Advatex Associates Inc. Approves Name Change and Reverse Stock Split.Business Editors NEW YORK--(BUSINESS WIRE)--July 11, 2000 Stockholders of Advatex Associates Inc. (Nasdaq/OTCBB:ADTX) approved last Friday a name change changing Advatex's name to Color Imaging Inc. ("Color Imaging"), and a 1 for 6.07778 reverse stock split. Both the name change and reverse stock split were done in connection with a merger whereby two privately held corporations, Color Image Inc. ("Color"), a Georgia corporation, and Logical Imaging Solutions Inc. ("Imaging"), a California corporation, became wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Color Imaging. As a result of the merger, Color and Imaging shareholders will each own approximately 43 percent of Color Imaging and Advatex shareholders will retain approximately 14 percent of the total. Advatex, incorporated in Delaware in 1987, was in the business of commercial property management but had been inactive since 1993. Color Imaging will continue the historical businesses of both Color and Imaging. Color Imaging's new OTCBB OTCBB See OTC Bulletin Board (OTCBB). trading symbol Trading symbol See: Ticker symbol is CIMG CIMG Central Institute for Meteorology and Geodynamics .OB. Dr. Sue-Ling Wang and Michael Brennan, respectively the presidents of Color and Imaging, stated, "The merger of the two operating companies provides a single source of digital printing technologies and related products for commercial data processing and offset printing processes, uniting, for the first time, the computer room with the press room by providing digital, color, variable printing capabilities at offset press production speeds." About Color Since its formation in 1987, Color has developed products used in electronic printing, specializing in color and MICR (Magnetic Ink Character Recognition) The machine recognition of numeric data printed with magnetically charged ink. It is used on bank checks and deposit slips. MICR readers detect the characters and convert them into digital data. toners. The product line consists of toners and imaging products for printers manufactured by Brother, Canon, H/P H/P Hacking and Phreaking , 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 others. Production, product development and support are provided from a state-of-the-art, 300,000 square foot facility located in Norcross, Ga. About Imaging Founded in 1993, Imaging has been committed to the development of a high-speed, color, digital printing system for commercial applications. Imaging's solution, called the DIGITALCOLORPRESS(TM), includes software for document design, management and production; a printer control unit for the control of multiple printers; and the fastest commercial printing technology available. The system was developed as a high-speed alternative to data processing and offset printing processes. |
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