SANTA CLARA, Calif., Aug. 22, 2002 (PRIMEZONE) -- iPrint Technologies, inc. (Nasdaq:IPRT), a leading provider of online and offline marketing and customized branding solutions, announced today that it has come to an agreement in principle with MadeToOrder.com, Inc. (MTO), a privately held technology leader for business-to-business procurement of logo merchandise, with regard to the sale of substantially all of iPrint's assets. It is expected that the transaction, if consummated, will be structured as part of an assignment for the benefit of creditors under California law.
In connection with this proposed transaction, iPrint has received a loan commitment from MTO for up to $1 million of which $750,000 has been advanced to date. The companies have also announced that they have agreed in principle to put in place an operating agreement which will contain a provision that MTO will guarantee iPrint vendor purchases which are shipped on or after August 26, 2002.
The Company believes that the proposed transaction is the best available alternative that will allow the Company to return the maximum amount to the Company's creditors and will also allow the Company to continue to serve its customers without interruption. An assignment for the benefit of creditors, which is being used to facilitate this transaction, is a proceeding in which all assets of the Company are transferred to a trustee to be sold for the benefit of the Company's creditors, with any amounts remaining distributed to the Company's security holders.
In connection with these agreements, iPrint has agreed that until the earlier of 180 days from August 12, 2002 or until the completion or termination of any transaction with MTO, neither it nor any of its affiliates or agents shall solicit, initiate, encourage or in any way facilitate any inquiry, proposal, negotiation or agreement from any other party concerning a possible merger, consolidation or other business combination involving iPrint or an acquisition of a substantial portion of iPrint's capital securities or assets, nor shall they take other actions inconsistent with the consummation of the proposed transaction with 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, Washington Mutual 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.