NUR Macroprinters Finalizes Sale of its Business to HP
LOD, Israel, March 4/PRNewswire-FirstCall/ -- NUR Macroprinters Ltd. (NURMF.PK), a leading supplier of
wide-format inkjet production printers for the printing industry, announced
today that it has finalized the sale of its business to Hewlett-Packard
Company (HP) in accordance with the asset purchase agreement signed on Dec.
9, 2007.
Under the terms of the agreement, HP has paid $118.4 million in
cash to NUR (including $14.5 million deposited in an escrow account). HP has
withheld approximately $1.6 million until final calculation of NUR's cash
position at closing. As a result of HP acquiring NUR's Belgium subsidiary, an
additional $1.5 million will be withheld until the assignment of NUR's
Belgium subsidiary's obligations with respect to such subsidiary's capital
lease and Government grants, to NUR. NUR will retain approximately $1 million
in cash and will use approximately $21.7 million of the proceeds to repay
loans to its lender banks. NUR has also retained several additional
liabilities (although approximately $1.5 million of which have been paid
prior to closing and have been accounted for in the closing purchase price
adjustment) and is still evaluating the tax consequences of the transaction.
Following the closing of the transaction, David Reis, President
and CEO, NUR Macroprinters, will provide consulting services to the HP
management team for a period of up to 6 months. Yuval Cohen, Managing Partner
of Fortissimo Capital and Chairman of the NUR board of directors stated: "On
behalf of NUR's board of directors, management and employees, we wish to
thank Mr. Reis for his unrivaled support and dedication during his tenure at
NUR, particularly in repositioning the company as a market leader for
wide-format UV production printers."
NUR's board of directors will convene shortly to discuss the
future directives for the company and appoint a new CEO.
Information Relating to Forward-Looking Statements
With the exception of historical information in this news release, this
document includes forward-looking statements that involve risks and
uncertainties, including, but not limited to, uncertainties with respect to
results, the management of growth, fluctuations in demand, major changes in
political, economic, regulatory, or environmental conditions, the loss of key
customers, suppliers or key members of senior management, uninsured losses,
competition, uncertainty as to the closing of the transaction, possibility of
future claims for indemnity, and other risks detailed from time to time in
the Company's Securities and Exchange Commission filings. Actual results may
differ materially from any forward-looking statements set forth herein.
Contact:
Yossy Zylberberg,
COO & CFO,
+972(8)9145466,
yossyz@oranacorp.com.
Source: NUR Macroprinters Ltd.
Contact: Yossy Zylberberg, COO & CFO, +972(8)9145466, yossyz@oranacorp.com.
2008-03-03 19:18:17 0303486 PRNEWSWIRE