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httprint Exits North America, Transacts with Two Firms for Customer Base

Press release from the issuing company

September 19th, 2003 -- (WhatTheyThink.com) -- httprint has taken steps to shift the location of its corporate headquarters from San Francisco to the httprint offices in the United Kingdom and will reduce its footprint in North America. The company’s European headquarters will be expanded with additional developer expertise, as corresponding staff reductions are complete at the current headquarters location in San Francisco. httprint has entered into to an agreement with Global DocuGraphix (GDXinc.com – Lincolnshire, Illinois) to acquire the customers and licenses to the print procurement software technology and outsourcing contracts that are associated with the certain httprint installations in California. httprint will continue to own, and market its branded print e-procurement suite Incentrix in the U.S. and abroad. Marc B. Fors, President and CEO said in a statement sent to WhatTheyThink.com that Europe has generally always been a better market for httprint. "The adoption rate of e-procurement solutions by the enterprise buyer has always been stronger for us in Europe than here in the U.S. Some time ago, we shifted from visionary mode to operating mode in an effort to strengthen and grow the company and this is a logical and prudent move for us. It will reduce duplicate overhead expense and concentrate our resources where the market is the strongest for us." Rob North, European Managing Director also commented in the statement, "httprint Europe is well placed to capitalize on its solid platform of software sales and revenues from outsource solutions. The UK Team will continue to build on the proven technology, delivering added value to new and existing clients". In a related move completed earlier this month, httprint’s Custom Publishing operations, located in Los Angeles, along with its contracts and employees, were assumed by Meredith Publishing of Des Moines, Iowa. Fors stated, "Reduced volumes in the Custom Publishing segment of our business here in the US contributed to the decision. We have experienced the same soft market conditions as everyone else and have reacted accordingly. Our shareholders are committed to building a technology company and we decided it was best to focus our resources on that goal around our headquarters in Europe." Fors will remain active with the Board and as strategic advisor to North. Editor’s Note: We’ll have more information and comments from Marc Fors on Monday.