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Microcap & Penny Stocks : ITEC classic turnaround with Internet twist -- Ignore unavailable to you. Want to Upgrade?

To: Gaurav Khanna who wrote (425)	4/29/2000 2:58:00 PM
From: im a survivor	Respond to of 431

I havent owned itec for awhile, but received the proxy in the mail, nonetheless. My condolences to those still in. It's a shame to...in fact, this whole fiasco with itec has been a shame.....so much potential.....but I liken it to a buddy I play cards with......holding aces over kings he throws both kings away hoping to pull another ace. Needless to say, when the 3clubs and 7 diamonds popped up he was left sitting there scratching his head. The moral is, you can have the best cards in the world, but if you dont know how to play the game...well, you know the rest.

To: Gaurav Khanna who wrote (425)	6/7/2000 2:17:00 PM
From: Mahatmabenfoo	Read Replies (1) \| Respond to of 431

ITEC's rep is so low since it got delisted -- exactly at the moment its stock was making a run to 3 last March -- that now even good news doesn't affect share price. But there is good news today. - Charles ==================== SAN DIEGO, Jun 7, 2000 /PRNewswire via COMTEX/ -- Imaging Technologies Corporation (OTC Bulletin Board: ITEC), a pioneer in the development of digital imaging solutions, today announced it has signed a definitive agreement with Imperial Bank, Los Angeles, to resolve litigation between the two parties. The definitive agreement means the retirement of the operational receiver, who was appointed by the Superior Court in San Diego on August 20, 1999, at the request of Imperial Bank. "This agreement returns to ITEC's management all control of its assets and day to day operations," said Brian Bonar, ITEC CEO. The agreement includes a payment plan to retire ITEC's debt to Imperial Bank, which retains its first priority security interest in all of the assets of ITEC until the debt is fully paid. The settlement allows ITEC to discuss payment plans with creditors other than Imperial Bank. Bonar said the agreement is vital to ITEC's future for the following reasons: -- Certain major vendors and customers were unwilling to make commitments or enter into a business relationship with ITEC during the period in which the operational receiver had control. The Company is aggressively moving to reestablish its important long-term relationships with these key companies. -- ITEC was unable to make management decisions in implementing its strategic business plan during this period. It is now in full control to carry out its broad-reaching strategy for future success. Without the operational receiver, ITEC can prioritize resources to areas of greater future value to the Company, its customers and investors. -- The agreement means ITEC can move forward with its strategic business plans for dealseekers.com and color.com. -- The presence of the operational receiver dissuaded some from being involved in a private placement and made difficult other financial steps the Company needs to take. ITEC is now free to make the decisions needed to ensure its future. "I want to take this opportunity to praise our loyal employees, who were placed on volunteer status by the operational receiver and not paid for three months. We have in place a core staff dedicated to the Company, able to implement its strategy and vision for the future, and now we are able to supplement this staff as necessary with new employees in key positions," Bonar said. 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 (omitted)