Contact Information: Contacts: Peerless Systems Corporation: John Rigali Chief Financial Officer (310) 297-3146 Investor Contact: Geoff High Pfeiffer High Investor Relations, Inc. (303) 393-7044
Peerless Systems Closes Sale of Intellectual Property and Other Assets to Kyocera-Mita Corporation for $37 Million in Cash
| Source: Peerless Systems Corporation
EL SEGUNDO, CA--(Marketwire - May 1, 2008) - Peerless Systems Corporation (NASDAQ : PRLS )
today announced it has closed its sale of substantially all of its
intellectual property and other assets to Kyocera-Mita Corporation for $37
million in cash, pursuant to an asset purchase agreement. The transaction
was recently approved by Peerless stockholders.
Rick Roll, Peerless president and CEO, said, "The completion of this
transaction marks the achievement of a key milestone for Peerless, and also
represents another important step on our path toward entering the
fast-growing digital content management sector. Other early achievements
include our recently announced plan to acquire substantially all of the
assets of Prism Software Corporation, an emerging provider of document
solution software services, and the formation of a wholly owned subsidiary,
Cue Imaging Corporation, to pursue opportunities in the all-in-one (AIO)
imaging device market."
Roll added, "Our strategy for strengthening the business and enhancing
stockholder value is clearly gaining momentum, and this transaction has
dramatically improved our financial flexibility as we prepare to pursue
additional opportunities. We are optimistic about the course we have
charted for the company and the progress this transaction represents for
our overall strategy."
About Peerless Systems Corporation
Founded in 1982, Peerless Systems Corporation is a provider of imaging and
networking technologies and components to the digital document markets,
which include manufacturers of color, monochrome and multifunction office
products and digital appliances. In order to process digital text and
graphics, digital document products rely on a core set of imaging software
and supporting electronics, collectively known as an imaging controller.
Peerless' broad line of scalable software and silicon offerings enables its
customers to shorten their time-to-market and reduce costs by offering
unique solutions for multiple products. Peerless' customer base includes
companies such as Canon, IBM, Konica Minolta, Kyocera Mita, Lenovo,
OkiData, Ricoh, RISO, Seiko Epson and Xerox. Peerless also maintains
strategic partnerships with Adobe and Novell. For more information, visit
Peerless' web site at www.peerless.com.
Safe Harbor Statement Under The U.S. Private Securities Litigation Reform
Act Of 1995
Statements made by us in this press release that are not historical facts
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to differ materially from any future results, performance or achievements,
expressed or implied by such forward-looking statements. Such risks and
uncertainties include, among other things, changing competitive and market
conditions, our reliance on certain OEM customers for significant portions
of our revenues, the sufficiency of our capital resources, any adverse
change in our relationship with Adobe Systems Incorporated and/or Novell,
Inc, increased competition both from in-house OEM products and low cost
offshore competitors, the impact of Microsoft's Vista™ operating system,
reduced demand for our existing monochrome technologies or other products,
the rapid changes taking place in the emerging color print devices markets,
our ability to realize contract backlog, our ability to identify new
customers or place our technology in a broader base of products, our
ability to leverage core competencies and find product segments that blend
well with our core business, our ability to successfully enter new software
application sectors, our ability to maintain our profit objectives and
create compelling margins, the tenure of the competitive advantage of our
old and new technologies, our reliance on block licensing, our ability to
develop and market our advanced devices and software, the validity and
protection of our intellectual property rights, risks associated with
international business activities, our reliance on key personnel and our
board of directors and our ability to execute our business plan and
strategic partnering transactions.
The above risks, and others, are described in further detail in our reports
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limited to, those described under "Item 1A. Risk Factors" in our most
recent Annual Report on Form 10-K for the fiscal year ended January 31,
2007, filed on April 13, 2007, and those described under "Item 1A. Risk
Factors" in the most recent Quarterly Report on Form 10-Q for the quarter
ended October 31, 2007, filed December 12, 2007.
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