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PrimeSource To Terminate Canopy Joint Venture

Friday, September 07, 2001

Press release from the issuing company

PENNSAUKEN, N.J.---Sept. 5, 2001--PrimeSource Corporation, the leading distributor and digital workflow integrator to the printing and publishing industry, today announced that, in addition to the signing of a definitive merger agreement providing for the acquisition of PrimeSource by Fuji Photo Film U.S.A., Inc. (which was announced jointly by Fuji and PrimeSource on September 4), the Board of Directors also approved the termination of the joint venture known as Canopy, LLC. This majority-owned subsidiary focused on the sale and servicing of color digital presses. The unwinding of this joint venture will have no effect on the merger agreement with Fuji. There will be a one-time charge in the third quarter arising out of the unwinding of this joint venture, the amount of which is yet to be determined. PrimeSource provides more than 200,000 line items from 500 manufacturers to over 20,000 customers from locations throughout the United States. Certain statements in this press release are forward-looking and are subject to a number of factors, including material risks, uncertainties and contingencies, which could cause actual results to differ materially from those set forth in the forward-lookingstatements. These risks and uncertainties include, but are not limited to, the execution of the definitive merger agreement and, if executed, the successful consummation of the proposed transition and other risks and uncertainties set forth in the Company's Form 10-K and other filings with the Securities and Exchange Commission. This news release is for informational purposes only. It does not constitute a solicitation/recommendation statement under the rules and regulations of the SEC. PrimeSource urges its shareholders to carefully review its solicitation/recommendation statement when it is filed with the SEC prior to making any decisions with respect to the offer described above as it will contain important information. PrimeSource's shareholders will be able to obtain any such solicitation/recommendation statement for free when it becomes available at the SEC's web site at www.sec.gov and will be mailed to all stockholders free of charge

 

 

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