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Xeikon International Appoints New CEO, Concludes Transition Period

Press release from the issuing company

Belgium, Lier, Sint-Martens-Latem, June 10, 2002 -- Punch International announced the definitive new start of its subsidiary Xeikon International. Xeikon moved its headquarters from Mortsel to Lier in Belgium. Joost Verbrugge was appointed as new CEO. He will take over from former CEO Jan Van Daele, who helped guiding the company during the transition period following the acquisition. Mr. Van Daele will leave the company to pursue other interests. Xeikon International, world leader in the development, production and commercialization of digital color printing systems for a wide range of applications, was acquired by Punch International early March. During the transition phase following the acquisition, Xeikon’s strategic focus was redefined and the company decided to concentrate resources on the development, manufacturing and sales of the DCP or roll-fed printing systems, Xeikon’s market-leading product. In addition, the company prepared the relocation to Xeikon International’s new headquarters in Lier, which was concluded this week. The new building comprises 280,000 sq. ft. of production and inventory space and 130,000 sq. ft. of office space and is equipped with state-of-the-art IT and other facilities. It will house Xeikon International’s headquarters, R&D department, production division and the sales and marketing departments. In addition, the building in Lier will also accommodate other Punch divisions and part of the space will be rented out to third parties. The brand-new building, which will be officially inaugurated later this year, marks the beginning of the new Xeikon and a definitive break with the past. During the past few months, Jan Van Daele took over the position of CEO from Xeikon NV’s former CEO. When Punch International acquired Xeikon, it decided to introduce a transition period for a few months in order to get the company back on track. As Mr. Van Daele had previously served as Vice President R&D within Xeikon, he was prepared to assume the role of CEO during the transition period and to focus on identifying the core activities for the future. Mr. Lucien De Schamphelaere was nominated Chairman of the Board of Directors of Xeikon International. This Board of Directors today appointed Mr. Joost Verbrugge (47) as new CEO of Xeikon International. Mr. Verbrugge was CEO of Barconet until the end of last year, when the American-based Scientific Atlanta acquired the company. Prior to that, he held the position of President for Barco Asia. In that position, he acquired significant international experience, which will be very valuable to Xeikon. Mr. Van Daele will pursue other career opportunities outside the company. Xeikon International, along with CtP manufacturer Strobbe Graphics, is part of the business unit Graphic Systems of Punch International, under the responsibility of Mr. Joost De Graeve. The relocation to Lier involves certain costs. It is however expected that Xeikon, which already gained slight profits during its first month of production as a Punch company, will report break-even results for its first consolidated quarter and will not impact the operational results for Punch International.