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ROCHESTER, N.Y., Dec 16, 2005 (BUSINESS WIRE) -- ImageXpres Corporation (Other OTC:IMJX.PK), a manufacturer of digital imaging / print systems, today announced it has reached an agreement to acquire the assets of PRG Systems, Inc., a New Jersey IT and software solutions provider, for stock and cash consideration.
Simultaneously, ImageXpres' Board of Directors has approved a strategic business relationship between ImageXpres, PRG Systems, and New Wave Telecom, LLC, a digital phone services provider, to deliver proprietary Voice over Internet Protocol (VoIP) PBX services, and has signed a Letter of Intent to merge with the telecom enterprise in First Quarter 2006. PRG Systems and New Wave Telecom are currently delivering VoIP services to businesses in the northeast U.S.; www.newwavetelecom.com
John Zankowski, ImageXpres CEO, states "the acquisition of PRG Systems, with whom ImageXpres has had a strong working relationship for several years, gives the Company an in-house core competency in developing, commercializing and supporting digital imaging and information services that compliment and enhance the ImageXpres iPrint Kiosk product line, and its e-commerce business solutions. Moreover, PRG's IT business is well-established, profitable, and growing rapidly, with sales revenues exceeding $2.5 million in 2004. The strong senior management of PRG Systems will bolster ImageXpres' executive management team, and will lead to synergies in commercializing market applications-based services that integrate digital imaging, data, and voice functionality to businesses and consumers."
ImageXpres /PRG and New Wave Telecom are commercializing a suite of digital VoIP products and services, and plan several joint announcements over the next several weeks and months. ImageXpres anticipates immediate positive differentiation for its iPrint Kiosks and medical imaging solutions, incorporating VoIP voice and video features.
The final closing of the PRG Systems acquisition, contingent upon shareholder approval, is expected by December 31, 2005. ImageXpres is currently in the process of completing a financial audit, anticipated to be completed in first quarter 2006, and the Company plans to file with the SEC to become fully reporting and eligible to trade on the Bulletin Board.
About ImageXpres Corporation
ImageXpres is a digital imaging and printing company, headquartered in Rochester, NY. ImageXpres develops imaging systems solutions for commercial market segments, including the commercial printing, consumer photo, and healthcare (diagnostic imaging) market segments. The Company is in the process of establishing a network of digital imaging / print centers across the U.S., including digital photo/ print kiosks, www.imagexpres.com .
About PRG Systems, Inc.
PRG Systems is a digital software solutions developer and information technology services provider, headquartered in New Castle, Delaware, and a regional development office in Piscataway, New Jersey. The Company develops, commercializes, and provides technical support for customized ASP solutions, and has customers in small, medium and large businesses, financial institutions and government agencies. In addition to its U. S. operations, PRG Systems has an established software development center in Noida, India. www.prgsi.com
tHIS MOVE HAS BEEN 9 MONTH IN THE MAKING
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