G-Printing, formerly Geographics to Terminate Business Operations
Press release from the issuing company
MINNEAPOLIS--Sept. 26, 2002--G-Printing, Inc. (formerly known as Geographics, Inc.), announced today that on September 17, 2002, a group of the secured lenders of G-Printing, Inc. disposed of the majority of its assets, effectively terminating regular business operations of the company. This announcement follows G-Printing, Inc.'s defaults under its secured lending obligations, and the secured lenders exercised their right to sell the company's assets in a sale under ss. 9-610 of the Uniform Commercial Code.
According to Joe Morris, G-Printing, Inc. President, "G-Printing will be liquidating the remainder of its assets which it anticipates will take approximately twelve to eighteen months. To avoid any preferences to any unsecured creditors, G-Printing does not intend to make payments to any pre-September 17, 2002 unsecured creditor until all of its assets are liquidated and a pro rata payment can be made to all unsecured creditors."
Although there can be no assurance that any payment will be made to the unsecured creditors, G-Printing believes this process is the most effective and least costly to the unsecured creditors. It is currently anticipated there will no value remaining for stockholders.
The assets were sold by the secured creditors of G-Printing to Geographics, LLC, an affiliate of Mafcote, Inc. Mafcote currently serves the majority of Geographic customers within their other divisions and brings a breadth of vertically integrated services to enhance and service the Geographics product lines.
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