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On-line Graphic Arts Store PrintNation - Shuts Down

Wednesday, April 11, 2001

Press release from the issuing company

4/12/01 - (WhatTheyThink.com) PrintNation has closed it’s doors. The web site was taken down today and the following message was posted at their web site: “PrintNation has closed its doors and is no longer accepting orders. It has been a privilege serving the printing community. Many thanks to the employees, manufacturers, suppliers, partners and customers who have supported our efforts for the past two years. Thanks again for shopping at PrintNation.” Robert Locke, the company’s CEO, took over in December and announced a series of cut backs. At the time, Locke said the company would conduct feedback sessions with clients and evaluate options. Last week, Locke told WhatTheyThink, (now PrintPlanet) that the company was about to make a decision. “We have completed our surveys with customers and evaluated opportunities - a decision will be made soon.” According to sources familiar with the company’s financial condition, the company had lowered its burn rate to around $340,000 a month and still had about $10 million in the bank. Company executives and investors were not available for comment at press time.




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