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Pixelis Fails to Secure Funding, Seeking Options

Press release from the issuing company

4/5/01 - Pixelis, the software development company responsible for the development and launch of digiSEPS copydot software, proofROOM the RIP-once proofing solution and proofCREATOR has found it difficult to secure planned 2nd round financing despite significant efforts since March 2000. The company has confirmed that it came close to securing new funding from three sources during the past year, but all have fallen through at late stages, due to external factors. Over this time the volume of funds available for early-stage technology firms has shrunk, due to the dotcom fallout. Unfortunately, Pixelis has been a partial victim of this negative sentiment - despite the fact that it has been generating real revenues and has provided productive solutions for hundreds of customers around the world. Without further funding Pixelis will find continued active development of the product range difficult to achieve. Additionally, the company’s Software Developer, Rodney Lendrum, has expressed a wish to retire during the course of this year, increasing the requirement for investment in new development staff to replace his skills. Therefore, the company has decided to actively seek a long-term home for the intellectual property rights of its software applications with a suitable industry player. "The industry has been asking for a totally robust PDF file. We are close to achieving that goal and are hoping that we can find the means to bring it to market." commented Terry Byrne, Chairman. Reflecting on the situation, founder investor Philip Cullimore, stated: "Pixelis should be congratulated on bringing a quality portfolio of innovative products to the market place and winning such a high profile in such a short period of time. However, given the current situation Pixelis must take prompt action to protect its key asset - the code base and associated patent estate. I hope that one of the industry suppliers will see the significant value in what they have developed and be prepared to take-over on-going development. The Cheltenham office are waiting for calls." Cullimore, who left the company in July 2000 following completion of the launch process, remains a shareholder. Pixelis are urging parties interested in acquiring the code, rights to patent estate, licence agreements and customer base to contact: Terry Byrne (Chairman) on: +44 (0) 1242 239229 or email him at [email protected]

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