ImageMax Announces Five Acquisitions.CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--June 12, 1998--ImageMax, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : IMAG) announced today that it has completed five additional acquisitions with annual revenues exceeding $8 million. Together with the five previously announced post-IPO transactions, these purchases bring the total annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue base acquired in 1998 to approximately $21 million. The pro forma average EBITA EBITA Earnings Before Interest Taxes Amortization margin of the acquired companies is slightly higher than the average margin of the founding companies. Because revenue is recognized by ImageMax only after the close of these transactions, the acquisitions will account for approximately $4 million of reported revenues cumulatively through the second quarter of 1998. All of these rates are in line with the Company's expectations for acquisition program performance through June. Three of the five acquired companies - COMSTOR of Texas, Inc. (COMSTOR), Micrographics The production, handling and use of microfilm and microfiche. Images are created by cameras or by COM units that accept computer output directly. The documents are magnified for human viewing by readers, some of which can automatically locate a page using indexing techniques. Plus, Inc. (MPI MPI - Message Passing Interface ) and Southwest Image Technology, Inc. (SWIT SWIT SomeWhere In Time (movie) SWIT Software Integration and Test SWIT Shipboard Weapons Integration Team ) - are located in Houston, Texas. The Company has begun consolidation of these operations into a single Houston business unit housed in one facility. This business unit provides a full range of document management services, with an emphasis on digital and micrographic mi·cro·graph n. 1. A drawing or photographic reproduction of an object as viewed through a microscope. 2. An instrument used to make tiny writing or engraving. output of documents and data converted and indexed on ImageMax premises. The business unit also installs and supports imaging systems employing FileNet, OTG and ImageMax software solutions. Advanced Image Management, Inc. (AIM) of Syracuse, New York
Syracuse (IPA: and RIS RIS rabies inhibiting substance. Document Solutions, Inc. (RIS) of Dallas, Texas together have revenues of approximately $5.2 million. Each will continue to be operated as a stand-alone business units. AIM, a Minolta equipment dealer, provides a variety of micrographics and digital services to clients throughout the state of New York. RIS, also a full-service digital and micrographics solution provider, covers the Dallas/Fort Worth market. Bruce Gillis, ImageMax's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented on the acquisitions saying "These five transactions continue execution of our strategy to have a presence in all major and secondary markets. ImageMax has been cultivating relationships with the entrepreneurs of these businesses for several months and we know that they are an excellent fit with our culture and strategy. "I expect the three go-forward business units to continue to enjoy strong growth due to the substantial digital imaging opportunities in their market territories, particularly in light of the additional resources and skills ImageMax can make available to them. "All aspects considered, these acquisitions are additional evidence of the forces driving rapid consolidation of the industry and the attractiveness of ImageMax as a value-added acquirer of strong, entrepreneur-led imaging solutions business." Statements in this press release which are not historical fact are forward-looking statements that involve risks and uncertainties including, but not limited to, developments by competitors, entry of new competitors, changes in the document management outsourcing industry and other risks detailed in the Company's prospectus dated Dec. 3, 1997, Annual Report or Form 10-K for the calendar year 1997 and other filings with securities and Exchange Commission. CONTACT: Financial Communications Associates David R. Evanson, 610/649-3604 or ImageMax, Inc. Bruce Gillis, 610/660-7754 |
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