Nur Macroprinters Reports Discussions with Potential Investors and Strategic Partners
Tuesday, June 21, 2005
LOD, Israel--June 20, 2005-- NUR Macroprinters Ltd., today reported that it has been contacted by and begun discussions with several parties regarding an investment in or strategic transaction involving NUR to replace the recently terminated proposed investment by Inspire Investments Ltd. NUR has also received a proposed offer from Dan Purjes, a major shareholder of NUR and a former Chairman of the Board, to make an investment in the company. Mr. Purjes has offered an investment of $1 million in the company and to follow this investment by attempting to raise an additional $9 million for the company by the end of 2005. Mr. Purjes has advised that the financial terms of this proposed investment are intended to be similar to those of the proposed Inspire investment. This offer is subject to a number of substantive closing conditions, including, among others, board approval, shareholders' approval, the lender banks' agreement to waive prior defaults and to forebear from declaring continuing defaults until the end of 2005 and the negotiation and completion of definitive documents. NUR is in discussions with its lender banks regarding the above mentioned possibilities. Based on the current status of these discussions, NUR intends to continue to pay suppliers and to conduct its business in the ordinary course, subject to review by its lender banks. There can be no assurance that any of the above described proposals will result in a completed transaction or that the conditions described in the Purjes proposal can be satisfied. If the company is unable to conclude a satisfactory refinancing, it will consider alternative plans to address its immediate and long-term financing requirements, which alternative plans include, but are not limited to, seeking protection from creditors under the Israeli law. In light of the rapidly changing events, management will endeavor to report publicly on these events as promptly as appropriate.