Thursday November 20, 5:06 pm Eastern Time
Company Press Release
SOURCE: Xerographic Laser Images Corporation
Pixel Magic Signs Letter of Intent to Acquire Xerographic Laser Images
ANDOVER, Mass., Nov. 20 /PRNewswire/ -- Pixel Magic, a leading provider
of advanced image processing semiconductors which enable digital office
peripherals and Xerographic Laser Images Corporation (XLI) (Nasdaq: XLCC
- news) 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 $1OM 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 - news). 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:
pixelmaqic.com.
NOTE: 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.
SOURCE: Xerographic Laser Images Corporation |
