Tekgraf Completes Sale of Channels Business Unit; Changes Name to Centiv
Press release from the issuing company
VERNON HILLS, Ill., Jan. 2 - Tekgraf announced today that it has completed the sale of its Channels Business, the Company's wholesale distribution division, to TK Acquisitions Corporation, following a vote by the Company's Shareholders approving the sale on December 31, 2001. The proceeds from the sale were used to reduce debt, resulting in an 85% reduction in the Company's debt during 2001.
"The completion of this sale is a major milestone in our long term plan to transform our Company into the leading provider of Internet-based, mass-customized point-of-sale solutions to brand marketers and mass merchants,'' said William Rychel, the Company's President and Chief Executive Officer. "We're pleased to be starting 2002 without the distraction of operations unrelated to our core business, and we're optimistic that the added focus resulting from this sale will allow us to accelerate the growth of Centiv's Instant Impact(TM) products and services,'' said Rychel.
In a related announcement, the Company has changed its name to Centiv, Inc. The Company's stock will begin trading under the NASDAQ symbol "CNTV'' effective immediately, and all shares of Tekgraf will automatically convert to Centiv, Inc. shares. In addition, the Company's headquarters has relocated to the Centiv, Inc. facility that is located at 998 Forest Edge Drive, Vernon Hills, IL. 60061.
Centiv, Inc., headquartered in Vernon Hills, IL, is a developer and marketer of customizable Point-of-Purchase (P.O.P.) marketing services used by manufacturers, distributors and retailers in a variety of industries. Centiv's P.O.P. services are currently used by leading U.S. Corporations including Action Performance, Anheuser Busch, DuPont, Brown-Forman, PepsiAmericas and TruServ. Additional information regarding Centiv, Inc., may be obtained by contacting Centiv headquarters, 998 Forest Edge Drive, Vernon Hills, 60061. Phone 847-876-8300 or fax 847-955-1269, or visit it's website: http://www.centiv.com for a product demonstration.
CalGraph Technology Services Inc., a wholly owned subsidiary of Centiv, Inc., is a leading provider of on-site services and preventative maintenance services specializing in wide-format printing and scanning devices. CalGraph's U.S. and Canadian service operations include service technicians throughout North America, customer support call center, and component repair and refurbishment facilities and parts logistics. For more information regarding CalGraph visit its website: http://www.calgraphinc.com .
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