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Friday October 2, 9:24 am Eastern Time
Company Press Release
SOURCE: Miami Computer Supply Corporation
Miami Computer Supply Corporation Announces it Has Closed a
Definitive
Agreement with Optical Express Computer Supplies, Inc. and Signed a
Definitive
Agreement with Jack Kelly and Associates, Inc.
DAYTON, Ohio, Oct. 2 /PRNewswire/ -- Miami Computer Supply
Corporation (Nasdaq: MCSC - news), a leading distributor of
computer supplies and projection presentation products, today
announced that it has closed the definitive merger agreement with
Optical
Express Computer Supplies, Inc., a $5 million (annual revenues)
distributor of computer and data storage supplies, headquartered in
Minneapolis, Minnesota.
The Company also announced that it has signed a definitive merger
agreement with Jack Kelly and Associates, Inc. a $3 million (annual
revenues) distributor of computer supplies, headquartered in Chicago,
Illinois.
Michael E. Peppel, President and Chief Executive Officer of Miami
Computer Supply Corporation said, ''These two entities will
broaden our presence in the Minnesota and Chicago markets. Once
again, Miami Computer Supply only engages in transactions that are
accretive to earnings per share on a forward looking basis.
''Even though MCSC remains acquisitive we continue to operate
effectively. Our ability to operate by focusing on internal growth
continues to differentiate MCSC in the marketplace,'' added Peppel.
Mike Adams, President of Optical Express said, ''We look forward to
enhancing our ability to offer our customers a greater product line
at an even more competitive price. I believe that the addition of
Miami Computer as a partner will enhance the overall performance of
Optical Express.''
Jack Kelly, President of Jack Kelly and Associates, Inc. said, ''I
began this company in the basement of my home, juggling my three
year old on my knee, answering telephones and filling orders.
Twenty-two years later, I am proud of the company that has emerged
from
a basement operation to one that has attracted a corporation like
MCSC.''
Miami Computer Supply Corporation went public in November of 1996.
Since the IPO, Miami Computer Supply has increased the
number of sales personnel from 53 to 308 and its annual sales from
$107.4 million as of December 31, 1997 to a pro forma annualized
12 month run rate of over $300 million (not including these
transactions).
Miami Computer Supply Corporation is a distributor of computer and
office automation supplies and accessories and audio-visual
presentation products throughout the United States and in certain
foreign countries. Miami Computer Supply Corporation distributes
over 1,800 core products primarily to middle market and smaller
companies and to governmental, educational, and institutional
customers, including federal, state and local governmental agencies,
universities and hospitals and, to a lesser extent, to computer
supply
dealers. The Company sells primarily nationally known, name-brand
products manufactured by approximately 500 original equipment
manufacturers, including Hewlett-Packard, Lexmark, Imation and Canon
for computer supplies, and Sharp, Epson, Sony and Proxima
for audio-visual presentation products and Intel Team Station video
conferencing products. Additional information regarding the
Company can be obtained at mcsinet.com.
The matters discussed in this press release which are not historical
facts contain forward-looking information with respect to plans,
projections or future performance of the Company, the occurrence of
which involve risks and uncertainties which include, but are not
limited to, general economic conditions, industry trends, actions of
competitors, the Company's ability to manage its growth, factors
relating to its acquisition/merger strategy, actions of regulatory
authorities, restrictions imposed by its debt arrangements,
dependence
upon key personnel, dependence upon key suppliers, customer demand,
dependence on its computer systems and other factors. A
complete description of those factors, as well as other factors which
could affect the Company's business, is set forth in the Company's
Form 10-K for the year ended December 31, 1997, and its Form 10-Q for
the six months ended June 30, 1998.
SOURCE: Miami Computer Supply Corporation
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