Scitex to Sell its Holdings in Objet Geometries

    TEL AVIV, Israel, May 24 /PRNewswire-FirstCall/ -- Scitex Corporation
 Ltd. (NASDAQ:   SCIX, TASE: SCIX) announced that it has agreed to sell all of
 its holdings in Objet Geometries Ltd. (Objet) to several shareholders of
 Objet for $3.0 million in cash, payable in two instalments. Additional
 contingent consideration will be paid to Scitex if Objet undergoes specified
 "exit events" prior to the end of 2007. The closing of the sale is subject to
 customary terms and conditions. The book value of Scitex's investment in
 Objet was recorded at $19,000 on Scitex's balance sheet as of March 31, 2005,
 and such investment is accounted for under the equity method.
     Scitex Corporation Ltd.
     Scitex Corporation Ltd.'s shares trade on Nasdaq and The Tel Aviv Stock
 Exchange under the symbol "SCIX". For more information, please visit our Web
 site at www.scitex.com.
     Forward Looking Statements
     Except for the historical information herein, the matters discussed in
 this news release include forward-looking statements within the meaning of
 the "safe harbor" provisions of the U.S. Private Securities Litigation Reform
 Act of 1995. Forward-looking statements that are based on various assumptions
 (some of which are beyond the Company's control) may be identified by the use
 of forward-looking terminology, such as "may", "can be", "will", "expects",
 "anticipates", "intends", "believes", "projects", "potential", "are
 optimistic", "view" and similar words and phrases. Actual results could
 differ materially from those set forth in forward-looking statements due to a
 variety of factors, including, but not limited to, (1) risks in product and
 technology development, (2) market acceptance of new products and continuing
 product demand, (3) the impact of competitive products and pricing, (4)
 changes in domestic and foreign economic and market conditions, (5) timely
 development and release of new products by strategic suppliers, (6) the
 impact of the Company's accounting policies, (7) risks relating to pursuing
 strategic alternatives, (8) uncertainty of outcome of shareholder litigation,
 and (9) the other risk factors detailed in the Company's most recent annual
 report and other filings with the US Securities and Exchange Commission.
 Except as may be required by law, the Company does not undertake, and
 specifically disclaims, any obligation to publicly release the results of any
 revisions which may be made to any forward-looking statements to reflect the
 occurrence of anticipated or unanticipated events or circumstances after the
 date of such forward-looking statements.
     Scitex and the Scitex logo are registered trademarks and registered
 service marks of Scitex Corporation Ltd.
 
 
     Contact:
 
     Scitex Corporation Ltd.
     Yahel Shachar
     Chief Financial Officer
     Tel: +972-3-607-5855
     Fax: +972-3-607-5884
     E-mail: yahel.shachar@scitex.co.il
 
 
 

SOURCE Scitex Corporation Ltd

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.