FOR IMMEDIATE RELEASE SYMBOL: GISX
Wednesday, November 16, 2005 TRADED: Nasdaq
GLOBAL IMAGING SYSTEMS ACQUIRES XEROGRAPHIC SOLUTIONS, INC.
Plymouth, MI-Based Xerographic Becomes Satellite to The Michigan Group
TAMPA, Fla., Nov. 16 — Global Imaging Systems, Inc. (Nasdaq: GISX) announced today that it has acquired Xerographic Solutions, Inc., headquartered in Plymouth, MI, a suburb of Detroit. The new addition sells and services Konica/Minolta, Panasonic and Xerox copiers and facsimile machines. Xerographic Solutions, with annual revenues of approximately $6 million, will be a stand-alone satellite of Global’s Michigan Group.
Global Imaging Chairman and CEO Tom Johnson said, “Xerographic Solutions has earned a reputation as one of Detroit’s top providers of office technology, network solutions and document management programs with its solutions-oriented customer focus. President James Fedewa, 37, his partners Klayton Dillon and Bill Mickey and their management team have built a superb organization, with a solid and steadily expanding base of more than 2,000 customers.”
Mr. Fedewa said, “We are extremely pleased to be joining the Global team. Global’s emphasis on customer service is well-known in the industry, along with their operating model and steady growth. We look forward to sharing service enhancement techniques with each other and to being able to offer even better office technology products and solutions to our customers.”
Michael Shea, Global president and chief operating officer, added, “The addition of Xerographic Solutions as a stand-alone satellite to The Michigan Group helps round out our coverage of the state of Michigan. Xerographic will be a platform for additional growth in that part of the state.”
Richard Peterson, president of The Michigan Group, a Global core company based in Grand Rapids, said, “The people at Xerographic are top-quality professionals who share our determination and drive. We are confident this will be an exciting and productive expansion of our joint capabilities.”
Global Imaging Systems offers thousands of middle-market customers a one-stop shop for office technology solutions in 30 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 anticipated future acquisitions. These statements are based on numerous assumptions and are subject to uncertainties and risks, which could cause Global’s results to differ materially. 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, 2005.
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/CONTACT: Tom Johnson, Chairman and CEO, or Michael Shea, President and COO, Global Imaging Systems, Inc., 813/960-5508 or Investor Relations Consultants, Inc., 727/781-5577 or E-mail: gisx@mindspring.com/
