6/1/01 UPDATED 6/2/01 with comments from the company. - (WhatTheyThink.com) - printCafe has filed with the Securities and Exchange Commission today to withdraw the company's IPO plans. The company originally filed a registration statement in March of 2000. The filing cited "market conditions and significant changes to its business since the initial filing" as the reason. In their original S-1 statement, the company planned to raise $143,750,000. The company specified that the money would be used to pay debt and general operational expenses. Reportedly, the company would have used the stock as a way to fund previous and future acquisitions. In March, Marc Olin Co-CEO of printCafe, told us that previous owners of acquired companies held stock in printCafe. "printCafe completed each of the acquisitions and owns each company outright. All of the previous company owners have stock in printCafe and are dedicated to the success of our company." Olin told WhatTheyThink.com that the changes in business related to the Impresse acquisition and other announcements that will come out soon. He also said the owners of Hagen and PSI, which the company acquired last year, were not with printCafe anymore. "We were given guidance by our underwriters that since our business has changed significantly, there was no advantage to us staying in registration. Given the current market conditions, if we were to refile our S1 or amend the existing one, there would be no affect on a potential IPO date. By removing the S1 we will be able to more actively promote the business." Mary Murrin Smith, printCafe's Industry Relations Director said an IPO is still on the radar screen, but felt this procedure was the best for the company. "We wanted to focus on other activities and with so many changes in our business since last March, we felt this was the best direction for the company. We have not abandoned the idea of an IPO, but right now, we have other priorities." Donaldson, Lufkin & Jenrette Securities was to lead the placement, co-managed by SG Cowen Securities Corporation, Thomas Weisel Partners LLC, McDonald Investments, and DLJdirect. The filing to withdraw the IPO stated that "all activity regarding the proposed initial public offering was discontinued several months ago." The company has raised $115 million since inception. Documents filed with the Securities and Exchange Commission last March, indicated the firm was growing sales at $50 million annually but losing $51 million a year. printCafe reported just over $22 million in cash reserves and long term debt was around $50 million. printCafe, Inc. was created last year through the combined initiatives of Prograph and CreoScitex, a division of Creo Products, a world leader in solutions for the graphic arts industry. printCafe solutions are installed in or hosted for over 7500 print buyers and printing facilities worldwide, including 19 of the 25 largest printers in the United States, and 48 Fortune 1000 companies.