Presstek announced today it has entered into a
definitive agreement to sell its wholly owned subsidiary, Lasertel,
Inc. to SELEX Sensors and Airborne Systems (US), Inc.
“This sale to SELEX S&AS will place
Lasertel into a large organization whose core business is closely
aligned with Lasertel’s mission,” said Presstek Chairman, President and
Chief Executive Officer, Jeff Jacobson. “At the same time, it allows
Presstek to focus on its core business and further reduce its debt.
While selling Lasertel has been a key objective during the past year,
we needed to ensure that we received an appropriate value for Lasertel.
We are pleased that we are able to accomplish that with this sale.”
The sale price will be approximately
US$10 million, comprised of US$8 million in cash upon sale of the
business and approximately US$2 million of laser diodes for Presstek’s
future product requirements. The transaction is expected to close
during the first quarter of 2010 and is subject to approval from
certain governmental agencies in the United States and Europe. Presstek
plans to use proceeds from the sale to reduce debt.
Lasertel
develops and manufactures high-powered laser diodes for a variety of
industries, including graphic arts. Presstek uses these laser diodes in
its Presstek DI digital offset presses and the Dimension Excel
Series of computer-to-plate systems. A
supply agreement will also be entered into that will provide the
currently utilized laser diode product to Presstek at existing prices
for a two year period.
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