Scitex Announces Investments in Objet Geometries and InfoBit.
HERZLIA, Israel--(BUSINESS WIRE)--June 28, 2000
Building Its Network of Companies With Additional Investments in
the Areas of Inkjet Based Digital Printing and the Internet
Scitex Corporation Ltd. (NASDAQ: SCIX) today announced the completion of two additional strategic investments in companies developing digital printing and Internet imaging technologies and applications.
Objet Geometries Ltd.
In a move to expand participation in inkjet-based imaging technologies and applications, Scitex announces its recent investment in Objet Geometries Ltd., a leading developer of color three-dimensional inkjet printing applications. Objet aims to revolutionize the 3D modeling industry, in bringing 3D printing capabilities into a broader market of product designers and architects.
Scitex will hold approximately 19% of the issued shares in the company, and has been granted additional warrants to invest further. Objet was founded in Israel in 1998, and currently employs 32 employees. The company's products are currently in beta-stage testing with commercial sales planned towards the end of the year.
Continuing its investments in visually rich Internet imaging applications, Scitex also announces its investment in InfoBit Ltd., a start-up company, founded in 1999, which develops innovative and unique visual navigation tools for the World Wide Web and the corporate Intranet environments.
Scitex's equity stake in InfoBit is nearly 20% with warrants to increase its holding in the company at a future stage. InfoBit's tools simplify web navigation, providing users with an improved surfing experience, enabling substantial surf time reduction through a more focused and efficient visual navigation tool.
Yoav Z. Chelouche, President and Chief Executive Officer of Scitex, said: "The investment in Objet complements our existing network of companies applying inkjet technologies (Scitex Digital Printing, Scitex Wide Format Printing and Aprion Digital), positioning Scitex as a leader in industrial inkjet applications. Our investment in InfoBit broadens Scitex's participation in innovative companies developing visually rich applications for the Internet environment capturing the tremendous potential of cross media publishing applications and technologies."
Scitex Corporation Ltd.
Scitex Corporation Ltd., a world leader in digital imaging solutions is building a network of leading, innovative companies focused on combining digital imaging solutions with the power of the Internet to create a world of visually rich business communications. Scitex shares trade on NASDAQ under the symbol SCIX. For more information, visit the company's Internet site: www.scitex.com.
Except for the historical information herein, the matters discussed in the news release include forward-looking statements within the meaning of the 'safe harbor' provisions of the US Private Securities Litigation Reform Act of 1995, that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions both here and abroad, timely development and release of new products by strategic suppliers and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission, as well as the effect of the Company's accounting policies.
Scitex and the Scitex logo are trademarks and service marks of Scitex Corporation Ltd. and are registered in certain jurisdictions.