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Scitex Sells the Remainder of Creo Shares

Wednesday, August 13, 2003

Press release from the issuing company

TEL AVIV, Israel, Aug. 12 -- Scitex Corporation Ltd. announced today the sale of the remainder of the Creo Inc. shares held by it -- 3.25 million shares -- valued at approximately $30.9 million through the facilities of the Toronto Stock Exchange in an arranged sale to various financial institutions in Canada. Scitex originally acquired 13.25 million of Creo's shares in April 2000 in exchange for its digital preprint and print-on-demand assets, and sold 7 million of the shares in November 2001 and 3 million shares in June 2003. Nachum "Homi" Shamir, Chief Executive Officer of Scitex, commented: "We will use the net proceeds from this transaction to improve our cash position, support our portfolio companies, if needed, and for other general company purposes."

 

 

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