Found it on the Oak Tech. web site. not under Pixel Magic site - though there is a nice comdex section on the Pixel Magic site. Good Luck.
Pixel Magic Signs Letter of Intent
to Acquire Xerographic Laser Images
ANDOVER, Mass., November 17, 1997 -- Pixel Magic, a leading provider of advanced image
processing semiconductors which enable digital office peripherals and Xerographic Laser Images
Corporation (XLI) (NASDAQ Bulletin Board: XLCC) today announced that the companies have
signed a letter of intent for Pixel Magic to acquire XLI by merger. As currently proposed, the
holders of XLI shares and share equivalents will receive a payment of $5M in cash and an
additional payment of up to $10M in cash contingent upon XLI achieving certain milestones over a
three year period.
Located in North Billerica, Massachusetts, XLI develops products that produce enhanced
resolution output from printers, digital copiers, scanners, fax systems and multifunction peripherals.
"We are excited about the opportunities to leverage XLI's resolution enhancement technology by
offering its products to our customers, as well as integrating its technology with Pixel Magic's
products to offer our customers complete image processing solutions," stated Peter Besen,
president of Pixel Magic.
This acquisition is subject to the signing and closing of a definitive agreement requiring the approval
of both companies' board of directors and the approval of XLI's shareholders.
The foregoing statements may consist of forward-looking statements that involve risks and
uncertainties. These statements may differ materially from actual future events or results.
Factors that could cause actual outcome to differ materially from those set forth include,
without limitation, the rate of adoption of new technology, market acceptance of the
product, competitive pricing actions and marketing programs, among others. For a
discussion of such risks, see both companies' most recent SEC form 10-K and 10-Q.
About Pixel Magic
Founded in 1991, Pixel Magic provides advanced image processing chip technology to OEMs and
technology partners in the digital office equipment market worldwide. The Company,
headquartered in Andover, Mass., is a wholly owned subsidiary of Oak Technology, Inc.
(NASDAQ: OAKT). Pixel Magic's expertise in digital image processing technologies is assisting
the evolution of the digital office environment (DOE). Information on Pixel Magic and its currently
available product line can be found on the World Wide Web at: pixelmagic.com.
Pixel Magic is a trademark of Oak Technology, Inc. All other product names or company names are mentioned
for identification purposes only, and may be trademarks of their respective owners. |
