ImageX.com Sets Record Straight on Healthy Cash Position
Leading Business-to-Business Internet Market Maker for Printed Materials Affirms Successful Follow-On Offering
Wednesday March 22, 4:41 pm Eastern Time
Company Press Release
BELLEVUE, Wash.--(BUSINESS WIRE)--March 22, 2000--An article in the March 20, 2000 issue of Barron's erroneously represented ImageX.com's (Nasdaq:IMGX - news) cash position.
ImageX.com management has contacted Barron's about this mistake. Barron's is expected to publish a revised story in its next issue.
The misinformation was contained in an assessment of various cash positions in more than 200 Internet companies. The data used by Barron's did not include funds raised by ImageX.com's follow-on offering in February 2000, or the March 2000 full execution of the underwriters' over-allotment, which raised $102.4 million. The Barron's listing used old data that indicated a cash position of only $18.3 million.
Substantial Cash Position Going Forward
According to ImageX.com's chief financial officer Robin Krueger, ``The fact is, as a successful result of our follow-on offering in February, followed by the full execution of the over-allotment in March, we currently have more than $100 million to cover operating expenses, and this is more than a comfortable position going forward. This is a fast-moving environment, and we will continue to be very strategic in our financing program.'
About ImageX.com
Founded in 1995 and based in Bellevue, Wash., ImageX.com (Nasdaq:IMGX - news) 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 printing 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, and PaperDeals.com, as well as PrintPlace.com, an online vertical e-marketplace for the graphic arts community. More information on the company, its services and its online marketplace can be obtained from 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 S1 Filing dated February 11, 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. |
