Presstek Receives Waivers from Banks on Adast Bankruptcy
Press release from the issuing company
HUDSON, N.H., March 20 - Presstek, Inc., a leading provider of direct digital imaging technology, today announced that it has received waivers from its lenders for the fourth quarter bank covenant violations caused by the write-off of the $2.1 million of prepayments made to Adast for raw materials and work-in-progress. On March 12, 2002 the company announced that its manufacturing partner Adast had filed for bankruptcy protection. As previously stated, this bankruptcy is not expected to impact any other portion of Presstek's business.
Presstek Vice President and Chief Financial Officer Moosa E. Moosa said, "We are pleased that our banks were very cooperative under these circumstances. We are now free to put this issue behind us and return our focus to the opportunities that lie ahead.''
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