BETHLEHEM, Pa., Jan. 13 /PRNewswire-FirstCall/ -- ProtoSource Corporation (BULLETIN BOARD: PSCO) announced today that the merger with P2i Newspaper, Inc. closed effective January 1, 2004. As a result P2i and ProtoSource are now operating as one combined business. "This is excellent news for shareholders," stated ProtoSource CEO, Peter Wardle. "P2i's revenues have continued to increase through 2003: they have a stable, scaleable, production operation and a very strong client base. I believe the benefits of now being a public company will allow us to really expand P2i's operations and aggressively drive revenues in the newspaper sector as well as other markets."
The company will continue to be headquartered in Bethlehem, Pennsylvania, and has added P2i co-founder, Thomas C. Butera, to its board of directors. The Executive team comprises Butera, Chief Operating Officer; Ken DiStefano, Controller; James Cuff, Chief Technology Officer; and Wardle, CEO.
"Our immediate business objective is to continue the maximization of P2i's technology and content processing expertise," continued Wardle. "The infrastructure, platform and technology are all in place and there are still many potential clients out there that could benefit from our capabilities. In parallel the executive team has been developing its medium and long-term business strategy to be implemented over the coming months. The board is very upbeat about the P2i deal and the opportunities ProtoSource now has."
About ProtoSource/P2i
The company utilizes proprietary applications and processes to extract and sort data from print content, and deliver it as interactive web content for integration into Internet sites. Clients include newspapers from the Tribune, McClatchy and Gannett publishing organizations as well as companies in other business sectors across North America and Europe. The company's executive and administrative team is headquartered in Bethlehem, PA; the data conversion center is located in Kuala Lumpur, Malaysia.
The statements contained in this Press Release contain certain forward- looking statements, including statements regarding ProtoSource expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to ProtoSource management as at the date hereof and actual results may vary based upon future events, both within and without the control of ProtoSource management.
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