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IPI Closes on Sale of Insty-Prints, Gets Shareholder Approval to Liquidate

Press release from the issuing company

MINNEAPOLIS-Jan. 31, 2002--IPI, Inc. the parent company of Insty-Prints, Inc., franchisor of Insty-Prints fast-turnaround business printing centers, and Change of Mind Learning Systems, Inc., a franchisor of learning centers, announced today the closing on an Asset Purchase Agreement to sell the assets relating to its Insty-Prints franchise business to Allegra. Allegra is the franchisor of more than 350 printing and graphic communications centers operating under the names of "Allegra Print and Imaging'', "American Speedy Printing Centers'', "Quik Print'', "Instant Copy'', "Speedy Printing Centers'' and "Zippy Print''. The Company expects to receive $5.7 million in consideration for the sale of the operating assets of the Insty-Prints franchising business, to be received at the closing and over the course of one year following the closing. Also on January 31, 2002 the Company held a Special Meeting of its shareholders at which shareholders approved the Asset Purchase Agreement and a Plan of Liquidation.