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Printable Restructures: Jim Sullivan Named CEO, Coleman Kane Named President, Lands More Funding

Press release from the issuing company

4/6/01 (WhatTheyThink) Printable has restructured the company this week and named Jim Sullivan as Chairman and CEO. Coleman Kane was named President. Stuart Clifton, the company's past CEO, has left the company. The restructuring included closing the Minneapolis sales office and releasing 25 employees. Most of the layoffs came from the sales area where 14 employees were let go. The other layoffs occurred in the company's engineering area. The customer service support team had no change. Jim Sullivan, who was already Chairman of Printable's board will take a more active role in the company. "I have supported this business model from the start - and now I will be able to develop relationships and lead the company more on a day to day basis." Sullivan said the restructuring is part of a strategy to grow at a smarter pace. "We have cut our burn rate in half and do not have that far to go in terms of turning a profit. Our customer support team is in place and we have over 200 paying, satisfied customers who will continue to receive superior service." Sullivan said the company's sales expenses from the Minneapolis office were just too high and they needed to consolidate and manage their spending. "We misspent funds for a while beefing up staff when we needed to test and develop the products and services we had. We receive about 30-50 calls a day from printers interested in our product. Now we can focus on developing our customer base and work on closing these deals." Printable has several announcements that will be made at a press conference scheduled for Tuesday at Seybold Boston. Sullivan says they have suspended their PrintFusion product which was to help printers offer variable and print on demand solutions. "We had problems with the product, but we are working to develop a replacement for PrintFusion." Sullivan said Printable had about 30 customers using the service. Printable will also officially announce the availability of Printflight - a super charged technology custom built to enable files to be dragged and dropped onto a browser for delivery. The application provides reports to the sender and the printer with error messages and other key data. The company is in the midst of negotiating with two companies to offer an underlying platform solution. Sullivan said an announcement would be forthcoming. He also said Printable will look to strategically partner with another provider to strengthen their offering. "We have closed another round of funding and have plenty of money to continue our path to profitability. We are in no hurry right now, our main focus is to build relationships with clients and continue to gain market share."

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