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.
Scitex Corporation Ltd.
Chief Financial Officer
SOURCE Scitex Corporation Ltd