June 23, 2003 -- (PATERSON, NEW JERSEY)-- On June 1, 2003, Colter & Peterson (C&P), the nation's largest company exclusively dedicated to selling and servicing paper cutters and related finishing equipment, further expanded its range of services by purchasing all microcut related assets from Graphic Machinery and Systems (GMS) in San Rafael, California. These assets have been organized in a new C&P division, C&P Microsystems, LLC. Last year Colter & Peterson purchased the Harris-Seybold paper cutter parts business from Graphic Systems and Services (GSS) as well as the assets of Amatco USA in Johnston, Iowa. Colter & Peterson has further strengthened its position as a major supplier of paper cutters, paper handling systems and related finishing equipment by bringing together the development, design, manufacturing, sales and support of microcut retrofit computers. Colter & Peterson has been a major distributor of microcut systems for over 20 years, and worked with GMS to develop control systems for their Saber line of paper cutters. The close working relationship between the two companies led to this strategic purchase. In addition to the Saber line of paper cutters, microcut computers are used on all Prism and Maxima Plus paper cutters as well as many of the rebuilt paper cutters sold by C&P. “This purchase further strengthens our position in the market,” explained Bruce Peterson, President of Colter & Peterson. “It provides C&P with the technical support to further our development of additional paper cutter control systems, new retrofit units and allows us to complete the integration of CIP 4 technology into our existing lines.” Peterson added, “This purchase also gives us a West coast facility, thereby allowing us to provide quicker sales and technical support for our customers in that region.” Peterson also confirmed that the entire staff of GMS involved with microcut products will be employed by the new C&P Microsystems division, and will continue to operate out of the existing facility located at 30 Golden Gate Drive in San Rafael, California.