iPrint: Restructures and Applies for Transfer to Nasdaq SmallCap Market
Press release from the issuing company
SANTA CLARA, Calif., May 14, 2002 -- iPrint Technologies, inc., a leading supplier of online and offline marketing and customized branding solutions, today announced plans for a major Company restructuring and the submission of an application to Nasdaq to transfer the listing of iPrint's common stock to The Nasdaq SmallCap Market.
In concert with efforts to raise additional capital, as announced on April 8, 2002, iPrint is planning to restructure its organization with the goal of outsourcing certain non-core business functions and substantially minimizing near-term cash burn. With these changes, and assuming successful implementation of the plan, the Company believes that it can achieve EBITDA profit earlier in the second half of the year than previously planned. Further details of the restructuring will be released within the next 30 days.
"Though we may see reduced revenues from this plan, we believe the offsetting reductions in operating costs will turn the Company cash flow positive in the third quarter of this year,'' said Monte Wood, President and CEO of iPrint Technologies, inc. "Assuming we can successfully conclude our negotiations and implement the outsourcing strategy, we believe the positive implications for our Company will be substantial.''
In addition, the Company announced that it has chosen to file an application to transfer its securities to The Nasdaq SmallCap Market. "We believe the recent changes enacted by NASDAQ provide the flexibility to make the SmallCap Market a very good solution for our Company as it stands today,'' said David Seltzer, Chief Financial Officer of iPrint Technologies.
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