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PhotoWorks Announces Agreement to Acquire PhotoAccess Technologies, Online Photography Technology Leader
SEATTLE --(Business Wire)-- April 21, 2004 -- PhotoWorks Gains Superior Digital Imaging Platform and Software Development Leadership
PhotoWorks(R) Inc. (OTCBB:FOTO), a leading provider of digital and film photography services, today announced that it had agreed in principle to acquire substantially all of the assets of PhotoAccess Technologies Corp. in exchange for 1.2 million shares of PhotoWorks common stock and the assumption of approximately $150,000 in liabilities.
It is anticipated that a definitive agreement will be executed by April 30, 2004. The transaction will broaden PhotoWorks' revenue and customer base, while providing superior digital technology and a talented team of engineers with unrivaled expertise in software development and photo color management.
Headquartered in Seattle, privately-funded PhotoAccess provides online digital camera photofinishing solutions for approximately 20,000 consumers and 200 business customers including retailers, professional photographers and newspapers.
"This is a significant milestone in the execution of our business turnaround plan announced last November. The combination of PhotoAccess and PhotoWorks solidifies our position as the premier online photography company, and fortifies our business-to-consumer and business-to-business capabilities," said PhotoWorks President and CEO, Philippe Sanchez.
World-Class Software Development Expertise
PhotoAccess' senior executives -- who worked together at Aldus Corp. and later Adobe Systems -- will take on key roles within PhotoWorks. PhotoAccess President and CEO Gerald R. (Jerry) Barber will become Vice President and General Manager of PhotoWorks Digital Imaging. Prior to co-founding PhotoAccess, Barber was senior director of core technology at Adobe, where he was responsible for delivering key technology components for all of Adobe's products. Barber also served as Adobe's Director of Technology Integration. He holds a PhD from MIT in Electrical Engineering and Computer Science. Dan Zimmerman, PhotoAccess Vice President of Engineering, will become PhotoWorks' Associate Vice President of Engineering and Product Development. At Adobe, Zimmerman spearheaded Adobe Online, Adobe's initiative to integrate Adobe application products with Internet services.
"Joining PhotoWorks provides us with an exciting opportunity to bring the best digital photography technology and services to PhotoWorks' 1-million-plus customer base," said Barber. "We are looking forward to combining our collective expertise to build superior digital products and services for photographers."
Powerful Business-to-Business Platform
The PhotoAccess digital platform provides third party brands and professionals with web-centric photography services -- including back-end technologies for transaction processing, print fulfillment workflow, customer service and billing. PhotoAccess currently serves large regional newspapers, drug stores/retail photofinishers and numerous professional photographers. Barber noted that this can be accomplished by dynamically assembling the site with customized changes in text and graphics. Ready to support many languages and take orders in multiple currencies, the PhotoAccess core platform is fully double-byte enabled and capable of supporting Asian markets. As a result of the acquisition, PhotoWorks expects to market integrated digital online services to other digital imaging brands.
Strengthens Premium Online Consumer Services
The combined entity of PhotoWorks and PhotoAccess will focus on providing customers with an upgraded and differentiated online experience and reinforce the premium positioning of the brand. Sanchez said the Company plans to offer the most extensive product line in the industry, adding new photography products such as prints, cards, photobooks, calendars and other creative gifts.
PhotoWorks will drive incremental efficiencies to support its expense reduction and sustainability business initiative, including cost-efficient storage for the more than 300 million images customers store today at www.photoworks.com.
About PhotoWorks Inc.
Formerly Seattle FilmWorks, PhotoWorks(R) has been delivering high-quality photographs to more than 6 million satisfied customers for 25 years. The Company is dedicated to providing innovative and inspiring ways for people to create, share and preserve their photographic memories. Every day, digital and film photographers come to www.photoworks.com to upload, enhance and print their best photographic memories, simply and conveniently. The Company, which offers a 100% satisfaction guarantee, has been awarded an "Outstanding" rating by The Enderle Group. Based in Seattle, PhotoWorks is publicly traded (OTCBB:FOTO). More information about PhotoWorks is available at www.photoworks.com or by e-mailing customercare@photoworks.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements in this news release concerning execution of definitive agreement, business-to-consumer and business-to-business capabilities, development and launch of new product lines, ability to drive incremental efficiencies to support expense reduction and sustainability business initiatives and any other statement which may be construed as a prediction of future capabilities, performance or events are forward-looking statements, the occurrence of which are subject to a number of known and unknown risks and uncertainties which might cause actual performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include the ability to execute a definitive agreement by April 30, 2004; ability to generate cash to fund operations or establish sustainable profitability; launch of future products and services; system performance problems due to integration or technical difficulties; pricing and other activities by competitors; economic and industry factors, and other risks including those described in the Company's Annual Report on Form 10-K and those described from time to time in the Company's other filings with the Securities and Exchange Commission, press releases and other communications.
PhotoWorks(R) is a registered trademark of PhotoWorks, Inc. All other marks are the property of their respective owners.
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