IMJX -- ImageXpres Corporation Foregoes Plans to Acquire PRG Systems, Inc.;
Company to Focus on Growth of Core Digital Imaging Systems
ROCHESTER, NY, Jul 19, 2006 (MARKET WIRE via COMTEX) -- ImageXpres Corporation (PINKSHEETS: IMJX), a digital imaging and printing solutions provider, today announced it has terminated its plans to acquire PRG Systems, Inc, an IT solutions provider, and instead will focus the Company on the growth of its core digital imaging systems. The Company had previously announced that its Board of Directors had approved the acquisition of PRG pending the approval of ImageXpres' shareholders.
ImageXpres management cited several factors for the modified stance, including substantial dilution of IMJX shareholders resulting from the merger, inability of PRG to meet the terms and conditions of the merger agreement, and projected strength of the IMJX core digital imaging business. IMJX management believes this new position and strategic focus will result in greater shareholder value creation in the long-term, and significantly greater market penetration and sales revenue related to its cutting-edge digital multimedia kiosks now being marketed and sold in the U.S.
About ImageXpres Corporation
ImageXpres is a digital imaging and printing company, headquartered in Rochester, NY. ImageXpres develops imaging systems solutions for commercial printing, consumer photo, and healthcare (diagnostic imaging) market segments. The Company is establishing a network of digital imaging/print centers across the U.S., including self-service multimedia kiosks. The Company's website is www.imagexpres.com
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Investor Relations:
Vigilant Trader, Inc.
Jason Jadinian
718-575-2037
imjx@vigilanttrader.com
SOURCE: ImageXpres Corporation
CONTACT: mailto:imjx@vigilanttrader.com
. |
