InteliCoat Technologies and Azon Corporation to Merge
Press release from the issuing company
South Hadley, MASS, October 31, 2002 - InteliCoat Technologies, Inc. (www.intel icoat.com) announced today that it will merge with Azon Corporation (Johnson City, NY; www.azon.com), a manufacturer of wide format coated papers and films widely used in the reprographics industry. The intent to acquire Azon Corporation by InteliCoat's parent company, Sun Capital Partners, Inc., of Boca Raton, Fla., (www.suncappart.com) was announced in September 2002 and the sale was completed today.
InteliCoat Technologies CEO Robert W. Champigny comments, "The new entity will be financially stronger and infinitely better positioned to compete in our marketplace. We are very enthusiastic about this opportunity to bring together the strengths and expertise that exist within Azon Corporation and InteliCoat Technologies to build a more comprehensive coating and converting enterprise. The impressive achievements of the Azon employees and management team during a period of a very difficult financial situation give us a great deal of optimism about what can be accomplished in the future. We have initiated the challenging process of building an integration strategy that will enable us to better serve the current customers of both our organizations and seek growth in the digital imaging sector."
"The Azon brand has historically held a strong market leadership position in the reprographic segment," noted Robert Champigny. "It remains our intention throughout the integration process to support our customer base with the same products, competitive prices, distribution center and sales and customer service representation they have enjoyed historically. As a result of this merger we'll be able to quickly restore Azon to its former competitive strength in the marketplace."
The merger is the latest development in InteliCoat's strategy to build upon its position as a global media manufacturing leader in the digital imaging industry. The merger will benefit North America customers by combining the best technologies and practices of the two organizations, as well as delivering enhanced manufacturing, converting and distribution efficiencies.
InteliCoat and Azon are implementing a comprehensive transition strategy to ensure the uninterrupted availability of products and services to the customer bases of each company. The transition is expected to be completed within 12 months. With the sale of Azon's assets to InteliCoat, Azon's President and CEO, Stephen L. Silver, has completed the assignment he was hired for two years ago to restructure Azon and put it back on firm financial footing. He has agreed to stay with the company for several
more months to help ensure a successful transition.
For more information about InteliCoat Technologies, visit www.intelicoat.com. For more information about Azon Corporation, visit www.azon.com.
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