Exhibit 99
Contact: Jill Schmidt Kleyton Parkhurst, SVP
S&S Public Relations ePlus inc.
jills@sspr.com kparkhurst@eplus.com
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847-955-0700 ext. 227 703-709-1924
ePLUS TO EXPAND CUSTOMER BASE WITH ACQUISITION
OF MANCHESTER TECHNOLOGIES' IT BUSINESSES
Acquisition strengthens ePlus' IT fulfillment, software development,
and consulting services offerings
HERNDON, VA, May 28, 2004 - ePlus inc. (Nasdaq NM: PLUS - news) announced today
that it has purchased the IT fulfillment, professional services, and software
development and consulting service businesses of Manchester Technologies, Inc.
(NASD NM: MANC). The agreement will immediately expand ePlus' customer base and
geographic reach with the addition of established regional offices in
metropolitan New York, South Florida, and the Baltimore area. The acquisition
also expands ePlus' professional services team and will provide additional
opportunities to sell ePlus' Enterprise Cost Management solutions to the newly
acquired customer base.
The transaction closed on May 28, 2004, and involved the assumption of certain
real estate leases and other liabilities as well as cash consideration. ePlus
obtained customer lists and contracts, fixed assets, software, and will hire
certain Manchester Technology personnel.
ePlus also acquired the assets of Manchester Software, a Rochester, NY-based
division which provides enterprise software development and operations
consulting. ePlus plans to offer the expertise of the software consulting group
to its existing clients as well as utilize their talents internally for ongoing
development.
"This acquisition gives us an established presence in key new markets and adds
valuable customer relationships," said Phillip G. Norton, chairman, president
and CEO of ePlus. "At the same time, it gives us access to this customer base to
offer ePlus software and services as a solution for their electronic
procurement, content management and asset management needs."
About Manchester Technologies, Inc.
Manchester Technologies, Inc. is a single-source solutions provider specializing
in display technology, and, prior to the transactions referenced in this
release, hardware and software procurement, custom networking, security, IP
telephony, remote management, application development/e-commerce, storage,
enterprise and internet solutions. Manchester offers a complete line of products
and peripherals for customer's display technology requirements. More information
about the company can be obtained by visiting the company's website located at
http://www.e-manchester.com
About ePlus inc.
A leading provider of Enterprise Cost Management, ePlus provides a comprehensive
solution to reduce the costs of purchasing, owning, and financing goods and
services. ePlus Enterprise Cost Management (eECM) packages business process
outsourcing, eProcurement, asset management, product and catalog content
management, supplier enablement, strategic sourcing, financial services and
document access and collaboration into a single integrated solution, all based
on ePlus' leading business application software. Profitable since inception in
1990, the company is headquartered in Herndon, VA, and has more than 30
locations in the U.S. For more information, visit www.eplus.com, call
888-482-1122 or email info@eplus.com.
ePlus, ePlus Enterprise Cost Management, and/or other ePlus products referenced
herein are either registered trademarks or trademarks of ePlus inc. in the U.S.
and/or other countries. The names of actual companies and products mentioned
herein may be the trademarks of their respective owners.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release, which are not historical facts, may be
deemed to be "forward-looking statements". Actual and anticipated future results
may vary due to certain risks and uncertainties, including, without limitation,
the existence of demand for, and acceptance of, our services; our ability to
adapt our services to meet changes in market developments; the impact of
competition in our markets; the possibility of defects in our products or
catalog content data; our ability to hire and retain sufficient personnel; our
ability to protect our intellectual property; the creditworthiness of our
customers; our ability to raise capital and obtain non-recourse financing for
our transactions; our ability to realize our investment in leased equipment; our
ability to reserve adequately for credit losses; fluctuations in our operating
results; our reliance on our management team; and other risks or uncertainties
detailed in our Securities and Exchange Commission filings.