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IKON Completes Sale of Technology Education Business

Press release from the issuing company

VALLEY FORGE, Pa., Dec. 13 - IKON has completed the sale of their technology education unit to Computer Education Services Corp., an affiliate of Sun Capital Partners of Boca Raton, Florida. The divested technology education unit employed approximately 320 people in 15 facilities located throughout the United States and accounted for approximately $58 million in annual sales in Fiscal 2001. "This divestiture marks another positive step in our path to better align IKON's operational focus around our core sales and service offerings,'' said James J. Forese, Chairman and Chief Executive Officer. "During Fiscal 2001, we initiated plans to eliminate or downsize certain businesses. The technology education business, like the telephony business that we are exiting, was not compatible with our long-term objectives as IKON continues to streamline its infrastructure to enhance long-term profitability and to reposition our revenue mix toward key growth areas and more profitable businesses.''

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