SANTA CLARA, Calif., Aug. 28, 2002 (PRIMEZONE) -- iPrint Technologies, inc. (Nasdaq:IPRT), a leading provider of online and offline marketing and customized branding solutions, today announced additional details regarding the previously announced agreement in principle with MadeToOrder.com, Inc. (MTO) with regard to the disposition of substantially all assets of iPrint and its subsidiary, Wood Associates (together called "the Company"). MTO is a privately held technology leader for business-to-business procurement of logo merchandise.
It is expected that the proposed transaction, if consummated, will be structured as part of an assignment for the benefit of creditors (ABC) under California law. An ABC is a non-judicial insolvency procedure in which all assets of the Company are transferred to a third party (Assignee) to be held in trust and liquidated for the benefit of the Company's creditors, with any amounts remaining after payment of costs and satisfaction of creditors, distributable to the Company's stockholders. iPrint anticipates the role of Assignee will be undertaken by Sherwood Partners, Inc., a Los Angeles-based restructuring firm. Once the transfer is made, the Assignee will make all final decisions with respect to the disposition of the assets. The transaction discussed between MTO and the Company to date includes an earn-out feature, creating the possibility that some funds may be available for distribution to the Assignee over time. Based upon information available at this time, the Company cannot forecast whether any amounts will be available to its stockholders.
Under the terms of the proposed transaction, MTO will purchase from the Assignee certain assets of the Company. It is anticipated that MTO will also assume certain liabilities of the Company. MTO presently expects to continue to operate the combined business under the MTO name. Assuming the transaction is consummated, iPrint will no longer trade on the Nasdaq Stock Market.
Based upon the discussions that have taken place to date, upon completion of the proposed transaction it is anticipated that Monte Wood, current President and CEO of iPrint Technologies, will become MTO's CEO. Certain other officers and employees of iPrint will also be hired by MTO.
Certain officers, directors, and stockholders of iPrint have irrevocably committed to vote their shares, representing approximately 58 percent of iPrint's outstanding shares, in favor of the transaction.
About iPrint Technologies, Inc.
iPrint Technologies, inc. (Nasdaq:IPRT), created by a merger between iPrint and Wood Associates, is a leader in providing online and offline marketing and customized branding solutions to the Fortune 1000. With a network of offices nationwide, iPrint works with over 200 world-class organizations such as BP, Charles Schwab, Compaq, DuPont, Microsoft, OfficeMax, Oracle, Sun Microsystems and Wyeth Pharmaceuticals, as well as servicing over one million small business customers. iPrint's technology and solutions improve the way businesses buy custom imprinting and corporate printing. iPrint can integrate into e-procurement platforms, streamlining the cost of ordering professional printing and promotional merchandise and improving the overall ROI of e-procurement efforts. iPrint's technology also powers the award-winning Web site, iPrint.com, which offers SOHO customers convenience and significant cost savings on professionally printed products. The Company has been distinguished with the Inc./Cisco Technology Award, an "Innovation in Print" award by CAP Ventures, and named the #15 top eBusiness by InformationWeek. For information about the Company, please visit http://www.iPrintTech.com.
(Sources: PC Data Online, Top Monthly E-Tailers Reports and Top Monthly Sites Reports; CAP Ventures, Research; BizRate.com, Customer Certified Ratings; Keynote.com, 2000.)
About MadeToOrder.com, Inc.
MadeToOrder.com, founded in 1999, is the technology leader in business-to-business e-procurement for the Fortune 1000 companies' logo merchandise needs. It offers customers an end-to-end web-based solution for all logo branded products. MadeToOrder.com uses quality merchandise such as: Sara Lee's Hanes, Champion and OuterBanks brands, Swiss Army, Leeds, Cutter and Buck, and A.T. Cross. The company has a diverse list of corporate clients, including MCIWorldcom, Cisco, The GAP, Playstation, E-Trade and national not for profit organizations such as the YMCA. MadeToOrder.com is headquartered in Palo Alto, Calif. More information about MadeToOrder.com and its services can be found at: www.madetoorder.com.
iPrint is a registered trademark of iPrint Technologies, inc. Other marks are property of their respective owners.
Forward-looking statements contained in this release involve a number of uncertainties, risks and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to materially differ. In particular, there is no assurance that iPrint or an assignee for the benefit of iPrint's creditors will successfully negotiate a definitive agreement with MTO with respect to the proposed transaction or that any such transaction will close on the terms agreed or otherwise. Investors and security holders are urged to read the proxy statement regarding the proposed transaction, when it becomes available. Investors and security holders may obtain a free copy of the proxy statement, when available, and other documents filed by iPrint with the Securities Exchange Commission at the Commission's web site at http://www.sec.gov.