EFI to Acquire Entrac Technologies
Technology Leader in Self-Service Business Solutions Expands EFI's Fiery Mobile Print Applications
FOSTER CITY, Calif., July 19, 2011 (GLOBE NEWSWIRE) -- Electronics For Imaging, Inc. (Nasdaq:EFII), a world leader in customer-focused digital printing innovation, today announced that it has reached an agreement to acquire privately-held Entrac Technologies ("Entrac"). Entrac is a leader in providing self-service and payment solutions for business services including mobile printing. While financial terms of the transaction were not disclosed, the acquisition is not expected to be material to EFI's 2011 results. The transaction, which is subject to various closing conditions, is expected to close in the third quarter of 2011.
"Entrac's self-service products expand the portfolio of products and services we can offer to providers of business services," said Toby Weiss, general manager of the Fiery business unit and senior vice president, EFI. "In addition, the Entrac payment technology offers new possibilities for future EFI products in both our traditional print-for-pay markets as well as the enterprise markets. For example, adding EFI's PrintMe cloud printing to existing Entrac products will make it even easier for customers to begin offering self-service printing to mobile workers, students, guests, and patrons."
Entrac will become part of EFI's Fiery business unit. With its global sales presence, EFI expects that it can offer Entrac's easy-to-use self-service and payment systems to a broader customer base such as franchise print shops, office supply retail stores, hotels and hospitality businesses, universities, convention centers, airports, transit stations, museums, libraries and many other locations worldwide.
Entrac is a privately-held corporation headquartered near Toronto, Canada. Entrac provides access control and payment systems for self-service business equipment with over 4,000 installations in North America in office supply stores, retail printing locations and business centers in hotels and convention halls. Service providers are drawn to its simple and intuitive, yet secure, user interface for self-service use of business machines including printers, copiers, computers/internet access points, fax machines, and photo printing kiosks.
"Entrac has been committed to providing superior self-service and payment solutions to our customers in North America," said Micah Kornberg, president of Entrac. "EFI has the global reach, printing industry leadership position, customer and partner relationships, and strong financial position to extend our geographic reach and market penetration, deliver more integrated products and services, and expand the markets and customers we target. I look forward to managing the Entrac product line within their world class organization."
About EFI
EFI (www.efi.com) is a world leader in customer-focused digital printing innovation. EFI's award-winning solutions, integrated from creation to print, deliver increased performance, cost savings and productivity. EFI's robust product portfolio includes Fiery digital color print servers; VUTEk superwide digital inkjet printers, UV and solvent inks; Rastek UV wide-format inkjet printers; Jetrion industrial inkjet printing systems; print production workflow and management information software; and corporate printing solutions.
The Electronics For Imaging, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7332
Safe Harbor for Forward Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release that could be deemed forward-looking statements include, but are not necessarily limited to, statements regarding the completion of the acquisition; EFI's customer and partner relationships; EFI's goals to better serve the industry; EFI's goals regarding its customer offerings, product portfolio, and target customers; EFI's goals regarding Entrac's geographic reach, market penetration, customer offerings, and product portfolio after the completion of the acquisition; EFI's integration of Entrac; and any statements or assumptions underlying any of the foregoing.
Forward-looking statements are subject to certain risks and uncertainties that could cause our actual future results to differ materially, or cause a material adverse impact on our results. Potential risks and uncertainties include, but are not necessarily limited to, inaccurate data or assumptions; unforeseen expenses; the difficulty of aligning expense levels with revenue changes; execution of actions to reduce our operational costs and ability to maintain effective cost control measures; unexpected declines in revenues or increases in expenses; management's ability to forecast revenues, expenses and earnings, especially on a quarterly basis; the market prices of our common stock; the uncertainty regarding the amount and timing of future share repurchases by EFI and the origin of funds used for such repurchases; any world-wide financial and economic difficulties and downturns, including contraction in credit markets, and adverse variations in foreign exchange rates, that could affect demand for our products, and increase the volatility of our profitability, as well as the risk of bank failures, insolvency or illiquidity of other financial institutions and other adverse conditions in financial markets that could cause a loss of our cash deposits and invested cash and cash equivalents; uncertainty to accurately predict the outcome of foreign tax audits and determine our tax provisions; uncertainty regarding our effective tax rate in the future that may be impacted by various factors, including but not necessarily limited to new U.S. tax legislative proposals; changes in, or the failure or inability to comply with U.S., foreign and local governmental regulations, including import/export regulations or duties; failure to retain key employees; product cancellation costs; a significant decline or delay in demand for our products by any of our important OEM partners; the unpredictability of development schedules and commercialization of the products, including but not necessarily limited to those manufactured and sold by our OEM partners; variations in growth rates or declines in the printing and imaging markets across various geographic regions; changes in historic customer order patterns, including changes in customer and channel inventory levels; changes in the mix of products sold leading to variations in operating results; the uncertainty of market acceptance of new product introductions; delays in product deliveries that cause quarterly revenues and income to fall significantly short of anticipated levels; competition and/or market factors, which may adversely affect margins; competition in each of our businesses, including competition from products internally developed by EFI's customers; challenge of managing assets levels, including inventory and variations in inventory valuation; intense competition in the industrial and commercial digital inkjet market; the uncertainty of continued success in technological advances, including development and implementation of new processes and strategic products; the challenges of obtaining timely, efficient and quality product manufacturing and components supplying; litigation involving intellectual property rights or other related matters; our ability to successfully integrate acquired businesses, without operational disruption to our existing businesses; the potential that investments in new business strategies and initiatives could disrupt our ongoing businesses and may present risks not originally contemplated; the potential loss of sales, unexpected costs or adverse impact on relations with customers or suppliers as a result of acquisitions; differences between the financial results as filed with the Securities and Exchange Commission (the "SEC") and the preliminary results included in our earnings or other press releases due, among other things, to the complexity in accounting rules; and any other risk factors that may be included from time to time in our SEC filings and reports. The statements in this press release are made as of the date of this press release. EFI undertakes no obligation to update information contained in this press release. For further information regarding risks and uncertainties associated with EFI's businesses, please refer to the sections entitled "Risk Factors" and "Factors That Could Adversely Affect Performance" and other similar sections in EFI's SEC filings and reports, including, but not limited to, EFI's annual report on Form 10-K and its quarterly reports on Form 10-Q, copies of which may be obtained by contacting EFI's Investor Relations Department by phone at 650-357-3828 or by email at investor.relations@efi.com or EFI's Investor Relations website at http://www.efi.com.
NOTE TO EDITORS: The EFI logo, Fiery, PrintMe, VUTEk, and Jetrion are registered trademarks of Electronics For Imaging, Inc. in the U.S. and/or certain other countries. EFI and Rastek are trademarks of Electronics For Imaging, Inc. in the U.S. and/or certain other countries. All other terms and product names may be trademarks or registered trademarks of their respective owners, and are hereby acknowledged.
Original Post