Library of Congress, New York Public Library, Library of Medicine,
Arkansas History Commission and University of Texas Among Current Imaging
Archive Projects
DALLAS, Oct. 26 /PRNewswire/ -- Piranha, Inc. (OTC Bulletin Board: BYTE),
an innovator in data compression solutions, today announced a letter of intent
to acquire JJT Incorporated, a closely held Austin, Texas company specializing
in digital imaging and database system sales.
"Today's announcement is very significant as it marks the beginning of the
next phase of Piranha's growth and development," said Edward W. Sample, Chief
Executive Officer. "All of our previous acquisitions have been geared toward
the establishment of a strong foundation for our Company. We now have what we
believe to be the finest compression technology and the very best science team
through our previous acquisitions of IBP, Inc., Rouge River Software and
Comsight, Inc. of London, Ontario. Our acquisition of Zideo.com, Inc. and the
creation of Impact Solutions, Inc. plus the acquisition of U.K. based On Line
Marketing have completed our strategy to build an equally outstanding sales
and marketing organization. With our products in a full state of readiness,
we have begun the process of building sales and profits through the strategic
acquisition of tactical organizations that bring existing sales and
synergistic growth potential to Piranha. Moreover, it gives Piranha an
enlarged forum for displaying its compression technology in a real life
setting that allows potential customers to get a first hand perspective of
Piranha's revolutionary sciences."
"When JJT's imaging business first caught our attention, we were impressed
with its client list that read like the 'who's who' of historical imaging
archiving. We also found that JJT had a very significant and highly skilled
database development science team with such notable clients as Texas
Instruments and Motorola," Sample stated.
"We are very impressed with the quality, integrity and seasoned experience
of the Piranha organization and believe that their compression science is the
best in the industry. Additionally, Piranha's sales and marketing
organizations will significantly broaden JJT's market penetration," said John
T. Stokes, President. "Under Piranha's direction we have just added an
experienced sales and marketing team to take our imaging business beyond the
institutional arena to new untapped areas such as the retail catalog
industry."
"After meeting with JJT's president, John T. Stokes and having the
opportunity to meet imaging legend, John R. Stokes," said Sample, "I was
convinced that Piranha science could provide multiple benefits to JJT. JJT's
first meeting with Piranha's Chief Scientist and Research and Development
staff was very exciting -- the creative juices were really flowing. Piranha's
compression science when added to JJT's imaging business and compounded with
JJT's database development products provides the opportunity to put all three
Piranha products to immediate utilization to accelerate JJT's sales growth."
"We have worked very diligently and methodically to build a solid company
and have carefully devised a roadmap for success. Thanks to the support of
all of Piranha's stakeholders we have been able to execute our plan as
intended. While the erratic stock market and sliding share prices have caused
a great deal of concern to Piranha shareholders, and while we certainly can't
predict market fluctuations and don't pretend to understand the recent market
volatility, we are excited and extremely confident about our strategic
acquisition program. Today's announcement provides further confirmation that
our focus remains on building sales and profits in very short order."
The JJT Incorporated acquisition is subject to final approval of the Board
of Directors of JJT Incorporated and Piranha, Inc.
About Piranha, Inc.
Piranha, Inc., based in Dallas, Texas, provides digital data compression
technology through its three commercially available products; Piranha
Stream(TM) a real-time streaming video product, Piranha Net(TM) an image based
Web page product and Piranha Byte(TM) a publishing and printing product
focusing on digital media workflow. Piranha products are available on Linux,
Windows and Macintosh systems. More information is available at
http://www.piranha.com .
About JJT Incorporated
In 1997, the Library of Congress contracted with JJT Incorporated, a SAS
Institute Quality Partner(TM), to digitize some 300,000 images from
photographic negatives, prints, slides and transparencies. To successfully
meet the challenge, John R. Stokes and his imaging team developed a
one-of-a-kind digital imaging production system. Since that time, JJT has
offered Digital Imaging Services, Data Warehouse Applications, Decision
Support Applications, Data Access and Data Management Systems and now, through
their partnership with Piranha, Inc., Data Compression capabilities for
Archival Storage, Workflow Communication and Imaging File Diversification.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995
Included in this press release are certain "forward looking" statements
within the meaning of the Securities Act of 1933, as amended. Although the
Company believes that the expectations reflected in such forward looking
statements are reasonable, actual results may differ materially from those
anticipated in the forward looking statements as a result of certain factors
including sales levels, retention, competition trends, and other market
factors.
For more information, contact: Edward W. Sample, C.E.O. of Piranha, Inc.,
214-800-2835, or edsample@piranhabyte.com; or Michael DiLorenzo or David
McKee, both of Schwartz Communications, 781-684-0770.
SOURCE Piranha, Inc.
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Related links:
http://www.piranha.com
CONTACT:
Edward W. Sample, C.E.O. of Piranha,
214-800-2835, or edsample@piranhabyte.com; or Michael DiLorenzo
or David McKee, both of Schwartz Communications, 781-684-0770
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