Hudson, NH—June 3, 2004—Presstek, Inc., a leading manufacturer and marketer of environmentally responsible high tech digital imaging solutions for the graphic arts and laser imaging markets, and Precision Lithograining Corporation (“Precision”), the manufacturer of the industry leading Anthem, Freedom and Aurora chemistry-free printing plates, today announced that the companies have signed an agreement for Presstek to acquire Precision in a cash transaction valued at approximately $13 million. Subject to customary closing conditions, the acquisition is expected to be completed in the third quarter of 2004. The companies are planning to maintain their respective operations, with Precision operating as a wholly owned subsidiary of Presstek.
Located in South Hadley, Massachusetts, Precision Lithograining Corporation is one of the largest independent plate manufacturers in North America and Presstek’s manufacturing partner for its Anthem and Freedom printing plates. Precision’s plate product portfolio includes conventional and digital printing plates for both web and sheetfed printing applications.
Presstek’s President and CEO Edward J. Marino said, “We are delighted to announce this agreement with one of our very successful long-term partners. Precision is an excellent company that has served Presstek and its growing customer base very well. We intend to build on that solid foundation.”
Marino continued, “This acquisition is specifically designed to solidify Presstek’s leadership in the growing processless plate market. The move is expected to provide Presstek with the capability to further grow its chemistry- and process-free market position by leveraging the strength of our Anthem family of plate products. Presstek’s Anthem and Freedom plates, along with Precision’s Aurora branded plate are the industry benchmarks for chemistry-free plate technologies, we believe that these products hold significant long-term growth potential for Presstek.”
“In addition,” said Presstek’s Chief Financial Officer Moosa E. Moosa, “Precision has a strong conventional plate business with several well recognized business partners, graphic arts dealers and customers. The conventional business does not overlap with Presstek’s digital businesses and so offers us a unique growth opportunity for our technology.”
Precision’s President Edward Klepacki, Jr. said, “Precision is very pleased to be able to join forces with Presstek. We believe Presstek’s strong financial footing will allow Precision to expand the market for our full range of plate products. The combined companies will be able to offer printers a wide array of quality plate products.”
Precision’s Vice President Dwight Klepacki added, “Presstek has a strong tradition of innovation and technology development. We believe the combined forces of the two companies will allow us to create more and better products for our OEM partners and our growing customer base. We look forward to working with Presstek to realize this potential.”
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