*NEWS*F.C.I. PARTNERS WITH SMART CTG LTD

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*NEWS*F.C.I. PARTNERS WITH SMART CTG LTD

 user 2006-05-26 at 11:21:00 am Views: 69
  • #15567

    Full Circle Image, Inc. Enters into Share Exchange Agreement with Smart Cartridge Limited
    ROCHESTER,
    Minn.—May  2006–Full Circle Image, Inc., a franchisor and
    remanufacturer of printer ribbons, laser toner and ink jet cartridges,
    today announced that it has entered into a share exchange agreement
    with Smart Cartridge Limited and its shareholders. As a result of the
    transaction, Smart Cartridge, a company based in Edinburgh Scotland,
    will become a wholly owned subsidiary of Full Circle, and the
    shareholders of Smart Cartridge will acquire approximately 65% of Full
    Circle’s common stock. Full Circle will continue the combined
    operations of the businesses under the name “Smart Cartridge, Inc.”The
    transaction, which is subject to customary closing conditions, is
    expected to close during the third quarter of 2006, and is also
    contingent upon Full Circle entering into certain financing
    arrangements with a third party capital provider and the approval of
    certain matters by the current shareholders of Full Circle.
    Full
    Circle Image is an International Franchise Company that deals in the
    remanufacturing and distribution of new and remanufactured Laser Toner
    Cartridges, Ink Jet Cartridges, Computer Printer Ribbons, and other
    types of consumable printing or imaging products. It currently has
    sales and remanufacturing facilities in Rochester and Grand Rapids,
    Minnesota, and a sales office in Lakeville, Minnesota. In addition to
    its Franchisee owned sales operations in the United States it also has
    minority ownership positions in the Full Circle Image Franchisee owned
    remanufacturing plants in Jeddah, Saudi Arabia and Panama City, Panama.
    The company trades under the symbol FCLE and can be found at http://www.pinksheets.com
    Smart
    Cartridge Limited was conceived in the late 1990′s to enter the rapidly
    growing ink cartridge franchising business in the United Kingdom. The
    company was organized in 2001 to specialize in (i) the refilling and
    remanufacturing of ink jet, laser, copier and fax cartridges; (ii) the
    provision of related office supplies; and (iii) the development of a
    franchising system under the name “Smart Cartridge.” Since opening the
    first Smart Cartridge Limited store in 2001, the company has franchised
    47 Smart Cartridge Limited stores in Scotland, England, Ireland, Spain,
    Portugal and the Dominican Republic.