PrinterOn Corporation

PrinterOn Corporation

July 03, 2008 10:55 ET

PrinterOn Transaction to Allow Company to Focus on Mobile Printing Business

KITCHENER, ONTARIO--(Marketwire - July 3, 2008) - PrinterOn Chairman Glen Wright has announced the sale of one operating division of the company to Open Text in Waterloo, Ontario.

PrinterOn will transfer the Spicer division, consisting of the document management business, to Open Text, while the mobile printing business will remain under the current ownership and management and continue on under the PrinterOn brand.

"We believe this transaction makes sense because mobile printing and document management were largely unrelated and this transaction will permit us to focus exclusively on our growing and successful mobile printing business," said Angus Cunningham, CEO and President.

With the passing of PrinterOn CEO and founder Steven Spicer last year the company received expressions of interest in acquiring all or part of the company from across North America and Europe.

"We took a measured approach and determined that any change should provide security and stability for our workforce and customers, treat shareholders fairly and make sense for the high-tech industry." Wright said.

The employees related to the document management business will be transferred to Open Text.

"We are delighted to be able to make the sale to another established and respected local high-tech company," Wright said.

PrinterOn is a privately held company that provides mobile printing solutions enabling users to print documents-easily and securely-to printers over the Internet anywhere in the world.

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