1stBooks Secures New Capital Investments

Posted on November 13, 2002

1stBooks Library, an Indiana-based provider of print-on-demand (POD) and ebook publishing services, announced that it has secured new capital investments. The company plans to expand upon and enhance its services to authors. 1stBooks said it has recently received significant capital investments from Indianapolis based Gazelle TechVentures and Columbus, Indiana based Johnson Ventures.

1stBooks' existing operational team will continue to manage and oversee day-to-day business activities under the leadership of Robert (Mack) McCormack who has been named the company's new President. Mr. McCormack most recently served as Chief Operating Officer for 1stBooks Library and has been with the company since early 2000.

"We are extremely pleased to announce that Gazelle TechVentures and Johnson Ventures have made strategic investments in 1stBooks Library. We are excited about our future growth and the opportunities that lay ahead for our Company and for our employees. In addition, our family of authors will benefit greatly from expanded service offerings and greater access to publishing tools and technology," said Mr. McCormack. "This news represents the latest example of the great strides 1stBooks has made in our brief five-year history, and will further enable the company to enhance and expand our service offerings and thus increase our unique leadership role within the publishing industry."

1stBooks said that it will publish a record 5,000 new titles this year and that it has seen a significant increase in revenues and profitability, increasing revenue by more than 65% year to date compared to last year. The company currently lays claim to more than 11,000 titles.



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