Presstek Chief Financial Officer To Resign
Monday, November 19, 2001
HUDSON, N.H., Nov. 16 -- Presstek, Inc. a leading provider of direct digital imaging technology, today announced that Neil Rossen, chief financial officer, will resign from the company effective December 31, 2001. The company is initiating a search for a new chief financial officer. "During his tenure, Neil has worked diligently to broaden Presstek's relationships with the financial community, both investment banks and commercial lenders. Neil was instrumental in securing extensions to the company's credit facilities, enlisting analyst coverage, and extending Presstek's institutional investor following -- all with a view towards enhancing the company's financial position and reputation,'' said Robert Hallman, Presstek's president and chief executive officer. "Neil's sound financial judgement and effective cash management policies have created a solid foundation for the company as we transition to a new CFO.'' "During the past year, Presstek has delivered a range of new products, brought on line a laser diode facility, and managed significant legal expenses relating to patent litigation,'' said Neil Rossen. "These have presented operational and financial challenges, as well as opportunities to strengthen the company. Our liquidity is expected to improve, and together with an enviable technology base and a sound balance sheet, I believe the company is positioned to move towards enhancing shareholder value. With confidence in the company's prospects, I am ready to begin a new chapter in my life.'' Presstek, Inc. is a leading developer of digital laser imaging and chemistry-free plate technologies for the printing and graphic arts industries. Marketed to world-leading press manufacturers and directly to end users, Presstek's patented DI, CTP and plate products eliminate photographic darkrooms, film and toxic processing chemicals, reduce the printing turnaround time and lower the production costs. The company's Lasertel subsidiary supplies it with the valuable resources necessary for its next generation laser imaging devices.