I/Net to Acquire CGG

I/Net Inc. (Kalamazoo, Mich.) announced it has signed a letter of intent for the acquisition of Consolidated Graphics Group Inc. (CGG), a Cleveland-based computer graphics, multimedia, printing and direct marketing firm, according to published reports.

While completion of the acquisition is subject to further approval, the companies expect to have the deal done during the second quarter of 1999.

"Combining I/Net's ability to co-develop and create automated Internet Protocol (IP) solutions for the graphic arts and print industry with CGG's well-established experience in these industries will result in new products and revenue sources for I/Net," says Stephen Markee, president and CEO of I/Net.

"The addition of CGG's multimedia, graphics design and direct marketing ability, along with its significant customer base, can immediately and positively contribute to I/Net," says Kenneth Lanci, chairman of the board of CGG, who will become chairman and CEO of I/Net.

--L. Greenemeier