ITEC - Imaging Technologies Signs Letter of Intent to Acquire Color Systems Inc., Leading Private Company Selling and Servicing Digital Color And Black and White Printers and Copiers
SAN DIEGO, Feb 20, 2001 /PRNewswire via COMTEX/ -- Imaging Technologies
Corporation (OTC Bulletin Board: ITEC), a pioneer in the development of digital
imaging solutions, today announced that it has signed a letter of intent to
acquire Color Systems Inc., San Diego, (http://www.colorsystems.com), a private
company that sells, services, supports and integrates a wide variety of products
including color and digital black and white printers, scanners, and local and
wide area networks.
"Color Systems has an excellent reputation for service and its network support
and on-site service teams will strengthen ITEC's existing support system," said
Brian Bonar, ITEC CEO. "This company also has a strong sales team and has been
selling and supporting ITEC products for a number of years."
"We are a Value Added Reseller (VAR), not a dealer, searching the marketplace
for the best products for our customers, then supporting these products for a
seamless solution for the customer," said Gary Lavin, Color Systems' President
who founded the company in 1995.
"ITEC will provide the vehicle to propel our growth to allow us to move into new
marketplaces," Mr. Lavin said. "We have been looking for the right candidate to
acquire Color Systems for some time and we are very pleased that ITEC, with a
strong e-commerce strategy, will help us build a better business-to-business
strategy for Internet commerce."
"We anticipate closing this acquisition in March 2001, conditioned on the
companies achieving certain goals and executing a definitive agreement," Mr.
Bonar said. No purchase price was disclosed.
About Imaging Technologies Corporation
Imaging Technologies Corporation (OTC Bulletin Board: ITEC) is a worldwide
pioneer in the development, manufacturing, licensing and distribution of
high-quality digital imaging solutions. Founded in 1982 and headquartered in San
Diego, California, the Company produces imaging products for diverse market
segments. Beginning with a core technology in the design and development of
Adobe(R) PostScript(R) controllers for non-impact printers and multifunction
peripherals, the Company has expanded its product offerings to include
monochrome and color printers, printer controllers, external print servers, and
software to improve the accuracy of color reproduction. Information on the
Company is available at the ITEC Web site at www.itec.net
Forward-Looking Statements
Statements in this press release may constitute forward-looking statements and
are subject to numerous risks and uncertainties, including the failure to
complete successfully the development of new or enhanced products, the Company's
future capital needs, the lack of market demand for any new or enhanced products
the Company may develop, any actions by the Company's partners that may be
adverse to the Company, the success of competitive products, other economic
factors affecting the Company and its markets, seasonal changes, and other risks
detailed from time to time in the Company's filings with the Securities and
Exchange Commission. The actual results may differ materially from those
contained in this press release. The Company disclaims any obligation to update
any statements in this press release.
SOURCE Imaging Technologies Corporation
CONTACT: Mr. Chris McKee, President & COO of ITEC, Inc., 619-613-1300,
cmckee@itec.net
URL: colorsystems.com
itec.net |
