Global Imaging Systems Acquires 20th Core Company
22 September 2006 - 11:24PM
PR Newswire (US)
Indianapolis-Based CopyCo Office Solutions Joins Global; Continues
Dealer Network Expansion TAMPA, Fla., Sept 22 /PRNewswire/ --
Global Imaging Systems, Inc. (NASDAQ:GISX) announced today that it
has acquired CopyCo Office Solutions, Inc., headquartered in
Indianapolis, Indiana. CopyCo, with annual revenues of
approximately $13 million, becomes Global's 20th core dealership.
The new addition sells and services Canon and Gestetner copiers and
facsimile machines throughout the greater Indianapolis area and
reaches to eastern Illinois and Terre Haute, Indiana. Global
Imaging President and COO Michael Shea said, "This is an exciting
new market for Global. CopyCo President and former owner Bill
Schmidt, 45, embodies the strong industry experience and
entrepreneurial energy that typifies the leadership in our core
companies. CopyCo, with its customer focus, has earned an
outstanding service reputation in this market. As a result, CopyCo
is one of the fastest growing and well respected office technology
providers in the Indianapolis market." Mr. Schmidt said, "Our
employees and management team are extremely excited about joining
Global. The Global companies represent the finest in this industry.
We look forward to learning from each of them and adding our energy
to the group. The marriage of CopyCo's spirit and Global's
resources will be a winning combination." Mr. Shea added, "This is
an opportune acquisition for us. It is a strategically located core
dealership that becomes part of our disciplined, ongoing effort to
fill out our dealer network in the top 250 markets in North
America. More specifically, CopyCo will help Global put greater
focus on the large Midwest marketplace. With our strong operations
in the greater Chicago metropolitan market, throughout Michigan,
and now in Indianapolis, we are building the kind of footprint that
we ultimately envision for the entire Midwest. We are holding to
our previously announced expectation of acquiring $60 to $100
million in annualized revenues during the fiscal year ending March
2007." About Global Imaging Systems Global Imaging Systems offers
thousands of middle-market customers a one- stop shop for office
technology solutions in 32 states and the District of Columbia. The
company provides a broad line of office technology solutions
including the sale and service of automated office equipment,
network integration services, and electronic presentation systems.
The company is also a disciplined, profitable consolidator in the
highly fragmented office technology solutions industry. This news
release contains forward-looking statements and statements based on
forward-looking information, including statements relating to
Global's expected future acquisitions, future revenue growth and
future diluted earnings per share. These statements include the
words "expect," "believe," "should," variations of such words, "we
are optimistic" and similar expressions which are intended to
identify such forward-looking statements. These statements are
based on numerous assumptions and are subject to uncertainties and
risks. Actual results could differ materially. Factors that might
cause Global's results to differ materially include risks relating
to changes in the overall economy; rising interest rates; Global's
debt and debt service obligations; the challenge of integrating
acquired businesses; the need for funding acquisitions; Global's
ability to close acquisitions in a timely and cost-effective
manner; the need for skilled employees; rapid technological change
in Global's industry; dependence on suppliers; and high levels of
competition. Most of these risks are discussed in more detail under
the caption "Risk Factors" in Global's annual report on Form 10-K
for the year ended March 31, 2006. DATASOURCE: Global Imaging
Systems, Inc. CONTACT: Michael Shea, President and COO, Global
Imaging Systems, Inc., +1-813-960-5508; or Investor Relations
Consultants, Inc., +1-727-781-5577, or
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