TORONTO, May 12 - PLM Group today announced it has entered into a letter of intent to acquire the shares of Optium Inc., one of Canada's largest pre-press / large format printing businesses, in a cash and stock transaction.
The closing of this transaction is expected to take place by June 30, 2003, subject to, among other things, due diligence investigations by PLM, final approval from its Board of Directors and normal course regulatory approval.
Originally founded as Intercolour Inc. in 1991 and rebranded as Optium Inc. in 1999, Optium is a profitable Toronto-based company that has a national reputation as a leader and innovator in pre-press imaging, pre-press packaging, digital ad delivery and large format printing. These product offerings are key elements for major advertising agencies, packaging companies and many of today's largest and most successful businesses. These business segments represent valued strategic additions to the product offering of PLM's other operations. As a private company, Optium does not disclose financial results.
Total consideration for the purchase will be approximately $6.0 million and will include the issuance of 1,007,288 PLM common shares from treasury at a price of $0.73 per share.
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