COPPELL, Texas--Sept. 20, 2002--Impreso, Inc. (Nasdaq SmallCap:ZCOM), which through its subsidiaries is involved in (1) the manufacture and distribution of paper and film hard copy imaging products for commercial and home office applications and (2) the development of eCommerce initiatives, today announced it executed an agreement with Matrix Capital Market Groups, Inc., a wholly owned subsidiary of the MONY Group, Inc. (NYSE:MNY) on Sept. 19, 2002, to locate a strategic investor to purchase a minority interest in the Company.
The Board of Directors of Impreso, Inc. and its subsidiaries has approved the engagement of Matrix as a broker and, under the appropriate circumstances, taking the Company private.
The execution of this agreement is intended to represent the first step for the Board of Directors to take the Company private. "The lack of analyst coverage, low trading volume, the shares being valued below book, an inability to use common stock for acquisition purposes in lieu of debt, and the approximately $200,000 to $300,000 in annual expenses necessary to maintain the public entity persuaded the Board to make this decision," commented Marshall Sorokwasz, President and Chief Executive Officer. "Our shareholders are not receiving value to justify the continued use of resources."
There are approximately 5,278,780 shares of common stock of Impreso, Inc. outstanding, of which approximately 27.5% currently is in the public float.
Over the past six months, Impreso, Inc.'s stock has traded between $1.72 and $3.54 per share. The stock closed on September 18, 2002 at $1.92 per share.
The Company's corporate and financial information is detailed in the Company's filings with the Securities and Exchange Commission, press releases and other communications.
About Impreso, Inc.
Impreso, Inc. is a holding company for TST/Impreso, Inc. and HotSheet.com, Inc. TST/Impreso, Inc. is a manufacturer and distributor of hard copy imaging products for commercial and home use in domestic and international markets. HotSheet.com, Inc. primarily owns HotSheet.com, a single-page, online Internet directory with categorized links to premier Web destinations. The Company's Web site domains are www.hotsheet.com, www.impreso.com and www.tstimpreso.com.
Impreso, Inc. is headquartered in Coppell, Texas, and its common stock trades on the Nasdaq SmallCap Market under the symbol "ZCOM."
This press release may include statements that constitute
"forward-looking" statements, usually containing the words "believe,"
"estimate," "project," "expect," "should" or similar expressions.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements inherently involve risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such differences
include, but are not limited to, continued acceptance of the Company's
products in the marketplace, competitive factors, new products and
technological changes, paper prices and raw material costs, dependence
upon third-party vendors, and other risks detailed in the Company's
periodic report filings with the Securities and Exchange Commission.
By making these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes after
the date of this release.
Impreso, Inc.
Marshall Sorokwasz, 972/462-0100 ext. 1103
or
Tammy Yahiel, 972/462-0100 ext. 1117
yahiel@tstimpreso.com
or
Matrix Capital Markets Group
Nick Beare, 704/335-0500, ext. 104
nbeare@bellsouth.net