Primix Solutions Acquires Black Bean Studios
Strategic Internet Services Firm Deepens Design Capabilities
Watertown, MA - December 6, 1999 - Primix Solutions Inc. (NASDAQ: PMIX), a premier strategic Internet services (SIS) firm, today announced that it has acquired Black Bean Studios, Inc., a privately held multi-disciplinary design firm located in Boston. Claudio Luis Vera and Alisha Haydn Vera, founding partners and sole shareholders of Black Bean Studios, will be appointed to the newly created positions of chief creative officer and executive creative director.
Earlier this year, we took significant steps to build up our strategic consulting capabilities by recruiting a group of management consulting professionals to head our centralized Strategic Services Group and four e-business practice areas," said Lennart Mengwall, chairman and CEO of Primix. "With this acquisition, we have significantly strengthened our creative design capabilities, adding Black Bean's proven talent and creative leadership while more than doubling the size of our creative group. We believe this acquisition dramatically enhances our value proposition to customers as an e-business services firm with the right combination of strategic insight, technical depth and creative talent to help them achieve superior business results."
Black Bean Studios, with an award-winning portfolio and impressive list of clients, is among the leading creative design firms focused on digital media. Its clients include Blue Cross & Blue Shield, PBS Online, New England Financial, Digital and Boston University.
"From the start it was clear Primix shared our passion for great design, our vision for how to deliver it, and the values that made Black Bean a great place to work," said Alisha Haydn Vera, co-founder of Black Bean Studios. Added Claudio Luis Vera, "This is the logical next step for our company, our people and our clients. Primix is committed to the pivotal role that creative design plays in delivering results oriented e-business solutions. We saw a tremendous opportunity for a firm that effectively combines cross-disciplinary excellence to help clients win, and now together we are that firm. We look forward to setting new standards of excellence in e-commerce solutions."
Commenting on the business and cultural fit, Joseph W. Seebach, executive vice president-business development said: "In addition to their creative excellence, Claudio and Alisha bring to Primix the same degree of passion and commitment that is a key part of our essential e- business strategy. The ability to deliver results-oriented Internet business solutions is as much rooted in superior and innovative creative design as it is in technological depth and consulting expertise. Further, the size of Black Bean is important. The company is large enough to have an impact on our culture and methodology but small enough to be integrated into our overall business."
Although the transaction has not been audited, the Company expects the valuation of the acquisition to be approximately $1.8 million in cash and stock.
About Black Bean Studios
Founded in 1994, Black Bean Studios is an integrated services firm with a focus on developing online communications programs for companies in various markets. The studio brings together expertise in various design and marketing disciplines, including user interface design, information design, new media, graphic design, and brand strategy. The firm is a thought leader in the graphic design field with a strong reputation and a diverse portfolio of award winning work, available online at http://www.blackbean.com/.
About Primix Solutions
Primix Solutions is a strategic Internet services firm dedicated to helping clients define, develop and deploy e-business solutions that deliver superior business results. The Company's "essential e-business" approach brings management consulting insight, creative talent and systems integration skills to customers, helping to leverage their existing business relationships through the strategic application of Internet technology. Primix Solutions partners with its clients to deliver e-commerce, customer relationship management (CRM), supply chain management (SCM) and knowledge management (KM) solutions. Primix Solutions has assisted companies such as A.T. Cross, Apple Computer, Baker Hughes, Data General, The Gillette Company, Lucent Technologies, Rockwell Collins and Standard & Poor's increase revenue, reduce costs, improve responsiveness, build customer loyalty and optimize assets. Additional information about the Company, its approach, clients and service offerings may be found at http://www.primix.com/. You may also e-mail firstname.lastname@example.org or call 617-923-6500.
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made based on management's belief as well as assumptions made by, and information currently available to, management pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Primix Solutions' actual results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors, including the ability of the Company to manage the integration of Black Bean and the Company and to achieve the intended benefits of the transaction; the ability of the Company to retain key employees; and those factors identified in Primix Solutions' Annual Report on Form 10-K for the fiscal year ended December 31, 1998, and its Quarterly Reports on Form 10-Q and subsequent reports filed with the Securities and Exchange Commission.