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Courier Renegotiates Agreement with Brazil Textbook Printer

Monday, August 11, 2014

Press release from the issuing company

Will Acquire Controlling Interest in Digital Page

NORTH CHELMSFORD, Mass. - Courier Corporation, one of America’s leading innovators in book manufacturing, publishing and content management, today announced that it has renegotiated its agreement with Digital Page Grafica e Editora, a digital textbook printer based in Sao Paulo, Brazil. Under the revised terms, Courier will hold a 60% interest in Digital Page in place of the original 40% for the same $9 million investment amount as previously agreed, following the closing of the restructured transaction. The closing is expected to take place by the end of the calendar year.

Last October, Courier entered into an Investment Agreement to acquire a 40% equity interest in Digital Page for approximately $9 million. Subsequently, Courier funded bridge loans to Digital Page totaling $4.5 million, secured by a pledge of 40% of Digital Page’s equity interest. The bridge loans were to be credited toward the purchase price upon the closing of the Investment Agreement and matured on June 18, 2014.

As a result of Digital Page’s financial condition and inability to fulfill certain closing conditions set forth in the Investment Agreement, Courier entered into negotiations with the founder of Digital Page to restructure the investment, which concluded with mutually acceptable terms.

The agreement with Digital Page complements Courier’s agreement to license a version of its proprietary textbook customization platform to Santillana, which already has its own long-term printing and book manufacturing agreement with Digital Page. Through this three-way relationship, Courier hopes to extend its North American market leadership in customized four-color textbooks to South America’s largest education market.


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