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Technology Stocks : Oak Technology (OAKT) -- Ignore unavailable to you. Want to Upgrade?

To: AreWeThereYet who wrote (3900)	2/2/1998 8:35:00 AM
From: coopie	Respond to of 4335

OAKT NEWS - Story 1 of 3 Pixel Magic and Xerographic Laser Images Corporation Sign Plan of Reorganization and Agreement of Merger BILLERICA, Mass., Jan. 30 /PRNewswire/ -- Xerographic Laser Images Corporation (OTC BB:XLCC - news; ''XLI''), a developer of resolution enhanced technology, and Pixel Magic, Inc. (''Pixel Magic''), a leading provider of advanced image processing semiconductors which enable digital office peripherals, have signed a Plan of Reorganization and Agreement of Merger pursuant to which XLI will become a wholly-owned subsidiary of Pixel Magic. The aggregate amount of consideration to be paid to the holders of common stock and its equivalents of XLI, ranges from a minimum amount of $3,675,000 to be paid upon effectiveness of the transaction, to a maximum amount of $15,000,000, to be paid during the period commencing with the quarter ending March 31, 1998 and ending December 31, 2000. The payments are contingent upon XLI achieving certain milestones for the three (3) year period commencing January 1, 1998 and ending December 31, 2000. Located in North Billerica, Massachusetts, XLI develops products that produce enhanced resolution output from printers, digital copiers, scanners, fax systems and multifunction peripherals. Founded in 1991, Pixel Magic provides advanced image processing chip technology to original equipment manufacturers and technology partners in the digital office equipment market worldwide. Located in Andover, Massachusetts, Pixel Magic is a wholly-owned subsidiary of Oak Technology, Inc. a provider of multimedia semiconductors and related software OEMs worldwide who serve the optical storage, consumer electronics and digital office equipment markets. This acquisition is subject to approval of XLI's shareholders. NOTE: Pixel Magic is a trademark of Oak Technology, Inc. (Nasdaq: OAKT - news) All other product names or company names are mentioned for identification purposes only, and may be trademarks of their respective owners. SOURCE: XLI Corporation More Quotes and News: Oak Technology Inc (Nasdaq:OAKT - news) Xerographic Laser Images Corp (OTC BB:XLCC - news) Related News Categories: computers, semiconductors