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Global Commences Stock Offering - Friday, February 01, 2002
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FOR IMMEDIATE RELEASE SYMBOL: GISX
Friday, February 1, 2002 TRADED: Nasdaq
GLOBAL IMAGING SYSTEMS COMMENCES STOCK OFFERING
TAMPA, Fla., Feb.1--Global Imaging Systems, Inc. today announced that it has commenced a public offering of 5,390,000 shares of its common stock pursuant to an effective shelf registration statement. In the offering, the company is offering 2,695,000 shares of Global common stock and certain stockholders are offering 2,695,000 shares of Global common stock plus providing an additional 808,500 shares that may be used to cover any over-allotments.
The offering will be jointly led by Raymond James and UBS Warburg and co-managed by Robert W. Baird & Co.
The company intends to use its $46.9 million of estimated net proceeds from the offering to repay indebtedness under its senior credit facility. The company will not receive any proceeds from the sale of shares by the selling shareholders.
Global Imaging Systems is a leading provider of a number of office technology solutions and offers its middle market customers a broad line of solutions including the sale and service of automated office equipment, network integration
equipment and services and electronic presentation systems.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the common stock in any state in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of that state.
This news release contains forward-looking statements including statements regarding the possibility of offers and sales of the company's common stock. 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 market conditions, Global's liquidity needs, and other factors discussed in more detail under the caption "Risk Factors" in the registration statement and in Global's Form 10-K for the year
ended March 31, 2001.
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/CONTACT: Ray Schilling, Senior Vice President and CFO,
Global Imaging Systems, Inc., 3820 Northdale Blvd., Suite 200A;
Tampa, FL 33624, Phone 813/960-5508 or Fax (813)264-7877 or
Investor Relations Consultants, Inc., Phone 727/781-5577 or E-
mail: gisx@mindspring.com/
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