Shareholders Approve Steps to Improve NUR's Financial Stability
Press release from the issuing company
LOD, Israel--Oct. 30, 2005-- NUR Macroprinters Ltd., a leading supplier of wide-format inkjet production printing systems for the out-of-home advertising market, today announced the results of the annual and special meeting of shareholders held on Thursday, October 27, 2005. NUR's shareholders approved all of the proposals described in the notice and proxy statement. Specifically, NUR's shareholders approved, among other things, the previously announced investment of $12 million by a group of investors led by Fortissimo Capital, the conversion of $14 million of NUR's outstanding debt into warrants to purchase ordinary shares and $5 million into a non-interest bearing 3-year subordinated note, repayment of $2 million of the debt within 1 year and replacement of the remaining $22 million with new credit facilities.
The closing of the private placement and the debt restructuring are expected to take place in a few days.
"The vote by our shareholders approving the proposals related to the Fortissimo investment and the debt restructuring is a major milestone in our long term plan," says David Amir, NUR's President and CEO. "We are very satisfied with this achievement and look forward to the implementation of the entire plan that will lead NUR Macroprinters to the desired performance."
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