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Creo Board Calls Requisitioned Meeting for February 10, 2005

Tuesday, November 09, 2004

Press release from the issuing company

VANCOUVER, British Columbia--Nov. 8, 2004-- Creo Inc. today announced that the Creo Board has called an annual and special meeting of shareholders for February 10, 2005 in response to the requisition sent to the company by shareholders holding approximately 5.96 percent of the outstanding shares of Creo. The decision to cancel the previously called annual and special meeting and call the new meeting to be held on February 10, 2005, which combines the matters originally scheduled to be addressed at the previously called meeting with those matters proposed by the requisitioning shareholders, is based upon the recommendation of a Special Committee of the Creo Board. The Special Committee is composed exclusively of directors independent from Creo management. In a letter sent to the requisitioning shareholders, the Creo Board wrote, "In our judgment, the best interests of all Creo shareholders are most effectively advanced by combining the business of the originally scheduled meeting and the business stated in the requisition in a single shareholders' meeting on February 10, 2005. As Creo announced on October 15, 2004, the Creo Board has established the Special Committee to evaluate the strategic alternatives available to Creo with the objective of enhancing shareholder value. This evaluation process, which is designed to identify the best way to enhance shareholder value, is expected to be completed during January 2005. We believe Creo's shareholders should have an adequate period of time prior to the shareholders' meeting to consider the outcome of the Special Committee's evaluation of strategic alternatives. Therefore, holding one shareholders' meeting on February 10, 2005 offers Creo shareholders a proper and orderly way of selecting directors and serves to protect their right to make a fully informed decision on the future direction of the company. In addition, the February 10, 2005 meeting date permits Creo shareholders to consider Creo's audited financial results for the fiscal year ended September 30, 2004 and unaudited financial statements for the quarter ended December 31, 2004." Ken Spencer, director and chair of the Special Committee, stated, "In light of the common business purpose for the previously scheduled annual and special meeting and the requisitioned meeting, the Special Committee determined that a single shareholders' meeting for February 10, 2005 to consider each of the matters outlined in the requisition, as well as the formerly slated business, was appropriate and in the best interests of all Creo shareholders." Dr. Spencer concluded, "The Creo Board remains fully committed to responsibly overseeing the management of the company in the best interests of all Creo shareholders and to permitting the shareholders to make decisions about the future of Creo in an orderly manner, based on full and complete information."

 

 

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