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Danka Buys Image One Corporation

Press release from the issuing company

ST. PETERSBURG, Fla.--Dec. 14, 2004-- Danka Business Systems PLC today announced that it has acquired Image One Corporation, a highly regarded printer services company with operations in Michigan and Ohio and annualized revenues of approximately $6 million. The acquisition supports Danka's strategy to create greater customer value by becoming the best independent provider of print and related services in targeted markets, and it follows several large contract wins in the company's TechSource(TM) services business. Danka will operate Image One as a stand-alone division of its U.S. TechSource operation. Privately-held Image One has enjoyed rapid growth since its founding in 1991, in large part due to its unique, personalized approach to client interactions that today includes highly trained and motivated technicians, as well as the latest web-based self-service tools for service call initiation, fleet monitoring, and account access. The company serves some 1,300 customers across a broad spectrum in the Detroit, Ann Arbor, and Columbus markets, from nationally recognized firms such as Border's/Waldenbooks bookstores and Quicken Loans to major health care systems, regional banks, and leading local companies. In addition to print services, Image One also provides its customers with high-quality HP printing systems and supplies. "The Image One model aligns well with what we've been building in our TechSource business," noted Paul Gange, Danka's executive vice president for TechSource. "By combining our capabilities and experience, we can offer customers of both firms an expanded level of print-related services and at the same time extend our TechSource offering to new markets. We look forward to collaborating with Image One's customers, associates, and partners, and we welcome them to the Danka family." For more than 10 years, Image One has helped companies simplify their printing environments by giving them the tools they need to calculate spending, increase productivity, and reduce ownership costs. Using a proven, proprietary problem-solving approach, the company delivers print solutions tailored to each customer's unique requirements. This client-centric methodology has generated rapid, profitable growth and the receipt of multiple small-business awards. "The foundation for our success has been fully understanding the customer's needs and then ensuring that we faithfully meet those needs," noted Joel Pearlman, co-founder of Image One Corporation. "We are excited to join forces with Danka to expand the business and to help advance its services strategy as part of the TechSource group. Our existing customers also will benefit from seamless access to Danka's broader range of document information solutions. On behalf of co-founder Rob Dube and all of our employees, we welcome this opportunity to create even greater success with our combined operations." The initial consideration for the acquisition was $2.1 million in cash with additional consideration of up to $1.5 million being payable over the next three years in the event that the Image One business meets certain agreed performance targets. Danka was assisted in this transaction by Westchester Associates, an international M&A advisory firm to technology businesses with offices in San Diego and London.

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