Presstek to Acquire Precision Lithograining Corp.

Presstek to Acquire Precision Lithograining Corp.

HUDSON, N.H., June 3 -- Presstek, Inc., a leading

manufacturer and marketer of environmentally responsible high tech digital

imaging solutions for the graphic arts and laser imaging markets, and

Precision Lithograining Corporation ("Precision"), the manufacturer of the

industry leading Anthem, Freedom and Aurora chemistry-free printing plates,

today announced that the companies have signed an agreement for Presstek to

acquire Precision in a cash transaction valued at approximately $13 million.

Subject to customary closing conditions, the acquisition is expected to be

completed in the third quarter of 2004. The companies are planning to

maintain their respective operations, with Precision operating as a wholly

owned subsidiary of Presstek.

Located in South Hadley, Massachusetts, Precision Lithograining Corporation

is one of the largest independent plate manufacturers in North America and

Presstek's manufacturing partner for its Anthem and Freedom printing plates.

Precision's plate product portfolio includes conventional and digital

printing plates for both web and sheetfed printing applications.

Presstek's President and CEO Edward J. Marino said, "We are delighted to

announce this agreement with one of our very successful long-term partners.

Precision is an excellent company that has served Presstek and its growing

customer base very well. We intend to build on that solid foundation."

Marino continued, "This acquisition is specifically designed to solidify

Presstek's leadership in the growing processless plate market. The move is

expected to provide Presstek with the capability to further grow its

chemistry- and process-free market position by leveraging the strength of

our Anthem family of plate products. Presstek's Anthem and Freedom plates,

along with Precision's Aurora branded plate, are the industry benchmarks for

chemistry-free plate technologies, we believe that these products hold

significant long-term growth potential for Presstek."

"In addition," said Presstek's Chief Financial Officer Moosa E. Moosa,

"Precision has a strong conventional plate business with several well

recognized business partners, graphic arts dealers and customers. The

conventional business does not overlap with Presstek's digital businesses

and so offers us a unique growth opportunity for our technology."

Precision's President Edward Klepacki, Jr. said, "Precision is very pleased

to be able to join forces with Presstek. We believe Presstek's strong

financial footing will allow Precision to expand the market for our full

range of plate products. The combined companies will be able to offer

printers a wide array of quality plate products."

Precision's Vice President Dwight Klepacki added, "Presstek has a strong

tradition of innovation and technology development. We believe the combined

forces of the two companies will allow us to create more and better products

for our OEM partners and our growing customer base. We look forward to

working with Presstek to realize this potential."

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