Yahoo! Stewart was giving away the store with cpc's so low we could not even come close, it will be interesting to see what happens now. Global is a traded stock and needs to have this unit produce profit!
Global Imaging Systems Acquires New Jersey-Based Stewart Industries
Monday November 15, 9:03 am ET
Stewart Industries Becomes Global's 18th Core Company
TAMPA, Fla., Nov. 15/PRNewswire/ -- Global Imaging Systems, Inc. (Nasdaq: GISX - News) announced today that it has acquired Stewart Industries, with corporate offices in Mount Laurel, New Jersey, a leading provider of office technology throughout the state. In business since 1959, Stewart sells and services Savin copiers, facsimiles and printers from five New Jersey locations, and currently has annual revenues of approximately $30 million. Stewart becomes Global's 18th core company.
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Global Imaging Chairman and CEO Tom Johnson said, "This is a particularly good fit with Global. The strong leadership provided by Charles "Chuck" Cahn, 49, principal owner and president of Stewart Industries, has allowed the company to become a fast-growing, well-respected office technology provider. We are especially pleased to have Chuck join our cadre of strong entrepreneurs who are now managing and expanding Global's core company operations."
Mr. Cahn said, "My employees, management team and I are extremely excited about becoming a part of the winning team at Global. We are confident that Stewart Industries will make an ongoing contribution to the strong growth Global has seen over the past several years. The resources that Global provides will help Stewart to continue to grow and prosper in the years to come. This is truly a win-win situation for both Stewart and Global." Stewart Industries has been awarded Savin's prestigious President's Award five out of the last six years.
Mr. Johnson added, "This acquisition puts Global well ahead of our external growth target to date. Previously, we said we anticipated acquiring, on average, $60 to $100 million in annualized revenues each year for the three-year period ending March 2006. So far this fiscal year, we have acquired in excess of $150 million in revenues. This acquisition is part of our disciplined, on-going effort to fill out our dealer network in the top 250 markets in North America."
Global Imaging Systems offers thousands of middle-market customers a one- stop shop for office technology solutions from 179 locations 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 long-term growth. 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, 2004.
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