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Printware, LLC to Acquire HighWater Designs Limited

Wednesday, January 11, 2006

Press release from the issuing company

ST. PAUL, MN, January 9, 2006 — Printware, LLC today announced that it has agreed to acquire HighWater Designs Limited of Cheltenham, England. HighWater is a developer, manufacturer and distributor of high-technology pre-press products and services specializing in providing a comprehensive range of software products, interface solutions and metal CtP (Computer-to-Plate) systems to small and medium sized commercial printers. HighWater is also a significant OEM partner of Global Graphics, a company that supplies HighWater with the Harlequin Postscript Interpreter that provides the engine for their Torrent RIP product offering. The transaction is expected to close this month. Upon completion of the acquisition, HighWater Designs Limited will continue to operate under the HighWater name and will service its worldwide distribution channels and OEM partners from its headquarters in Cheltenham, England. Furthermore, the current HighWater Designs management team and its workforce will remain in place. Beginning immediately, HighWater-manufactured metal platesetters will be sold in the United States under the Printware PlateStream brand. Commenting on the pending acquisition, Stanley Goldberg, President and CEO of Printware, LLC, said, “We have been working on various technology-related development projects with HighWater Designs over this past year. During this period of time, we realized the merits of combining our business efforts and quickly became aware how each company’s strengths could further enhance the other. In addition, we believe our current successful business model will be strengthened by the products, technical expertise, research and development efforts and marketing capabilities provided by HighWater.” Richard Warren, HighWater Designs Managing Director, added, “Printware’s financial strength, along with their interest in our leading edge CtP technologies, will ensure that our research and development efforts continue unabated. Similarities of our management styles, organization and business objectives, combined with our joint understanding of the needs of our targeted markets, make this an extremely comfortable arrangement. We look forward to joining forces and to continuing to design, develop and sell leading-edge products into the pre-press printing market.” Tim Murphy, Printware’s Vice President of Sales and Marketing, commented, “HighWater Designs Limited produces a proven line of high-quality metal plate CtP devices and related software solutions. Its platesetters, like our own, are designed for smaller format printers and provide a natural extension to our current line of platesetting systems. Printware’s customers, particularly those with print jobs requiring longer print runs as well as those demanding top quality 4-color printing results, will benefit from HighWater’s newly developed Cobra 2-up and the proven Python 4-up metal CtP platesetting systems. In addition, their complete line of workflow solutions will help our customers manage their businesses more effectively.” Continuing, Mr. Murphy added, “These new products coupled with Printware’s Total Solution Approach will help our customers compete more effectively in a marketplace that is rapidly changing to more demanding use of color.  Our Total Solution Approach is proven and trusted by a significant customer base. It includes an array of both polyester (and now metal) CtP devices which we design, manufacture, install and support, along with a line of high quality pre-press consumables, services and workflow solutions.” In conclusion, Peter Flynn, HighWater Designs Director of Sales, stated, “The similarities of the market segments serviced and the complementary skill sets of each of our two companies make this a natural union. The resulting organizations will be far better positioned to address the needs of today’s competitive and demanding pre-press markets around the world. I am particularly excited about the prospect of expanding the distribution of HighWater CtP devices to the US market as well as the opportunity to support Printware-manufactured platesetters marketed outside the US where HighWater has a great deal of experience.” Printware, LLC, based in St. Paul, Minnesota USA, is a developer, manufacturer and marketer of polyester CtP platesetters sold under the PlateStream brand name. Printware also provides a full array of related services as well as a complete line of consumables sold under the SilverStream brand. Its products are distributed both on a direct basis to end-users and through dealers primarily in the United States.




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