Extensis, Inc. Acquired by Celartem Technology - Extensis.com

Extensis, Inc. Acquired by Celartem Technology

Portland, Ore., – September 10, 2002 – Extensis, Inc., a leading developer of software for creative professionals and digital imaging market, today announced that the company has been acquired by Celartem Technology USA, Inc., which is wholly-owned by Celartem Technology Inc. (NASDAQ-J:4330), a Japan-based technology company focused on the creative professional and asset management markets. Extensis, a long-time fixture within the creative professional market, has been a wholly owned subsidiary of ImageX, Inc. (NASDAQ:IMGX) since 2000. The company employs 66 people based in Portland, Oregon and the United Kingdom.

Strong Synergies Between Celartem and Extensis
Celartem sees strong synergy between their technologies and Extensis’ success with creative professional workgroups. Extensis shares Celartem’s focus on the design, production, and workgroup side of the print equation. Additionally, Extensis’ existing distribution channels and development efforts, coupled with Celartem’s investment and technology, will put the combined company in a strong position for future growth.

“Over the past year, Extensis has maintained consistent profitability coupled with climbing revenues, which has positioned us for continued growth,” said Craig Keudell, General Manager of Extensis, Inc. “The synergy we gain with Celartem will enable us to further invest in the creative professional market and bring our users more of the exciting products that they have come to expect.”

Contingent on the closing of the deal, Extensis will maintain its existing management team as well as their operations in both Portland and the UK. Craig Keudell, currently General Manager, will take on the role of CEO of Extensis, Inc., reporting to the Celartem USA board of directors.

“Celartem’s core technology for imaging is a perfect match with the Extensis brand, their products and their customer base,” said Osamu Ikeda, President of Celartem USA. “By combining technologies from both companies, we see an opportunity to provide new products that will revolutionize the way creative organizations perform their everyday work.”

Terms of the Deal
Celartem Technology USA has agreed to acquire Extensis, Inc. from ImageX, Inc. for $9 million in cash proceeds, with up to an additional $2.0 million due over the next two years if certain revenue targets are met. The sale represents an estimated gain of approximately $2.8 million to $3.8 million, to be recognized upon closing in September 2002. In the second quarter 2002, Extensis’ domestic and international product launches fueled a 14 percent growth in revenue over first quarter 2002 revenues.

 
 
About Extensis, Inc.
Extensis Inc., a Celartem company, is the world’s leading provider of software solutions that empower digital asset creators and users. Extensis’ award winning products are used by hundreds of Fortune 5000 companies and include: Suitcase and Font Reserve for font management, Portfolio for asset management, and plug-in enhancements for Photoshop and QuarkXPress. Extensis was founded in 1993 and is based in Portland, Oregon and the United Kingdom.

Extensis is a wholly owned subsidiary of Celartem Technology USA Inc., which is wholly owned by Celartem Technology Inc., (Hercules: 4330). For additional information, please visit our website at http://cde.extensis.com or call 1-800-796-9798.

About Celartem
Celartem Technology, Inc was established in 1996 to develop innovative technologies for storage, access and distribution of rich media content.Celartem has developed technology in the areas of digital image compression, scalable image viewing and secure content distribution and management . On December 11, 2001, Celartem was listed on the Osaka Securities Exchange, NASDAQ Japan Market (now Hercules:4330). Celartem is headquartered in Tokyo, Japan, with wholly owned subsidiary, Celartem Technology USA INC. in New York, and also operates in the US and Europe through its wholly owned subsidiaries, Extensis, Inc. and LizardTech Inc.

 
 
Contact
Nicole Andergard
Extensis
503.274.2020 ext. 129
press@extensis.com