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Southern Lithoplate and Spectratech International Acquire Citiplate, Inc.

Tuesday, October 31, 2006

Press release from the issuing company

October 30th, 2006 -- Southern Lithoplate closed on the acquisition of Citiplate, Inc. Edward A. "Trip" Casson, Chairman and CEO of Southern Lithoplate Inc. commented, "Given the ever increasing demand for Southern Lithoplate products by the marketplace, the acquisition of Citiplate perfectly complements our commitment to our current and future customers within the scope of our long-term strategic business plan." The acquisition includes the Citiplate business and current customer relationships, the Jackson, Tennessee manufacturing facility, and a complete portfolio of intellectual property. Citiplate currently manufactures thermal, violet, and no process digital lithoplates. Southern Lithoplate will immediately integrate its Viper 830 and Cobra 830 thermal CtP technologies in the Jackson, Tennessee manufacturing facility while also moving forward with the Citiplate portfolio. Casson concluded his remarks, "We welcome the Citiplate customers and the Jackson, Tennessee employees to the Southern Lithoplate Family. Combining the Jackson, TN facility, our Wake Forest, NC Campus, and our recently announced Litho Center also located on the Wake Forest campus, our total capacity will be well over 300 million ft2 per year by Q3 2007. This capacity guarantees our customer partners supply of quality and best-in-value offset printing plates." Raymond James & Associates, Inc. served as Southern Lithoplate, Inc.'s advisor on the transaction. The acquisition was structured as an asset purchase. Financial terms of the transaction were not disclosed.

 

 

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