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Creo Plans to Increase Stake in Printcafe to 55%, Printcafe Responds

Thursday, January 23, 2003

Press release from the issuing company

VANCOUVER, British Columbia---Jan. 22, 2003--Creo announced today that it has entered into agreements to acquire approximately 2.6 million shares of Printcafe Software, Inc. common stock from other shareholders of Printcafe at a purchase price of US$1.30 per share. Upon completion of this purchase, Creo's ownership interest in Printcafe will increase to approximately 55 percent from its current level of approximately 30 percent. Printcafe is a provider of software solutions for the printing industry supply chain. Creo has also asked the Printcafe board of directors to consider a proposal for Creo to acquire all of the outstanding Printcafe common shares not owned by Creo at a purchase price of US$1.30 per share. Amos Michelson, Creo chief executive officer, said, "We believe our proposal is in the best interests of Printcafe's stockholders, providing them with a premium to current market prices and liquidity for their shares at a time when the market prospects for Printcafe's stock are uncertain. At the same time, the acquisition would provide opportunities to improve Printcafe's business by integrating it fully into Creo's worldwide operations and obtaining cost savings and synergies that are not available to Printcafe as an independent public company."     Printcafe Responds to Creo Announcement PITTSBURGH, Jan. 22 -- Printcafe Software announced today, in response to a press release issued by Creo Inc., that its Board of Directors has not received a formal offer from Creo. Printcafe's Board will meet to evaluate and fully consider any offer made by Creo. (WTT Note: Amos Michelson, Creo's CEO is also Chairman of Printcafe's Board of Directors.) Editor's Note: Gail Nickel-Kailing with WTT staff compiled some very interesting facts on this event. The special report looks at the Boards and examines recent SEC filings from the two companies. Finally, the report speculates on the road ahead for Printcafe. Premium Access Members see this report, “Printcafe Software and Creo: This one may take some time” by visiting www.whattheythink.com.

 

 

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