obviously. Shareholders Approve Steps to Improve NUR's Financial Stability
Sunday October 30, 4:22 am ET
LOD, Israel--(BUSINESS WIRE)--Oct. 30, 2005--NUR Macroprinters Ltd. (Pink Sheets: NURM - News)
Approve private placement of $12 million by investors led by Fortissimo Capital and restructuring of NUR's outstanding bank debt
Closing of private placement and debt restructuring anticipated within a few days
NUR Macroprinters Ltd. (Pink Sheets: NURM - News), a leading supplier of wide-format inkjet production printing systems for the out-of-home advertising market, today announced the results of the annual and special meeting of shareholders held on Thursday, October 27, 2005. NUR's shareholders approved all of the proposals described in the notice and proxy statement. Specifically, NUR's shareholders approved, among other things, the previously announced investment of $12 million by a group of investors led by Fortissimo Capital, the conversion of $14 million of NUR's outstanding debt into warrants to purchase ordinary shares and $5 million into a non-interest bearing 3-year subordinated note, repayment of $2 million of the debt within 1 year and replacement of the remaining $22 million with new credit facilities.
The closing of the private placement and the debt restructuring are expected to take place in a few days. "The vote by our shareholders approving the proposals related to the Fortissimo investment and the debt restructuring is a major milestone in our long term plan," says David Amir, NUR's President and CEO. "We are very satisfied with this achievement and look forward to the implementation of the entire plan that will lead NUR Macroprinters to the desired performance."
ABOUT NUR MACROPRINTERS LTD.
NUR Macroprinters (NURM.PK) is a leading supplier of wide-format inkjet printing systems used for the production of out-of-home advertising materials. From entry-level photo-realistic printers to high-throughput production presses, NUR's complete line of cost-effective, reliable printing solutions and companion inks are helping customers in over 100 countries worldwide address the full spectrum of wide-format printing requirements. NUR customers, including commercial printing companies, sign printers, screen printers, billboard and media companies, photo labs, and digital printing service providers, count on NUR to help them deliver the high quality and fast turnaround they need to meet their clients' exacting demands and succeed in today's competitive marketplace. More information about NUR Macroprinters is available at www.nur.com. http://biz.yahoo.com/bw/051030/305016.html?.v=1