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To: SSP who wrote (80507)	2/20/2001 9:22:26 AM
From: SSP	Read Replies (1) \| Respond to of 150070

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