Global Imaging Systems Acquires 20th Core Company

Indianapolis-Based CopyCo Office Solutions Joins Global; Continues Dealer Network Expansion 


TAMPA, Fla., Sept 22  /PRNewswire/ -- Global Imaging Systems, Inc. (NASDAQ:GISX) announced today that it has acquired CopyCo Office Solutions, Inc., headquartered in Indianapolis, Indiana. CopyCo, with annual revenues of approximately $13 million, becomes Global's 20th core dealership. The new addition sells and services Canon and Gestetner copiers and facsimile machines throughout the greater Indianapolis area and reaches to eastern Illinois and Terre Haute, Indiana.

Global Imaging President and COO Michael Shea said, "This is an exciting new market for Global. CopyCo President and former owner Bill Schmidt, 45, embodies the strong industry experience and entrepreneurial energy that typifies the leadership in our core companies. CopyCo, with its customer focus, has earned an outstanding service reputation in this market. As a result, CopyCo is one of the fastest growing and well respected office technology providers in the Indianapolis market."

Mr. Schmidt said, "Our employees and management team are extremely excited about joining Global. The Global companies represent the finest in this industry. We look forward to learning from each of them and adding our energy to the group. The marriage of CopyCo's spirit and Global's resources will be a winning combination."

Mr. Shea added, "This is an opportune acquisition for us. It is a strategically located core dealership that becomes part of our disciplined, ongoing effort to fill out our dealer network in the top 250 markets in North America. More specifically, CopyCo will help Global put greater focus on the large Midwest marketplace. With our strong operations in the greater Chicago metropolitan market, throughout Michigan, and now in Indianapolis, we are building the kind of footprint that we ultimately envision for the entire Midwest. We are holding to our previously announced expectation of acquiring $60 to $100 million in annualized revenues during the fiscal year ending March 2007."

About Global Imaging Systems

Global Imaging Systems offers thousands of middle-market customers a one- stop shop for office technology solutions in 32 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 expected future acquisitions, future revenue growth and future diluted earnings per share. These statements include the words "expect," "believe," "should," 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, 2006. 

DATASOURCE: Global Imaging Systems, Inc.



CONTACT:  Michael Shea, President and COO, Global Imaging Systems, Inc.,

[phone]; or Investor Relations Consultants, Inc., [phone], or

 

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