HUDSON, N.H., July 15 -- Presstek, Inc., the leading manufacturer and marketer of digital offset business solutions, today announced that it had completed the previously announced sale of the land and building of its Lasertel property in Tucson, Arizona. Presstek has signed a lease to utilize the portion of the building which is needed to run the Lasertel business. Presstek received $8.75 million for the property and building. The company intends to use the proceeds of the sale to reduce outstanding debt.
"One of the company's primary objectives over the past year has been to improve cash flow and reduce debt to help fund our strategic growth initiatives," commented Presstek President and Chief Executive Officer Jeff Jacobson. "This cash is a key element of our plans for paying down debt; reducing interest expense, and building a much stronger balance sheet. The Business Improvement Plan we announced in October 2007 is successfully reshaping our operating profile and positioning the company to leverage the long term future growth we expect to deliver via our strategic initiatives."
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