Versatech USA Announces Letter of Intent and Agreements With LDR International, Inc.
Press release from the issuing company
BELLEVUE, Wash., July 29 -- Versatech USA, Inc., announced today that it had entered into a Letter of Intent, Confidential Information and Exclusive Rights Agreement with LDR International, Inc. (LDRI), a printing equipment and graphic arts products distribution company located in Portland, Oregon. Under the terms of the agreements, Versatech USA intends to purchase 100% of the assets and business of LDRI in a proposed cash and stock purchase transaction, within its exclusive rights period extending to September 30, 2004. The closing of this transaction is subject to certain terms and conditions.
LDR International, Inc., established in 1978, imports and domestically markets printing and bindery equipment, including: paper cutters manufactured by Itoh; jogger paper sheet separators manufactured by Kudo; folders and paper feeders manufactured by Shoei; and multicolor offset printers manufactured by Shinohara. Through its Fusion Systems International Division, the company integrates and distributes computerized printing software, DigiPage(TM) and Color Ray(TM) (software used by companies such as Ringer AG, Tucker Printers, and the Color Wheel), that is based on Harlequin Software Technology licensed by Global Graphics Software Limited, designed for the Macintosh, Linux, and Unix computer operating system platforms. The Company is also a licensed distributor for Epson, Hewlett Packard, Apple, and Sun where it principally markets printers, scanners, computers, and supplies to the graphics arts industry segment. Ralph W. Johnson heads LDRI and is a veteran of over 40 years as a supplier of products and equipment, including computerized printing installations, to the graphic arts and printing industries.
Steve Krakonchuk, Versatech USA's Chairman, stated, "The association of Mr. Johnson with the planned acquisition of LDRI business is a perfect match for Versatech, as it re-establishes its sales and marketing business operations. Mr. Johnson is a tested veteran whose addition to the management team will be a positive factor in the development of our business growth opportunities. LDRI has a good operating industry niche and the company possesses an extensive sales and marketing management information systems infrastructure. Versatech is not only provided the opportunity to expand its business by adding complementary product lines, but also is afforded the ability to expand its business operations geographically, while maintaining stringent operational control."
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