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HP Enters Sub-$250 Laser Printer Market

Press release from the issuing company

Hewlett-Packard Company (NYSE:HWP) today announced its entry into the low-end laser printer market with the introduction of the HP LaserJet 1000 printer. Selling for an estimated U.S. street price of $249, the HP LaserJet 1000 printer is the lowest priced monochrome HP LaserJet printer ever introduced. The new printer is easy-to-install with USB connections and ideal for entrepreneurial businesses, telecommuters and home offices that require reliable, professional-quality laser output at a personal printer price. At a speed of 10 pages per minute and a cost per page of only 2.5 cents, customers can print professional, laser-quality documents affordably and professionally. According to Lyra Research, Inc. of Newtonville, Mass., sales of personal laser printers are on the rise. Analyst forecasts estimate that the revenue potential for the personal laser market is expected to top $3.4 billion worldwide in 2001. Moreover, during the next three to five years, analysts predict continued robust growth for this market segment(1). "Some observers of this market previously predicted that inkjet technology would make personal laser printers obsolete," said Larry Jamieson, industry consultant with Lyra Research. "However, with the growing number of small and medium businesses, not only have the sales of inkjet printers continued to rise, we are also witnessing continued demand for high-quality, monochrome printing as black output continues to be the staple for office printing." "In addition to offering quality printing at a highly affordable price, the HP LaserJet 1000 printer is equipped for out-of-the-box customer plug-and-play use," said Vyomesh Joshi, president, HP Imaging and Printing Systems. "With this printer, HP is positioned to compete aggressively in a growing market space, extending the HP LaserJet printer experience to new customer applications and uses." Key features of the HP LaserJet 1000 printer include: * 10 pages per minute top speed; * HP Instant-on fuser for low power consumption and quick 15 second first page out time; * 600 dpi with HP Resolution Enhancement technology (REt) boosting output effectively to 1200 dpi; * 2,500-page capacity HP Ultraprecise toner cartridge; * A low 2.5 cent cost per page; * Small footprint with a protected 250-sheet input tray; * USB cord included for plug-and-play connectivity; * 7,000-page monthly duty cycle; and * Microsoft Windows 98, 2000, Me, and XP supported. HP also is offering a one-year unit exchange warranty with the HP LaserJet 1000 printer. Warranty extensions and service options also are available. Additionally, customers have access to online Web support at no extra charge 24 hours a day and to the HP Customer Care center from 5 a.m. to 5 p.m. Pacific time, Monday through Friday. The HP LaserJet 1000 printer is expected to be available in the U.S. and Canada beginning Oct. 1 with an estimated U.S. street price of $249(2).