Scitex (SCIX)

[midastouch017]

Scitex sells Objet Geometries stake for $3m

The start-up develops rapid prototyping systems and resins for building of three-dimensional models.

Globes correspondent 24 May 05 14:37

Scitex (Nasdaq: SCIX; TASE: SCIX) announced that it has agreed to sell all of its holdings in start-up Objet Geometries Ltd.to several Objet shareholders for $3 million in cash. Payment will be made in two installments.
In addition, if Objet Geometries undergoes an exit under certain conditions prior to the end of 2007, additional consideration will be paid to Scitex.

Objet Geometries develops, manufactures and globally markets ultra-thin layer rapid prototyping systems and resins that utilize its proprietary PolyJet polymer jetting technology. The company is based in Rehovot, Israel and currently employs 70 people worldwide.

Objet was founded in May, 1998, by a group of entrepreneurs who wished to apply their experience in graphic ink-jet technologies to the building of three-dimensional models. Initial funding for the company was provided by private investors from the US and Europe. In June 2000, the private investors were joined by Scitex and TDA Capital Partners, a venture capital fund headquartered in the US.

The book value of Scitex's investment in Objet Geometries was recorded at $19,000 on Scitex's balance sheet as of March 31, 2005.

Published by Globes [online], Israel business news - www.globes.co.il - on Tuesday, May 24, 2005

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