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HEARTLAND IMAGING COMPANIES, INC. TO ACQUIRE HPS,
INC
April 24, 2000 -- KANSAS CITY, KS: Robert J. Gourley, the Chairman of Heartland Imaging Companies, Inc. and William A. Boncosky, the President of HPS, Inc., announced today that a contractual agreement has been reached for Heartland Imaging Companies, Inc., to acquire the Graphic Arts business of HPS, Inc. Both companies are major regional suppliers to the Printing and Graphic Arts industry. Closing is expected to be prior to July 1, 2000.
HPS is presently headquartered in Indianapolis, Indiana. Heartland Imaging is headquartered in Lee’s Summit, Missouri. The combined company will be named Heartland Imaging Companies, Inc., and will be headquartered in the greater Kansas City area.
"We are very excited to be involved with such an outstanding company as HPS", said Gourley, "the consolidation of our two companies will strengthen the resources for both customers and manufacturers."
Boncosky added "this strong Multi-Regional dealer organization is something that our industry has needed for years. We are very excited for our customers and our employees."
Heartland Imaging provides supply and electronic solutions to the Graphic Arts and Professional Photo Industries in the Midwest and Southwest USA. After the acquisition, Heartland will serve these industries from more than twenty distribution centers located in 11 states. Their annual sales will be in excess of $225 million and employee count will exceed 400. Heartland will be the largest regional Graphic Arts distributor in the USA.
Robert J. Gourley will continue as the Chairman of Heartland, Vernon K. Vogel is Vice Chairman and Steven J. Gryder is President.
Contact: Dannette Cornwall, Heartland Imaging Companies, Inc.. T: 913-621-1211 ext. 1020. Or: William K. Boncosky, HPS, Inc. T: 317-875-9000 ext. 351.