From Printing Impressions: January Edition.....
Headline - Presstek Deals: Fuji,Heath and the SEC.
HUDSON, NH--Printing
technology supplier Presstek
has been busy in the last few
weeks, making new deals
and settling old difficulties.
Most recently it acquired
Heath Custom Press of
Seattle. Officials say the
acquisition will allow
Presstek to produce
prototype and preproduction
concept designs and
applications in a more timely
and cost-effective manner.
Ross Peterman will continue
as president of Heath, and it
will remain in its current
facility.
Late last year, perhaps
mindful of the recent
Kodak/Sun Chemical joint
venture, Fuji Photo Film and
Presstek signed a deal that
they say will lead to "various
products that use Presstek's
technology" and may in the
future "allow Fuji to market
Presstek technology on an
original equipment
manufacturer (OEM) basis."
Meanwhile, Presstek settled
its case with the Securities
and Exchange Commission
(SEC), which accused the
company and some of its
officials of distributing false
and misleading information
that inflated the company's
stock price.
The company itself was not
required to pay any penalty;
however, two of its officers
were fined. Robert Howard,
the company's chairman, was
fined $2.7 million, and
Robert E. Verrando,
president, was fined
$200,000.
The value of the company's
stock rose to a $100 a share
in May of 1996, mostly on
the strength of the reports the
SEC says were misleading.
At press time, Presstek stock
was trading at about $25. |
