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Scitex Sells 3 Million Creo Shares

Friday, June 06, 2003

Press release from the issuing company

TEL AVIV, Israel, June 5 -- Scitex Corporation Ltd. announced today the sale of 3 million shares of Creo Inc. valued at approximately $24 million through the facilities of the Toronto Stock Exchange in an arranged sale to various financial institutions in Canada. Scitex continues to hold 3.25 million of the 6.25 million held immediately prior to the sale. Scitex originally acquired 13.25 million of Creo's shares in April 2000 in exchange for its digital preprint and print-on-demand assets, and sold 7 million of the shares in November 2001. Yeoshua Agassi, Chief Executive Officer of Scitex, commented: "We will use the net proceeds from this transaction to improve our cash position, support our portfolio companies, pursue opportunities in our current digital printing markets, and for other general company purposes."

 

 

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