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GOprinter Details Reasons for Shutting Down Operations

Press release from the issuing company

3/6/01 - "As of March 1st, GOprinter will officially cease operations," said Greg Howell, President & CEO of the eCommerce application service provider. "We will continue dialogue with companies in the printing vertical who are expressing an interest in acquiring our technology platform." GOprinter, which provided sell-side eCommerce solutions to manufacturers and distributors of printing supplies (paper, film, ink), spent the month of February transitioning its client base to other Internet service providers. As of March 1, this process has been completed. "It was important to our team that the transition process for our clients was smooth and without interruption." Howell cited conditions in the financial markets and a slow adoption rate by manufacturers and distributors to implement eBusiness initiatives as the primary reasons for the companyís inability to secure additional capital. "In the final analysis we were unable to acquire customers and grow revenue at a rate that satisfied the requirements of the investment community." The company was encouraged during the development of their technology by the industryís enthusiasm for their vertical focus. Howell remains firm in his conviction that enablers of the existing supply chain not marketplaces and exchanges ñ will win the business of the major players in the printing vertical. "Unfortunately, it will take some time - perhaps years - before the kind of solution we were offering achieves the adoption rates necessary to support a profitable ASP business model." Howell feels fortunate to have had the opportunity to build a business during this historical time in our economy. "I am grateful to our investors and employees for their enthusiasm, hard work, and commitment to our objectives," said Howell. "The fact that our entire team remained on board until the end is a testimony to their character and a confirmation of their belief in our business strategy." Inquires should be directed to [email protected]