Friday June 30, 5:02 pm Eastern Time
Company Press Release
Advatex Associates, Inc. Approve Merger
NORCROSS, Ga.--(BUSINESS WIRE)--June 30, 2000--Advatex Associates, Inc. (NASDAQ OTCBB:ADTX - news) approved today the completion of a merger whereby two privately held corporations, Color Image, Inc. (``Color''), a Georgia corporation, and Logical Imaging Solutions, Inc (``Imaging''), a California corporation, will become wholly owned subsidiaries of Advatex. As a result of the merger, Color's and Imaging's shareholders each will own approximately 43 percent of the total Advatex issued common shares and Advatex shareholders of record will retain approximately 14 percent of the total Advatex issued common shares.
Advatex has noticed a shareholder's meeting for July 7, 2000, wherein Advatex is seeking shareholders approval for a reverse stock split and a change of the corporation's name to COLOR IMAGING, INC. If these requests are approved, COLOR IMAGING, INC. will have 7,000,000 shares of common stock issued to approximately 350 shareholders, of which a total of 6,000,000 shares will be issued to the shareholders of Color and Imaging. Furthermore, the company's new OTCBB trading symbol will be CIMG.OB
Color, since 1987, has developed products used in electronic printing, specializing in color and MICR toners. The product line consists of toners and imaging products for printers manufactured by Brother, Canon, H/P, IBM, Lexmark, Sharp and others. Production, product development and support are provided from a state-of-the-art, 300,000 square foot facility, employing more than $10 million of capital equipment, located in Norcross, Georgia.
Imaging, founded in 1993, has been committed to the development of a high-speed, color, digital printing system for commercial applications. The system, introduced as the DIGITALCOLORPRESS(TM), includes software for document design, management and production; a printer control unit for the control of multiple printers; and the fastest commercial printing technology available. The system was developed as a high-speed alternative to data processing and offset printing processes.
Advatex, incorporated in Delaware in 1987, operated in commercial property management and has been inactive since 1997. Advatex has maintained a fully reporting status with the SEC as opportunities for long range growth were explored. Joseph Donnolo, Advatex's President prior to the merger, feels that ``this merger provides an excellent opportunity for Advatex shareholders to participate in an industry with tremendous growth potential.''
Dr. Sue-Ling Wang and Michael Brennan, respectively the Presidents of Color and Imaging, stated, ``The merger of the two operating companies provides a single source of digital printing technologies and related products for commercial data processing and offset printing processes, uniting, for the first time, the computer room with the press room by providing digital, color, variable printing capabilities at offset press production speeds.''
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