New Jersey Company Becomes Part of Stewart Business Systems
TAMPA, Fla., Nov. 29 /PRNewswire/ -- Global Imaging Systems, Inc. (NASDAQ:GISX) announced today that it has acquired Copy Dynamics, Inc., headquartered in Jamesburg, NJ, with additional sales offices in Lakewood and Pennsauken, NJ. The new acquisition provides complete office technology solutions through sales and service of copiers, fax and multifunction products under the Canon brand. Copy Dynamics, Inc., with annual revenues of approximately $13 million, will operate as a part of Stewart Business Systems, a Global Imaging core company serving the New Jersey and eastern Pennsylvania markets.
Global Imaging President and Chief Operating Officer Michael Shea said, "The people at Copy Dynamics are top quality professionals, and Robert O'Rourke and his founding partners have built a growing and profitable business. This strategic acquisition of a key independent dealer not only strengthens our already strong market position in New Jersey and the Delaware Valley, but also continues our disciplined, ongoing effort to fill out our dealer network in the top 250 markets in North America." Chuck Cahn, President of Stewart Business Systems, said, "Copy Dynamics has earned a reputation as one of New Jersey's top providers of office technology. The acquisition expands our customer base and gives us more comprehensive coverage of central and southern New Jersey and the Delaware Valley. We complement each other not only with geographically contiguous markets, but also with similar operating strategy and customer focus." Robert O'Rourke, President of Copy Dynamics, said, "We feel comfortable handing our company over to Stewart and the Global team. Global's emphasis on customer service and its benchmark operating model are well known in the industry. Our management and employees look forward to sharing in Global's steady growth and, more importantly, sharing best practices in providing solutions to our customers." 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 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, 2006. DATASOURCE: Global Imaging Systems, Inc.
CONTACT: Michael Shea, President and COO of Global Imaging Systems, Inc., +1-813-960-5508; or Chuck Cahn, President of Stewart Business Systems, +1-856-727-8100; or Investor Relations Consultants, Inc., +1-727-781-5577, or
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