SOURCE: ImageXpres Corporation

July 19, 2006 10:54 ET

ImageXpres Corporation Foregoes Plans to Acquire PRG Systems, Inc.; Company to Focus on Growth of Core Digital Imaging Systems

ROCHESTER, NY -- (MARKET WIRE) -- July 19, 2006 -- ImageXpres Corporation (PINKSHEETS: IMJX), a digital imaging and printing solutions provider, today announced it has terminated its plans to acquire PRG Systems, Inc, an IT solutions provider, and instead will focus the Company on the growth of its core digital imaging systems. The Company had previously announced that its Board of Directors had approved the acquisition of PRG pending the approval of ImageXpres' shareholders.

ImageXpres management cited several factors for the modified stance, including substantial dilution of IMJX shareholders resulting from the merger, inability of PRG to meet the terms and conditions of the merger agreement, and projected strength of the IMJX core digital imaging business. IMJX management believes this new position and strategic focus will result in greater shareholder value creation in the long-term, and significantly greater market penetration and sales revenue related to its cutting-edge digital multimedia kiosks now being marketed and sold in the U.S.

About ImageXpres Corporation

ImageXpres is a digital imaging and printing company, headquartered in Rochester, NY. ImageXpres develops imaging systems solutions for commercial printing, consumer photo, and healthcare (diagnostic imaging) market segments. The Company is establishing a network of digital imaging/print centers across the U.S., including self-service multimedia kiosks. The Company's website is www.imagexpres.com

Statements in this press release about the company's future expectations, including the rate of growth of the Company's revenues derived from sales of its safety and security products, and all other statements in this release other than historical facts, are "forward-looking statements" within the meaning of Section 27 A of the Securities Act of 1933, Section 21 E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as changes in consumer demand, satisfaction or desire for our products for a variety of reasons. Such "forward-looking statements" are subject to risks and uncertainties set forth from time to time in the company's reports and financial statements.

Contact Information

  • FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

    Investor Relations:

    Vigilant Trader, Inc.
    Jason Jadinian
    718-575-2037
    imjx@vigilanttrader.com