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Creo Files 13-D: Not a Majority Stake Yet, But Now Owns 44% of Printcafe

Press release from the issuing company

February 3, 2003 -- (by WTT contributing columnist Gail Nickel-Kailing with WTT staff.) -- On Friday, Creo filed Schedule 13-D with the SEC. The document provides more detail about their plans to increase Creo’s 30% equity position in Printcafe to approximately 55%. Purchase agreements for about 14.4% of the outstanding shares closed Thursday, January 30 in New York City. The schedule includes the names of the parties who agreed to sell their shares to Creo. HarbourVest/Mellon owned 1,616,789 shares of Printcafe. Creo’s purchase of 1,532,052 shares from HarbourVest closed on Thursday and now Creo owns approximately 44% of the outstanding shares of Printcafe. Three funds belonging to J. & W. Seligman & Co. hold approximately 10% of the outstanding shares in Printcafe. The “closing date” for these shares is February 24, 2003 and Creo will then own approximately 55% of Printcafe. These are important agreements because majority ownership is expected to thwart any takeover or acquisition attempt by EFI or any other interested parties. EFI has offered $2.60 per share for all outstanding shares of Printcafe while Creo’s offer stands at $1.30 per share. --------- Editor’s Note: More insight is available on this filing for Premium Access Members at www.whattheythink.com. It includes details of the agreements between Creo and the shareholders mentioned above. The report also contains excerpts from the letter Creo sent to Printcafe’s Board notifying them of their plans to acquire the company.