Investors Acquire Rapid Refill Ink

June 2, 2005 - (Eugene, OR)---In a move that is expected to fuel its already strong growth, Eugene, Ore.-based Rapid Refill Ink announced that a Minneapolis-based investment group has acquired the franchisor that specializes in the remanufacturing/refilling and retail sales of inkjet and laser toner cartridges. The new ownership group - Rapid Refill Ink International Corp. - is comprised of Roger E. Block, and Michael Batt.

Block will serve as CEO and Batt as chairman of Rapid Refill Ink, a company that was founded by Dan P. White, who will now serve as president and oversee operations. Rapid Refill Ink opened its first store in 2002 and is the only U.S.-based retailer in the industry with storefront operations that utilize state-of-the-art technology and equipment to remanufacture cartridges.

"The opportunities we have with Rapid Refill Ink are unmatched in the franchise industry," said Block. "Having been involved with senior management and ownership of different franchise concepts for more than 25 years, I''ve reviewed numerous franchise concepts and our expectations for Rapid Refill Ink - based upon the solid foundation built by Dan White and his team - are that this concept will be totally embraced by the marketplace."

Rapid Refill Ink began franchising in January 2004 and has sold more than 100 franchise locations in its first year. Rapid Refill Ink has 22 retail locations already open with 10 additional stores expected to open by June in California, Colorado, Florida, Michigan, Oregon and Texas. Seventy-eight stores are in development.

Projections call for 300 franchises to be granted by the end of 2005, generating $120 million in revenue. International expansion is also expected in 2005.

Rapid Refill Ink is well-positioned. It sells remanufactured inkjet and laser toner cartridges that offer savings of 40 to 70 percent below those of OEM (Original Equipment Manufacturer) cartridges, the company is committed to the environment and its franchise offering is affordably priced.

"This business model is perfect," Block said. "Consumers who utilize our services will save a tremendous amount of money, we help protect the environment and the economics enable each franchisee to build a solid, long-term business."



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