Advatex Associates, Inc. Signs Merger Agreement.Business Editors NEW YORK--(BUSINESS WIRE)--May 25, 2000 Advatex Associates, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ADTX) today announced that, on May 16, 2000, it and two of its wholly-owned subsidiaries entered into a Merger Agreement and Plan of Reorganization with two privately-held corporations, Logical Imaging Solutions, Inc., a California corporation, and Color Image A (digital) color image is a digital image that includes color information for each pixel. For visually acceptable results, it is necessary (and almost sufficient) to provide three samples (color channels , Inc., a Georgia corporation. As part of these mergers, Advatex is seeking stockholder approval to complete a reverse stock split of .164534 of a share for each of the 5,470,000 shares currently outstanding, leaving approximately 900,000 shares outstanding prior to the mergers. Advatex then intends to issue, upon closing the mergers, an aggregate of 6,000,000 shares of its common stock to the current shareholders of Logical and Color. Color Image, since 1987, has developed and manufactured products used in electronic printing, including a full line of toners for printers produced by Brothers, Canon, HP, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Lexmark, Sharp and IBM. Production and support are provided from a new state-of-the-art, 300,000 square foot manufacturing plant and corporate headquarters, employing over $10 million of capital equipment, located outside Atlanta, Georgia. Logical Imaging, founded in 1993, has been committed to the development of a digital high-speed color printing “colour separation” redirects here. For other uses, see colour-separation overlay. Color printing is the reproduction of an image or text in color (as opposed to simpler black and white or monochrome printing). system. The DIGITALCOLORPRESS, fully integrated with design, productivity, manufacturing and connectivity software, and the fastest commercial toner-based printing process, permits true Print-On-Demand capabilities. This revolutionary printing system has been designed to replace both offset presses and data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a printers in their combined $8 billion annual equipment market. Advatex has called for a meeting of its shareholders to take place on June 19, 2000 to approve the reverse stock split and a change of the company's name to "Color Imaging, Inc.," all effective upon completion of the mergers. The consummation of the mergers is subject to a number of conditions, including a 30-day "due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. " period for Advatex to review financial and legal matters relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the two companies. Joseph Donnolo, President of Advatex, feels that the merger "is a terrific opportunity for stockholders of Advatex because it provides Advatex with long range growth potential." Dr. Sue-Ling Wang, President of Color not of the white race; - commonly meaning, esp. in the United States, of negro blood, pure or mixed. See also: Color Image and Michael Brennan, President of Logical Imaging, stated that Athe reasoning for the merger lies in vertical integration. Logical Imaging has been totally committed to the development of a digital high-speed color printing system, Color is dedicated to the development and manufacturing of products used in electronic printing, and Advatex is a fully reporting public company. Color Imaging=s goal is to become a major force in the $160 billion commercial printing industry.@ The mergers are intended to be consummated in late June 2000. |
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