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Digital Art Exchange Seeks Buyer

Wednesday, May 16, 2001

Press release from the issuing company

5/15/01(WhatTheyThink.com) Digital Art Exchange has decided to seek a buyer for their assets including technology and customers. Martijn van Steeg, COO of Digital Art Exchange said the investors have decided not to pursue the venture any longer. The investors have given the company until the end of May to find a partner or buyer. Digital Art Exchange, Inc. (DAX) was founded in 1995 and claims to improve productivity and profitability for companies involved in graphic communications by delivering digital workflow solutions through open standard network technologies and applications. Their customers include prepress houses, printers, publishers, ad agencies and in-house production departments. van Steeg said DAX has a great staff and technology, but like others - just ran out of time. “We have no debt and solid monthly cash flow. Although we have not reached profitability, we are close.” van Steeg said the company was in the middle of refocusing their sales efforts and had let go of a couple senior staff members. “We had already started reducing expenses even further. It was a surprise to hear the news from our investors.” The move to cut the DAX investment comes on the heals of the problems noted recently with VIO and WAM!NET. Ryan McIntyre, DAX's Vice President of Business Development, said DAX is currently negotiating with potential partners in the industry. “We are open to any discussion and feel like we still have a very strong and much needed product for the graphic arts industry. Our burn rate is low and we have valuable assets.” DAX was one of the first companies to recognize the value of open standards, and what they mean to companies involved in graphic communications. The printing, publishing and graphic arts industries have started to take advantage of open standards in a big way. van Steeg said DAX is poised to continue to be on the forefront of providing the technology and services but time is short.

 

 

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