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PRESS RELEASE: myPhotopipe.com, Inc. Begins Trading on OTC After 10:1 Reverse Stock Split.
Internet 2.0 web site for digital photographers continues growth, expansion, and launches new services for digital photographers.
Atlanta, Georgia. After successfully completing a share exchange with Hampden Group, Inc., myPhotopipe.com today began trading on OTC under the symbol OTC: MPPC.
myPhotopipe.com (www.myphotopipe.com) is a leading provider that meets the needs of serious amateur and professional photographers nationwide. The Company offers digital photo processing, photo finishing, online sharing, online hosting and selling of photographs, and online storage. Founded in 1989, the Company launched its Web 2.0 Internet service in 2005 offering more than 100 print options, including photographic matte and glossy prints and Giclee prints.
"People share digital photos, post them on web sites, make them into photo books, and fill their empty albums and frames with photographs. But in understanding the underlying economic drivers of the online business, analysts have overlooked the obvious," said CEO L. Douglas Keeney. "Print processing is exploding because of the quality of photographs. In the old days, a good photo was luck. Today, digital cameras are great and the images so fabulous and the computer software so much easier to use that spectacular photographs are more often the norm and not the exception, and a spectacular photograph triggers the desire to see it hanging on a wall - to use our service. Better cameras. Better software. Better pictures. They want a print. That's a cycle, and it's not ending soon."
According to the Photo Marketing Association, the digital camera has all but replaced the analog camera, with 83 percent of all cameras sold being digital. Digital photographers take more photographs than their analog counterparts. In 2005, more than 7.8 billion digital photos were processed into prints, up 50 percent over 2004. The PMA projects that more than 10.9 billion digital photos will be processed into prints in 2006. myPhotopipe.com is an online service that processes digital photographs into photographic prints.
"Our company benefits from the blossoming of photography as a means of social expression and the amazing renaissance of the photographic print as art," said President Pete Casabonne, a 27-year veteran of the industry. "In the old days, it was nerdy to take pictures. Today, college students post their pictures to Facebook almost as soon as they're taken. It's all part of an enormous transformation in photography, one driven by the digital camera and the Internet."
myPhotopipe.com's high end approach to the art of print processing combines automation with hand inspections. The company focuses on the serious amateur and professional segment, approximately half of the $7 billion print processing industry. The Company offers photographers 94 Print Options, an Internet 2.0 web interface and a lab with the latest equipment. "The moms-and-memories web sites like Shutterfly are about low cost 4x6 snapshots and photo imprintable items," said Casabonne. "That emphasis changes what you are. We focus on the needs of the serious amateur and professional photographer, people who don't buy a Wal-Mart print, people who don't take photographs so they can see Tommy on a mouse pad. We derive more than 90 percent of our revenues from prints large and small."
Adding fuel to customer acquisition has been the collapse of the local camera store. According to PMA, more than 5,000 stores have shuttered since 1999, or about half of all stores from the peak. "Owners of digital cameras don't need film. At first, they didn't make any prints at all. That killed the repeat business camera stores relied on to stay profitable," continued Casabonne. "Now, these same people are discovering that they have bulging hard drives but empty photo albums and empty walls. They're discovering that it's pretty easy to use services like myPhotopipe.com to turn a beautiful photo into a dramatic piece of wall art." According to PMA data, making prints through online services is the fastest growing segment in the industry.
myPhotopipe.com continues the expansion of its product lines with the introduction of new diptychs and triptychs. "Part of our success is attributable to having so many preset product options, and that comes from closely watching our data dashboards," said Keeney. "For instance, last year saw an up tick in panoramic, so we quickly created a cluster of standard sizes. In the same manner, we've noticed photographers creating sequence shots and slo-mo-type prints, so we've just launched templates that make it easier to create those."
Owners of digital cameras have taken more than 60 billion photographs since 2001.
The blossoming of photography as a means of social expression and the renaissance of the photographic print as art has transformed the once staid photography industry into a new and vibrant digital community that spends more than $7 billion on photo prints. myPhotopipe.com serves the photo processing, finishing, sharing, selling and online storage needs of serious amateur and professional photographers nationwide. Founded in 1989, the Company launched its Web 2.0 Internet service in 2005. Today the company is the lab of choice for more than 6,000 studios, colleges, sports photographers, teams, landscape photographers, TV stations, commercial decorating firms, studio photographers, modeling agencies, clubs, wedding photographers and other professional photographers nationwide. Thousands bookmark the company's web site, and hundreds join their online community each month.
SAFE HARBOR STATEMENT
Information provided by myPhotopipe.com, such as online or printed documents, publications or information available via myPhotopipe.com's website contains forward-looking statements that involve risks, uncertainties, assumptions and other factors, which, if they do not materialize or prove correct, could cause myPhotopipe.com's results to differ materially from historical results, or those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," and similar words. These statements may include, among others, plans, strategies and objectives of management for future operations; any statements regarding proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief; and any statements of assumptions underlying any of the foregoing. The potential risks and uncertainties may include, but are not limited to, competition in myPhotopipe.com target markets; potential capital needs; management of future growth and expansion; risk of third-party claims of infringement; protection of proprietary information, customer acceptance of the Company's products and fee structures; the success of myPhotopipe.com's brand development efforts; risks associated with strategic alliances; reliance on distribution channels; product concentration; need to develop new and enhanced products; potential product defects; myPhotopipe.com's ability to hire and retain qualified employees and key management personnel; and risks associated with changes in domestic and international market conditions and the entry into and development of international markets for the Company's products. All future and oral forward-looking statements made by myPhotopipe.com or on behalf of myPhotopipe.com are also subject to these factors. myPhotopipe.com assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
(First posted on Monday, October 9, 2006 at 09:10 EDT)