Scitex (SCIX)

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Scailex closes subsidiary Jemtex Ink Jet Printing
The company raised a total of $9 million during the years it was in business.

Shmulik Shelah 6 Jul 06 16:13

Scailex Corp. ltd. (Nasdaq: SCIX; TASE: SCIX) (formerly Scitex) subsidiary Jemtex Ink Jet Printing Ltd. has ceased operations. The company announced its closure on Monday and said it was firing its 20 employees.
Founded in 1995 by CEO Dr. Meir Weksler and CTO Dr. Shuki Sheinman, Jemtex developed and patented an inkjet technology for industrial applications. The company’s proprietary Continuous Inkjet technology was used primarily by the textile industry.

Jemtex continued to struggle and in January 2006 it appointed former Creo regional manager Avi Raby as CEO. Raby’s appointment failed to improve the company’s results, and consequently the Jemtex board halted the cash inflows to keep the company running. According to IVC Online, Jemtex raised a total of $9 million, during its years of existence. Scailex was the company’s sole investor with a 75% stake.

In 2003, Scitex sold Scitex Digital Printing to Eastman Kodak Co. (NYSE: EK), and in November 2005 Scitex Vision was sold to Hewlett Packard (NYSE: HPQ). With the closure of Jemtex, Scailex has ended its activities in the print technologies field. The sale of the holdings owned by IDB Holding Corp. Ltd. (TASE:IDBH) to David Federman has left Scailex with no activity as such at present but plenty of cash.

Published by Globes [online], Israel business news - www.globes.co.il - on July 6, 2006

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