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Printcafe Sets IPO Terms, Hints at Solutions for Industry Raw Material Suppliers

Thursday, March 28, 2002

Press release from the issuing company

March 28, 2002 -- (WhatTheyThink.com) -- Printcafe Software set the terms and pricing for their pending public offering yesterday. Printcafe will offer 7.5 million shares with an estimated price range of $7 to $9 per share. On February 13, Printcafe filed to sell up to $75 million in common stock but did not detail the pricing of the shares. Proceeds will be used to pay $34.5 million of their debt and general operational expenses. The offering will place about 33% of the 22.7 million shares outstanding into the public market. This would suggest a market capitalization of up to $200 million. Underwriters listed in the S-1 are UBS Warburg, Robertson Stephens, U.S. Bancorp Piper Jaffray and McDonald Investments Inc. Printcafe plans to be listed on the Nasdaq under the symbol PCAF. Last June, Printcafe Software withdrew IPO plans having originally been filed in March of 2000. In their original S-1 statement, the company planned to raise $143 million. Marc Olin, Printcafe’s CEO, said that removing the S-1 would allow them to more actively promote the business. The company also felt the procedure would be better delayed due to market conditions and changes to their business at the time. The filing also says that Printcafe is developing software for print industry raw material suppliers. This would extend their reach beyond printers and print buyers. According to the filing: “The unforeseen customer requirements placed on printers by customers also make it difficult for print industry raw material suppliers to respond to printers' needs. These characteristics of the printing industry lead to production inefficiencies throughout the printing industry supply chain. The competitive environment in the printing industry requires printers and print industry raw material suppliers to differentiate themselves by offering superior quality, price, and customer service. Printers and print industry raw material suppliers need solutions that increase revenues, reduce operating costs, improve productivity, and increase customer satisfaction and loyalty.” Currently, Printcafe's procurement applications are installed in over 8,000 facilities worldwide by more than 4,000 printer and print buying customers, including 24 of the 25 largest printing companies in North America and over 50 companies in the Fortune 1000.




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