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Toshiba America Business Solutions Announces Division Name Change

Press release from the issuing company

IRVINE, Calif., (August 13, 2003) – Toshiba America Business Solutions (TABS) today announced that its TOPAC division, a nationwide network of acquired office equipment dealers, has changed its name to Toshiba Business Solutions (TBS). The name change comes as a result of the division’s tremendous growth, and increasing brand recognition of Toshiba office products being generated by these acquired dealers now conducting business as Toshiba Business Solutions. TOPAC, which stood for Toshiba Office Products Acquisition Company, was originally created to serve as a holding company to execute TABS’ business expansion plan to secure market share by acquiring large, independent dealers in the top U.S. markets. Since its inception in 1994, the division has grown at a compound annual growth rate (CAGR) of nearly 30 percent and its number of employees will reach approximately 3,000 by 2005. In addition, seven of the 12 core companies currently operate as TBS, a name that has garnered increasing local market brand recognition, enabling Toshiba to secure a stronger nationwide identity through its acquired dealerships. “The Toshiba Business Solutions division has been an extremely successful strategic venture for Toshiba and its growth rate has been unprecedented, especially given the nature of the current economic environment where low or negative revenue growth rates are being posted by our competitors, said Rick Taylor, senior vice president, Sales, Marketing and Business Operations, TABS. “It seemed fitting to initiate the name change now, not only from an operational perspective, but to mark a new era of achievement in our progressive path toward even greater market share and brand name strength.” The name change follows closely on the heels of recent announcements of TABS’ 17th TBS acquisition of Moody Business Associates (MBA) of Hayward, Calif. and TABS’ 18th TBS acquisition of Systems Plus Solutions of Miramar, Fla. TBS also recently acquired Hotz Business Solutions, Inc. (HBS) of Kansas City, Mo. and Office Communications Systems (OCS) of San Antonio, Texas.