TAMPA, Fla., June 8 /PRNewswire/ -- Global Imaging Systems, Inc. (NASDAQ:GISX) announced today that on Friday, June 9, 2006, Chairman and CEO Thomas S. Johnson will settle a prepaid variable share forward agreement that he entered into with CDC Derivatives, Inc. on December 20, 2002. At that time, Mr. Johnson pledged up to 250,000 shares of GISX common stock, which he owned, to secure his obligations under the agreement. Based on the closing price of GISX shares on June 6, 2006, Mr. Johnson will deliver 213,084 shares to CDC. He intends to sell the 36,916 balance of the pledged shares over the next several days to satisfy his income tax obligations as a result of his gain on the transaction.
Mr. Johnson said, "The gain on this transaction demonstrates the growth of our stock over the past three-and-a-half years. Unfortunately, the settling of this derivative agreement may appear in some of the reporting services as a current sale. I want to assure all of Global's loyal shareholders that I remain heavily invested in Global stock as the company's largest individual holder." He added, "The company is in an excellent position financially and operationally." About Global Imaging Systems Global Imaging Systems offers thousands of middle-market customers a one- stop solution for office technology needs in 32 states and the District of Columbia. The company provides a broad line of office technology solutions including the sale and service of copiers and other 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 expected future acquisitions, future revenue growth and future diluted earnings per share. These statements include the words "expect," "believe," variations of such words, "we are optimistic" and similar expressions, which are intended to identify such forward-looking statements. These statements are based on numerous assumptions and are subject to uncertainties and risks. Actual results could differ materially. Factors that might cause Global's results to differ materially include risks relating to changes in the overall economy; rising interest rates; Global's debt and debt service obligations; the challenge of integrating acquired businesses; the need for funding acquisitions; Global's ability to close acquisitions in a timely and cost- effective manner; the need for skilled employees; rapid technological change in Global's industry; dependence on suppliers; and high levels of competition. 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. DATASOURCE: Global Imaging Systems, Inc.
CONTACT: Tom Johnson, Chairman and CEO, Global Imaging Systems, Inc., +1-813-960-5508; or Investor Relations Consultants, Inc., +1-727-781-5577, or , for Global Imaging Systems
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