DALLAS, Dec. 18 /PRNewswire/ -- Edward W. Sample, Chairman and C.E.O. of
Piranha, Inc. (OTC Bulletin Board: BYTE), announced today that Piranha intends
to immediately commence a tender offer to acquire all of the shares of
Printware, Inc. (Nasdaq: PRTW) in a proposed tax-free transaction.
Piranha's tender offer will be issued at a purchase price of $3.75 per
share and has been approved by Piranha's Board of Directors.
Piranha is a cutting-edge technology company that specializes in
implementing digital workflow software solutions, featuring innovative data
compression science. Piranha's proprietary science and technology have become
recognized by leaders in the printing and publishing, medical, financial, and
entertainment industries.
"Today's announcement marks a very significant milestone in Piranha's
short history because it provides a tremendous opportunity to incorporate
Piranha's unique science and technology with Printware's leadership at the
production end of the printing process," stated Sample. "Printware has made a
concentrated effort to focus on Internet applications that maximize its unique
computer-to-plate technology. Piranha specializes in Internet workflow, image
management and distribution. Both Piranha and Printware operate outside of
the conventional off-set printing business by empowering conventional printing
customers to utilize the speed, functionality, and universal appeal of the
Internet. Combined with already developed Piranha digital workflow
applications, image databases, and data compression sciences, Printware's
leading edge computer-to-plate technology will allow users who require
ink-on-paper and electronic publishing to now reach both worlds from a single
application. This synergistic relationship maximizes the technologies of each
separate company."
Piranha's recent acquisition of JJT, Inc. provides a "front end" digital
capture operation with high profile clients including The Library of Congress,
The New York Public Library, The University of Texas at Austin and others.
Piranha's core product, Piranha Byte, provides digital asset management,
including data compression for transmission and storage efficiencies, image
database and workflow management tools. Piranha Byte has been sold to such
notables as DDB Worldwide, McCann-Erickson, and Quebecor World. Piranha Net is
a developing compression science that addresses the need for smaller but
better images for use on web pages, speeding download time. Piranha Stream is
a real-time encoded streaming media product. Piranha customers are ideal
candidates for Printware's leading edge computer-to-plate Internet printing
applications. Printware customers are ideal candidates for Piranha's data
workflow expertise.
"While there are numerous advantages to Printware shareholders I will
highlight four additional reasons that clearly add to the dynamics," Sample
continued.
PIRANHA LEADERSHIP:
* President, C.O.O., Larry Greybill. Thirty years of industry experience
with The Chicago Tribune, Associated Press, Seven Worldwide and others.
* Chief Technology Officer, Raj Malhotra. Mr. Malhotra built the online
infrastructure for AP AdSEND, the Associated Press system that provides
delivery, tracking and archiving services for digital ads.
* Director of Business Development, Roy Zucca. Mr. Zucca, formerly senior
vice president and manager of Print Technology for Young & Rubicam,
is one of the leading technical executives in the ad agency world.
PIRANHA RESEARCH & DEVELOPMENT:
* Director of R&D, Dr. Xialion Wu. Dr. Wu has received numerous awards
including Distinguished Research Professor at the University of Western
Ontario, and was a member of the Emmy Award winning JPEG Engineering
Group in 1996. Dr. Wu has published over 94 papers in the field of
graphics/visualization and image/multimedia processing and has
co-authored a number of patents.
* Chief Scientist, Carey Lotzer. With a degree in Geophysics and
significant experience in Analytical Mathematics, Mr. Lotzer's
proprietary compression algorithms are the foundational building blocks
of Piranha, Inc.
PIRANHA ADVISORY BOARD:
* Time, Inc.
* Newsweek
* R.R.Donnelley and Sons Company
* QuadGraphics, Inc.
PIRANHA SALES AND MARKETING:
* Director of International Business, Alan Fairnington. Mr. Fairnington,
formerly president of J. Walter Thompson's Asia-Pacific region, directs
the Company's international sales and marketing efforts.
* Regional Manager, North America, Hoshin Seki. Mr. Seki is a
well-recognized leader in quality assurance and technology development
in the advertising and print production worlds.
"The structure of the proposed acquisition would result In Piranha's
conversion to a National Nasdaq company," explained Sample. "This will
significantly broaden our representation in the marketplace and will allow
analyst coverage of our company."
More information about Piranha, Inc. is available at http://www.piranha.com .
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. This announcement does not constitute an offer of any securities for
sale or a solicitation of an offer to buy any securities.
CONTACT: Edward W. Sample, C.E.O., 972-739-0373, or
edsample@piranhabyte.com, Richard S. Berger, CFO, 800-569-2434, or
dberger@piranhabyte.com, both of Piranha, Inc.; Michael DiLorenzo or David
McKee, of Schwartz Communications, 718-684-0770, or
piranha@schwartz-pr.com, for Piranha, Inc.
SOURCE Piranha, Inc.
 back to top
Related links:
http://www.piranha.com
CONTACT:
Edward W. Sample, C.E.O., 972-739-0373, or
edsample@piranhabyte.com, Richard S. Berger, CFO, 800-569-2434,
or dberger@piranhabyte.com, both of Piranha, Inc.; Michael
DiLorenzo or David McKee, of Schwartz Communications,
718-684-0770, or piranha@schwartz-pr.com, for Piranha, Inc.
|
