Published:
Presstek Completes Sale of Its Lasertel Property for $8.75 Million
HUDSON, N.H., July 15 /PRNewswire-FirstCall/ -- Presstek, Inc.
(Nasdaq: PRST), the leading manufacturer and marketer of digital offset
business solutions, today announced that it had completed the previously
announced sale of the land and building of its Lasertel property inTucson,
Arizona. Presstek has signed a lease to utilize the portion of the building
which is needed to run the Lasertel business. Presstek received $8.75 million
for the property and building. The company intends to use the proceeds of the
sale to reduce outstanding debt.
"One of the company's primary objectives over the past year has been to
improve cash flow and reduce debt to help fund our strategic growth
initiatives," commented Presstek President and Chief Executive Officer Jeff
Jacobson. "This cash is a key element of our plans for paying down debt;
reducing interest expense, and building a much stronger balance sheet. The
Business Improvement Plan we announced in October 2007 is successfully
reshaping our operating profile and positioning the company to leverage the
long term future growth we expect to deliver via our strategic initiatives."
About Presstek
Presstek, Inc. is the leading manufacturer and marketer of high tech
digital imaging solutions to the graphic arts and laser imaging markets.
Presstek's patented DI(R), CTP and plate products provide a streamlined
workflow in a chemistry-free environment, thereby reducing printing cycle time
and lowering production costs. Presstek solutions are designed to make it
easier for printers to cost effectively meet increasing customer demand for
high-quality, shorter print runs and faster turnaround while providing
improved profit margins. Presstek subsidiary, Lasertel, Inc., manufactures
semiconductor laser diodes for Presstek's and external customers'
applications. For more information visit www.presstek.com, or call
603-595-7000 or email: info@presstek.com.
DI is a registered trademark of Presstek, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Certain statements contained in this News Release constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve a
number of known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. These risks and
uncertainties are detailed in the company's 2007 Annual Report on Form 10-K
and the company's other reports on file with the Securities and Exchange
Commission. The words "looking forward," "looking ahead," "believe(s),"
"should," "may," "expect(s)," "anticipate(s)," "intend(s)," "project(s),"
"likely," "opportunity," and similar expressions, among others, identify
forward-looking statements. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date the
statement was made. The company undertakes no obligation to update any
forward-looking statements contained in this news release.
Contacts
Investor Relations Trade Relations
Kathleen Makrakis Betty LaBaugh
Director of Investor Relations Public Relations Manager
203-485-7534, ext. 1432 603-594-8585, ext. 3441
kmakrakis@presstek.com blabaugh@presstek.com
SOURCE Presstek, Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: ,CPR,RLE,NH-Presstek-Lasertel
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