NUR'S Shareholders Approve Steps to Improve Its Financial Stability
Press release from the issuing company
LOD, Israel--April 18, 2005-- NUR Macroprinters, a leading supplier of wide-format inkjet production printing systems for the out-of-home advertising market, announced today the results of the special general meeting of shareholders held on Sunday, April 17, 2005. NUR's shareholders have approved all proposals, as described in the proxy statement circulated to shareholders in connection with the special shareholders meeting. Specifically, NUR's shareholders have approved, among other things, the previously announced investment of $10 million by Inspire Investment Ltd., the conversion of $15 million of NUR's outstanding bank debt into 5 million ordinary shares and warrants exercisable, for no additional consideration, into 20 million ordinary shares and the previously announced Voting Trust Agreement with, and associated issuance of 3 million warrants to, Dan Purjes, NUR's former Chairman and major shareholder. The closing of Inspire's investment remains subject to completion of the due diligence by Inspire and the release of NUR's 2004 audited financial statements. The closing of the debt restructuring remains subject to the approval by the board of directors and investment or credit committees of each lender bank, the entering into new loan agreements relating to the remaining debt and to the closing of the Inspire investment. There can be no assurance that the transactions will be completed.
"Yesterday's vote by our shareholders to approve the proposals related to our restructuring is a strong vote of confidence by our shareholders and a major milestone in our effort to achieve long term financial stability," says David Amir, President and CEO of NUR Macroprinters. "We believe that the closing of Inspire's investment and the restructuring of our bank debt, will enable us to focus on developing the next generation our products and exploring new opportunities."
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