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Investment Firm Buys the Upstate New York Technology Services Business Unit of IKON

12 Apr, 2005

Investment Firm Buys the Upstate New York Technology Services Business Unit of IKON

Empire Investment Holdings, LLC, a private investment firm focused on acquiring and growing corporate divestitures, has acquired the Upstate New York Technology Services business unit of IKON Office Solutions, which focused primarily on servicing computer hardware and software. It’s a business that IKON has transitioned out of over the past four years to focus on its core document management solutions and services business. The terms of the transaction were not disclosed.

David F. Alfonso, Empire's chairman and chief executive officer, said, "This acquisition fits in perfectly with our investment criteria and our focus on corporate divestitures. We plan to build upon the reputation, strengths, and fundamentals that have created a solid foundation for this business."

During the first 90 days, the new organization will announce additional details of its operational and strategic plans, including the new management structure and the company's new name.

"We have high expectations for this business and view it as a solid platform that we intend to further capitalize upon by continuing to consolidate the market through a targeted approach, in order to build a larger enterprise and a dominant player," stated Alfonso.

Alfonso noted that for a transition period, senior members of Empire Investment Holdings may assume interim positions, and plan to work closely and actively with the newly acquired company and its management team to integrate it into the Empire portfolio. During this transition, the focus will be on establishing a standalone company and putting in place the new strategic direction for the company.

With this acquisition, Empire Investment Holdings adds a strong IT solutions and services provider to its portfolio and gains a workforce of over 105 employees, including 75 service engineers, and over 650 customers that includes Fortune 1000 companies, universities and government agencies. The new company will operate as a standalone entity, led by its own management team.

For additional information on Empire, visit http://www.empireih.com.

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