iPrint and Wood Associates Complete Merger
Friday, November 02, 2001
REDWOOD CITY, Calif. Nov. 1, 2001- iPrint Technologies, inc., the leading online printing technology and infrastructure provider, today announced that it has completed its merger with privately held Wood Associates, a leading supplier of promotional and marketing programs to the Fortune 1000. With offices nationwide, Wood Associates services over 200 Fortune 1000 enterprise customers, including BP, Charles Schwab and Compaq. "After many months of preparation and planning, we're raring to go,'' stated Monte Wood, who will assume the position of President and CEO of the combined organization. "As Royal discussed in our most recent quarterly conference call, we've already started making wide-sweeping changes throughout both organizations, all designed to cut costs and focus our energies on the strongest element of our business, our Fortune 1000 customers.'' iPrint Technologies held its Q3 2001 earnings conference call on Monday, October 29, announcing that it beat the First Call consensus EPS estimate of a $0.13 loss per share by $0.02. In the call, the company highlighted cost-cutting activities, including elimination of redundancies between the two companies, salary reductions for the executive staff, and further building consolidation. "Our company will look very different 90 days from now,'' added Royal P. Farros, who will retain his role as Chairman and continue driving technology and communications initiatives at iPrint. "We've given guidance that we'll see a five-fold increase in revenues Q4 over Q3, so as you can imagine, this is a very busy and exciting time for our company.'' iPrint will issue securities to former shareholders of Wood Associates representing approximately 49% of the combined organization. The combined organization will continue to be called iPrint Technologies and retain the Nasdaq symbol "IPRT.'' The merger is accounted for as a purchase by iPrint. Wood Associates becomes a wholly owned subsidiary of iPrint and continues operating under the Wood Associates brand. Robyn Cerutti, iPrint's current CFO, continues as CFO in the merged organization. "We're off to a good start in combining operations,'' said Cerutti. "As you would expect, driving toward profitability is our top goal.''