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Scitex in Preliminary Negotiations for Sale of Scitex Vision

Press release from the issuing company

TEL AVIV, Israel, March 21 -- Scitex Corporation Ltd. today announced that it is engaged in preliminary negotiations for the possible sale of its holdings in Scitex Vision Ltd., of which it holds 75.5% of the outstanding share capital (69.5% on a fully diluted basis) for an enterprise value of Scitex Vision in the range of $230-250 million. The proposed transaction is subject to a due diligence process, negotiation and execution of definitive agreements. There is no assurance whatsoever that any transaction will result with respect to Scitex Vision or as to the terms, deal structure and the purchase price for Scitex Vision if a sale occurs. As previously announced by the company, Scitex has been pursuing various strategic alternatives, including a sale and an IPO, of its holdings.