ARTAGRAPH ENTERS INTO NEW AGREEMENT FOR EXCLUSIVE SALES IN JAPAN, TAIWAN AND KOREA
ARTAGRAPH ENTERS INTO NEW AGREEMENT FOR EXCLUSIVE SALES IN JAPAN,
TAIWAN AND KOREA
MARKHAM, Ont., Nov. 4 /PRNewswire/ -- Artagraph Reproduction Technology, Inc. (NASDAQ: XARF), announced today that it has entered into a new agreement granting Nihon Keizai Advertising Agency exclusive distribution rights in Japan, Taiwan and Korea for its Artagraph Editions.
The agreement provides for guaranteed minimum annual purchase requirements of approximately $1.4 million for year one, ending July 31, 1992, increasing to guaranteed minimum purchases of approximately $1,850 million by year five, ending July 31, 1996. Artagraph Reproduction Technology, Inc. estimates this five-year commitment will generate revenues of approximately $8 million.
Harvey Kalef, chairman of the board, stated, "I am very pleased with the acceptance of our products in the Far East and the success Nihon Keizai is enjoying with the distribution of Artagraph Editions in their marketplace and I believe it provides ART with an opportunity for substantial growth in the years ahead."
Artagraph Reproduction Technology, Inc., holds a worldwide license on a patented process which produces oil on canvas replicas with both color and surface texture faithful to the original works.
/CONTACT: Harvey Kalef, chairman of Artagraph Reproduction Technology, 416-477-0252/
(XARF) CO: Artagraph Reproduction Technology, Inc.;
Nihon Keizai Advertising Agency ST: Ontario IN: SU: GK-OS -- NY031 -- 0661 11/04/91 10:50 EST