Inspire Investments Ltd to Invest $10 Million in NUR Macroprinters
Press release from the issuing company
LOD, Israel--Dec. 21, 2004-- NUR Macroprinters, a leading supplier of wide-format inkjet production printing systems for the out-of-home advertising market, today announced that it has reached an agreement in principle for an investment of US $10 million by Inspire Investments Ltd.. Subject to a definitive agreement, the Company's Board of Directors has approved the issuance of approximately 15.3 million ordinary shares at $0.65 per share and warrants to purchase 7.2 million ordinary shares at $0.75 per share (the "Warrants").
The investment, which will require the approval of NUR's shareholders, also remains subject to completion of due diligence examinations by Inspire, a definitive agreement and the restructuring of the company's debt with its bank lenders.
In conjunction with the aforementioned transaction, Dan Purjes, chairman of the board of directors and a major shareholder of NUR, has decided to resign from the board of directors, effective immediately. In addition, Mr. Purjes has agreed to enter into a voting agreement with Inspire pursuant to which voting control over all shares owned by Mr. Purjes will be assigned to Inspire. In consideration of Mr. Purjes entering into the voting agreement, Inspire will assign to Mr. Purjes 3.0 million of the Warrants.
The company further reported that following the resignation of Mr. Purjes from the NUR's board of directors, the board of directors elected Robert F. Hussey as acting chairman. Mr. Hussey has served as a director of the company since September 1997 and he is the chairman of the audit committee of the board of directors. Mr. Hussey is a private investor. From June 1991 to April 1997, Mr. Hussey served as the president and chief executive officer of Metrovision of North America. Prior thereto, from 1984 to 1991, Mr. Hussey served as the president, chief executive officer and director of POP Radio Corp., a company which he helped form. From 1979 to 1984, Mr. Hussey served as the vice president/management supervisor for Grey Advertising, Inc. Mr. Hussey is also a director of Digital Lightwave, Inc., New World Power Corp., Digital Data Networks, Corp. and Axcess Inc., which are all publicly held companies. Mr. Hussey holds a B.S. degree in Finance from Georgetown University and an MBA degree in International Finance from George Washington University.
NUR also reported that it has appointed Ms. Tamar Peller as a new member of the board of directors. Ms. Peller has over 10 years of experience in finance. She is the Co-Founder and CFO of Rubidium Ltd., a high tech company specializing in digital voice processing chips and applications. Ms. Peller holds this position since 1997. Prior to this, Ms. Peller was with the high tech audit group of the accounting firm of Almagor & Co. Ms. Peller holds a B.A. in Accounting and Finance from the College of Management in Tel-Aviv, Israel and she is a Certified Public Accountant. Ms. Peller is a Board Member and the Chairman of the Hi-tech Committee of the Institute of Certified Public Accountants in Israel - Tel-Aviv District.
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