|
|
 |
|
 |
 |
|
|
|
| |
 |
|
|
|
|
|
|
| |
| |
|
| |
Troy, Mich., November 16, 2001 |
| |
|
| |
Allegra Network LLC (formerly American Speedy
Printing Centers, Inc.), the world's fourth largest printing
franchise in system-wide sales, has signed a purchase agreement
to acquire the assets and franchise agreements of the seventh
largest printing franchise, Insty-Prints, Inc. The transaction
requires approval by shareholders of IPI, Inc. (AMEX:IDH), parent
company of Insty-Prints, which is expected later this year.
The announcement was made by Allegra Network President and CEO
William D. McIntyre.
Allegra Network, founded in 1976, has more than 350 locations
in the United States, Canada and Japan with system-wide sales
of $192 million (2000). Insty-Prints, founded in 1965, has
211 locations in the United States and Poland with system-wide
sales of $124 million (2000).
Acquisition plans are being presented to IPI, Inc. shareholders
and will be voted on in December. Bringing together the two
companies will expand the Allegra Network into many new markets
and increase its coverage across the United States.
"This combination of two successful franchise companies
offers many advantages," McIntyre said. "Both Allegra
Network and Insty-Prints franchise members will benefit from
increased market visibility and presence as part of a larger
network. Other benefits include increased buying power as
well as greater resources for marketing and new technology."
Allegra Network is privately owned by an investor group,
led by the company's management. Principal shareholders include
McIntyre, members of Allegra Network management and Domino's
Pizza founder and former CEO Thomas S. Monaghan. Insty-Prints
is a wholly-owned subsidiary of IPI, Inc., which is traded
on the American Stock Exchange under the symbol IDH.
|
| |
|
| |
|
| |
MEDIA
RESOURCES | NEXT
PRESS RELEASE > |
|
|
|
|
