NUR Macroprinters Finalizes Sale of Its Business to HP |
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NUR Macroprinters Ltd.
12 Abba Hillel Silver Street
Lod 71111, Israel
Press release date: March 3, 2008
LOD, Israel, March 3 - NUR Macroprinters Ltd. (OTC: NURMF), a leading supplier of wide-format inkjet production printers for the printing industry, announced today that it has finalized the sale of substantially all its assets to Hewlett-Packard Company (HP) in accordance with the asset purchase agreement signed on Dec. 9, 2007.
Under the terms of the agreement, HP has paid $118.4 million in cash to NUR (including $14.5 million deposited in an escrow account). HP has withheld approximately $1.6 million until final calculation of NUR's cash position at closing and additional $1.5 million until the assignment of NUR's Belgium subsidiary's obligations with respect to such subsidiary's capital lease and Government grants, to NUR. NUR will retain approximately $1 million in cash and will use approximately $21.7 million of the proceeds to repay loans to its lender banks. NUR has also retained several additional liabilities (approximately $1.5 million of which have been paid prior to closing and deducted from the purchase price) and is still evaluating the tax consequences of the transaction.
Following the closing of the transaction, David Reis, President and CEO, NUR Macroprinters, has joined the HP management team. Yuval Cohen, Managing Partner of Fortissimo Capital and Chairman of the NUR board of directors stated: "On behalf of NUR's board of directors, management and employees, we wish to thank Mr. Reis for his unrivaled support and dedication during his tenure at NUR, particularly in repositioning the company as a market leader for wide-format UV production printers."
NUR's board of directors will convene shortly to discuss the future directives for the company and appoint a new CEO.
Contact: Yossy Zylberberg, COO & CFO, +972(8)9145466, yossyz@oranacorp.com
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