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Xaar Restructures for Growth

Press release from the issuing company

Cambridge, UK; November 27, 2001 - Xaar plc, the innovative inkjet development company, recently announced to the investment community plans to reinforce its R&D activities located at the company's headquarters here in Cambridge, UK. An enhanced R&D Innovation Center will be dedicated to the continuous development of Xaar's core ink jet technology with particular focus on next-generation systems. UK manufacturing is being relocated to Xaar's existing high-volume production facilities in Sweden, freeing up more UK-based resources for technology development and rapid prototyping. R&D Innovation Center The Innovation Center is committed to enhancing and accelerating Xaar's R&D initiatives. This will be manifested in terms of product developments, including upgrading and extending Xaar's current printhead portfolio, and the creation of next-generation technologies. The Center will also facilitate custom projects and low volume pilot prototyping. Xaar's Technical Director, Steve Temple, comments, "Xaar already has an enviable reputation for pioneering ink jet technological developments that now lie at the heart of the most advanced printing systems in the world. Innovation is the benchmark by which we do business, and research and development of future jetting systems is an essential part of this recipe. The Innovation Center will also play a vital role in supporting the consolidation of Xaar's world-class Manufacturing Center of Excellence based at its Swedish production site in Jarfalla near Stockholm." The transfer of Xaar's UK manufacturing line to its advanced, high-capacity Swedish facility is a direct result of the rapidly increasing demand for Xaar's XJ500 printhead. This 70mm-wide head broke all records for piezo printhead width when it was first introduced to the market in 1997 and since then Xaar has witnessed an incredible surge in demand from original equipment manufacturers (OEMs) wanting to exploit the advantages in speed offered by this product. Over the past two years, Xaar's sales and manufacture of printhead products has grown rapidly from revenues of about $12 million in 1999 to over $22 million in 2000. The 215,278 sq-ft Swedish-based production facility has been responsible for the manufacture and shipment of the vast majority of this demand and is now being geared for a ramp-up in demand and expansion of the Xaar product range.

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