Peerless Systems Announces Strategic Divestiture of Storage Subsidiary Netreon

1/31/2002 - Peerless Systems Corporation (Nasdaq: PRLS), a provider of software-based embedded imaging and networking systems to the digital document markets, today announced the divestiture of its wholly-owned subsidiary Netreon, Inc. to a group of investors, led by Adam Au, Netreon’s Vice President and General Manager and former Peerless Director. With the divestiture of Netreon, effective January 29, 2002, Peerless will have a minority interest in the newly independent storage management software company, while also retaining the networking technology obtained from the Company’s 1999 acquisition of Netreon for the continuing integration into Peerless’ core document imaging product development.

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