Shutterfly Bid Chosen for Kodak Gallery Assets
REDWOOD CITY, Calif.--(BUSINESS WIRE)--
Eastman Kodak Company (NYSE:EK) and Shutterfly, Inc. (NASDAQ:SFLY), a
leading Internet-based social expression and personal publishing
service, today announced that there were no competing bidders to
Shutterfly's $23.8 million stalking horse bid to purchase certain assets
of Kodak's Kodak Gallery online photo services business. Following final
approval by the bankruptcy court, the parties will contemplate promptly
closing the acquisition. Following the closing, Shutterfly will work
with Kodak to transfer Kodak Gallery's U.S. and Canadian customers and
images onto the Shutterfly platform.
"I'm excited to welcome Kodak Gallery's customers to Shutterfly and look
forward to working with the Kodak team to provide a smooth transition
for their customers and offering them industry-leading products and
customer service that will enhance the way they share and preserve
everyday memories," said Jeffrey Housenbold, Shutterfly's president and
chief executive officer. In commenting on what the acquisition means for
Shutterfly's business, Housenbold added, "Our acquisition of Kodak
Gallery is a perfect example of the consolidation that we believe will
play an important role in helping Shutterfly solidify our leadership
position in the social expression and personal publishing category.
Moving forward, we will continue to expand our market position through
organic growth and disciplined acquisitions that leverage our scale and
scope economies, vertical integration, solid balance sheet and
profitable business model."
Shutterfly will discuss this transaction as part of its Q1 2012
financial results conference
call on April 30, 2012 at 2:00 PM PT (5:00 PM ET).
Notice Regarding Forward-Looking Statements
This press release includes certain forward-looking statements related
to Shutterfly, Inc. within the meaning of the Private Securities
Litigation Reform Act of 1995. All statements, other than statements of
historical facts, are forward-looking statements. These statements are
based on management's current estimates, assumptions, expectations or
beliefs and are subject to uncertainty and changes in circumstances.
These forward-looking statements are estimates reflecting the judgment
of our senior management and actual results may vary materially from
those expressed or implied by the forward-looking statements herein due
to changes in economic, business, competitive, technological and/or
regulatory factors, and other risks and uncertainties affecting the
operation of the business of Shutterfly, Inc. For a list and description
of risks and uncertainties which may cause actual results to vary from
forward-looking statements, see our periodic filings with the Securities
and Exchange Commission at www.sec.gov.
All of Shutterfly's forward-looking statements, whether written or oral,
are expressly qualified by this safe harbor statement and any other
cautionary statements that may accompany such forward-looking
statements. Shutterfly is under no obligation to, and expressly
disclaims any obligation to, update or alter its forward-looking
statements, whether as a result of new information, future events,
changes in assumptions or otherwise.
Founded in 1999, Shutterfly, Inc. is an Internet-based social expression
and personal publishing company and operates Shutterfly.com,
Shutterfly provides high quality products and world class services that
make it easy, convenient and fun for consumers to preserve their digital
photos in a creative and thoughtful manner. Shutterfly's flagship
product is its award-winning photo
book line, which helps consumers celebrate memories and tell their
stories in professionally bound coffee table books. Shutterfly was
recently named one of the top 25 Best Midsized Companies to Work For by
the Great Place to Work Institute. More information about Shutterfly
(NASDAQ:SFLY) is available at http://www.shutterfly.com.
Michael Look, 650-610-5910 (Investors)
Sloan, 650-610-5276 (Media)
Source: Shutterfly, Inc.
News Provided by Acquire Media
Close window | Back to top