printChannel.com Board Picks Potential Buyer, May Announce at Graph Expo
Press release from the issuing company
September 30, 2002 -- (WhatTheyThink.com) -- WhatTheyThink.com obtained the following update last evening regarding printChannel.com’s future. The notice is being sent to customers and partners as part of their ongoing effort to keep interested parties updated on printChannel.com’s status.
Dated September 30, 2002, from Oliver Pflug, CEO of printChannel.com
I know that many of you are aware that we held an extraordinary Board meeting on Friday to review various offers for all or part of the company. The printChannel Board reviewed 5 offers in total, one of which was submitted by a consortium of current printChannel licensees.
The Board, with full support from printChannel management, picked an offer from a major industry software vendor and gave the go-ahead to proceed with due diligence and detailed negotiations on the details of a transaction - due diligence is starting on Monday. Our understanding is that the successful bidder intends to continue operating printChannel Classic, and is planning to make print i/o their core platform for print e-commerce.
We are aiming to make a joint announcement at GraphExpo in Chicago the week of Oct. 6 - I will be on standby to attend possible press conferences and briefings at the show.
While we cannot guarantee consummation of this deal until due diligence is complete, my **personal** opinion is that there is a terrific fit between printChannel.com and the aforementioned suitor. I am personally optimistic that BOTH printChannel Classic and print i/o have a future, and we will without question continue to develop a dominant market position as part of the acquirer's solutions portfolio.
I expect that the acquiring party will be interested in taking on board key printChannel staff - we understand the urgency of this, and I'm pushing to get clarity on this in the next 5-7 days.
In the meantime, operations of printChannel Classic datacenter operations continue as before, business rules are being coded on a limited basis, our help desk is operational and so is print i/o - I should note that on an unadjusted basis, September to date transaction rates are running at 96% of August, and we continue to encounter overwhelming support from our staff.
Ph : 415-533-3652
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.