iPrint to Reorganize, Officially Enters Print e-Procurement Business
Press release from the issuing company
(Menlo Park, CA - January 29, 2001) - iPrint, inc. (NASDAQ: IPRT), the leading online printing technology and infrastructure provider, today announced strategic management changes and cost cutting initiatives in support of the company's move toward the enterprise e-procurement market.
iPrint announced during its January 22nd Q4 2000 earnings conference call that it is entering the burgeoning e-procurement marketplace. "iPrint is leveraging its technology into e-procurement -- one of the hottest areas in software," stated Royal P. Farros, Chairman and CEO of iPrint. "Companies like Oracle and Ariba have done a great job laying the basic foundation for e-procurement. Buying print remains one of the largest purchasing expenditures in corporations and with our deep technology, robust infrastructure, and proven scalability, there's no company better positioned to take advantage of this purchasing revolution than iPrint."
With customers like 3M, OfficeMax, and Microsoft, as well as more than a dozen professional sporting teams such as the Seattle Seahawks, Dallas Mavericks, and San Jose Sharks, almost 70% of iPrint's revenues currently come from providing technology and print services to major corporations. iPrint's enterprise effort will focus on systems level technology integration, streamlining corporate print production, and helping IT departments improve the ROI associated with installing enterprise-wide e-procurement environments.
James McCormick, iPrint's COO and CFO, has been named to iPrint's Board of Directors. McCormick will leave the company to take a position in another SOFTBANK funded company. Robyn Cerutti, iPrint's Vice President of Finance and Accounting, will take over acting CFO responsibilities. Kieran Chung, CIO, takes over IT, operations, and logistics. Tom Haley, VP of Corporate Sales, will drive iPrint's entry into e-procurement. Letty Swank, VP of Strategic Relationships, takes over all technology and Web site related sales and marketing activities.
Cutting costs is an important goal as iPrint strives for profitability. The company is planning cost cutting initiatives which include reducing or eliminating non-profitable areas of business, geographical relocation of operational functions, building consolidation, and appropriate head count reductions. "Our most important goal is profitability. With our solid cash position, we are fully committed to doing whatever it takes to weather the current economic and market slowdown. We are in this for the long haul to create a great e-printing company," added Farros.
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