iPrint Announces Completion of Assignment for Benefit of Creditors
Press release from the issuing company
SANTA CLARA, Calif., Oct. 22, 2002 -- iPrint Technologies, inc. (Pink Sheets:IPRT), a provider of online and offline marketing and customized branding solutions, announced that it expects to complete its previously announced assignment for the benefit of its creditors today. The assignment of iPrint's assets will be made in trust to Sherwood Partners, Inc. ("Sherwood"), a third party assignee. It is also expected that substantially all of the assets of iPrint will be purchased from Sherwood as a going concern by MadeToOrder.com, Inc. (MTO), a privately held technology leader for business-to-business procurement of logo merchandise.
The Company continues to believe that the transaction is the best available alternative that will allow the Company to return the maximum amount to the Company's creditors and will also allow the Company to continue to serve its customers without interruption. An assignment for the benefit of creditors is a proceeding in which all assets of the Company are transferred to a trustee to be sold for the benefit of the Company's creditors, with any amounts remaining distributed to the Company's security holders. Based upon current information, the Company cannot forecast if any amounts will be available for payment to iPrint's stockholders after all required payments to creditors are made.
MadeToOrder.com, founded in 1999, is the technology leader in business-to-business e-procurement for the Fortune 1000 companies' logo merchandise needs. It offers customers an end-to-end web-based solution for all logo branded products. MadeToOrder.com uses quality merchandise such as: Sara Lee's Hanes, Champion and OuterBanks brands, Swiss Army, Leeds, Cutter and Buck, and A.T. Cross. The company has a diverse list of corporate clients, including MCIWorldcom, Cisco, The GAP, Playstation, E-Trade and national not for profit organizations such as the YMCA. MadeToOrder.com is headquartered in Palo Alto, Calif. More information about MadeToOrder.com and its services can be found at: www.madetoorder.com.
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