Creo Strategic Partner Printcafe Software Announced IPO on Nasdaq; Creo Receives US$16.9 Million in Debt Repayment From Printcafe IPO.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--June 18, 2002 Creo 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 :CREO) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CRE CRE Commercial Real Estate CRE Corporate Real Estate CRE Commission for Racial Equality (Scotland) CRE CCD (Charge Coupled Device) and Readout Electronics CRE Camp Response Element .TO) announced today that its strategic partner, Printcafe Software, Inc., priced its initial public offering ("IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ") of 3.75 million shares. Shares of Printcafe Software common stock will trade on the Nasdaq National Market under the symbol PCAF PCAF P300/CBP-Associated Factor . Creo will receive approximately US$16.9 million in debt repayment from the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the IPO, including US$11.8 million in loan principal, US$1.4 million in interest and US$3.7 million in prepayment fees. Printcafe Software is a leading provider of software solutions designed specifically for the printing industry supply chain. Creo will purchase US$3.7 million of Printcafe Software stock in the IPO and, upon completion of the IPO, will own approximately 30.2 percent of Printcafe Software's outstanding common stock. The IPO is expected to close on Friday, June 21, 2002. In January 2002, Creo issued US$23.6 million of senior, secured long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. to Printcafe Software. Following today's transaction, the remaining balance of US$11.8 million is to be repaid by January 2004. Creo will continue to account for its investment in Printcafe Software under the equity method and retains two seats on the Printcafe Software board of directors. About Creo Creo is a world leader in solutions for the graphic arts industry. Core product lines include image capture systems; inkjet proofers; thermal imaging devices for films, plates and proofs; professional color and copydot scanning systems; and workflow management software. Creo is also an Original Equipment Manufacture supplier of on-press imaging technology, components for digital presses, and color servers for high-speed, print-on-demand digital printers. Creo trades under the symbols CREO on NASDAQ and CRE on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . (C) 2002 Creo Inc. The Creo product names mentioned in this document are trademarks or service marks of Creo Inc. and may be registered in certain jurisdictions. Other company and brand, product and service names are for identification purposes only and may be trademarks or registered trademarks of their respective holders. Data is subject to change without notice. This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are described under the caption "Information Regarding Forward-looking Statements" and elsewhere in our Annual Report for the fiscal year ended September 30, 2001, as filed with the U.S. Securities and Exchange Commission and which are incorporated herein by reference. We do not assume any obligation to update the forward-looking information contained in this press release. |
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