments and products offered by competitors, technological difficulties or resource constraints encountered in developing new products, failure to provide a timely flow of competitive new products or lack of market acceptance of those products, disruption of partner or customer business relationships, and other risks associated with Web-based business such as defects, interruptions and failures related to computer and telecommunications infrastructure. In addition, iPrint's forward-looking statements should be considered in the context of other risk factors discussed in its Securities and Exchange Commission filings, including its most recent Forms 10-Q and 10-K, available for viewing on its Web site. (To access this information, click on "Investor Relations," "SEC Filings.")