CAP Ventures Expands Global Reach, Acquires GSM Corporation

(Norwell, MA & Tokyo, Japan) January 30, 2004…CAP Ventures, Inc., the leading strategic consulting and research firm serving the digital business and visual communications industry, today announced the acquisition of GSM Corporation. GSM provides research and consulting services for the Japanese and Chinese digital imaging, office equipment, and on demand printing markets.

This acquisition is part of CAP Ventures’ strategy to provide global consulting and research services for the imaging industry with full-time employees based in key economic regions. CAP Ventures currently has over 75 employees across North America, Europe, and Japan focused on the consumer, office, and commercial imaging industries.

“Our clients recognize that Asia is the next major growth opportunity for their businesses,” commented Charlie Pesko, Managing Director of CAP Ventures/InfoTrends. “By expanding our physical presence in Asia, CAP Ventures can provide technology leaders with a unique global perspective based on research and analysis from experienced staff members working in the local markets.

GSM has been working with CAP Ventures/InfoTrends for over eight years by providing account management, organizing industry conferences, and conducting research on the Japanese and Chinese domestic markets. CAP Ventures plans to invest in GSM to expand its consulting and research capabilities and make the organization a hub for the Asia-Pacific market.

“Our customers are often asking for detailed insights on the major markets to help make important strategic planning decisions,” noted Kazuhiro Yoshida, President of GSM. “By joining CAP Ventures/InfoTrends, we are making the commitment to provide our clients with the best information and knowledge for the imaging industry around the world.”

CAP Ventures provides consulting services for the office equipment, on demand printing, content management, and imaging supplies industries. The InfoTrends division is the leading research firm in the digital camera, scanning, and photo printing markets. GSM Corporation will operate as a wholly-owned subsidiary of CAP Ventures, Inc. under the CAP Ventures/InfoTrends trade names.

CAP Ventures is a strategic consulting firm for providers and users of digital imaging and business communication technologies and services. We deliver key research, analysis, forecasting, and strategy recommendations to make a competitive difference in our clients’ businesses. Additional information about CAP Ventures is available on the Web at www.capv.com.

InfoTrends Research Group, Inc. (www.infotrends-rgi.com) is the leading market research and consulting firm for digital imaging technologies and markets. InfoTrends helps its worldwide clientele improve the effectiveness of their strategic planning by providing valuable tools for intelligent decision-making, including forecasts, end user research, product analysis, and market trend tracking. InfoTrends is a member of the CAP Ventures family.