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IMAGING TECHNOLOGIES Acquires Japanese Imaging Company

Press release from the issuing company

New York, New York, Jul 30, 2002 - Imaging Technologies Corporation reported that it has acquired Dream Canvas Technology, a Japanese corporation that has developed machines currently used for the automated printing of custom stickers, popular in the Japanese consumer market. Known as Senjya, printed stickers began as a part of religious practices; however, the use of custom stickers has become a popular social practice today. Dream Canvas has currently placed over 260 of its printing kiosks throughout Japan. Through its Senjya Fuda business unit, consumers can design and print their own custom stickers. Through its Print Club business unit, the same kiosks will allow consumers to use their own digital images, such as those from digital cameras, to include pictures on their custom stickers. The Dream Canvas technology will also enable end-users to customize and print photos on specialty photographic paper. ITEC will work with Dream Canvas to implement this application in the existing Dream Canvas locations and to expand the technology into new markets. Dream Canvas Technology is a new company recently spun-off from Dream Canvas, Inc., with revenues in 2001 of approximately $1.5 million. ITEC paid $40,000 for the acquisition of Dream Canvas Technology, which will be operated as a wholly owned subsidiary of ITEC. "Dream Canvas Technology represents an exciting opportunity to build our imaging products business," said Brian Bonar, CEO of ITEC. "We hope to help the Dream Canvas management team to build their business worldwide."