David Amir, president and CEO of NUR and Yuval Cohen, managing partner of Fortissimo and soon to be chairman of the NUR board
Israel-based supplier of wide-format inkjet production printing systems for the out-of-home advertising market, NUR Macroprinter, has completed the previously announced US$12m private placement to a group of investors led by Fortissimo Capital. In addition, all the conditions to the closing of the previously announced restructuring of NUR’s outstanding bank debt have been met. The aggregate purchase price of US$12m is payable in three installments and the Fortissimo investor group paid the first installment of US$5m on Tuesday. The second installment of US$5m is due January 29, 2006 and the final US$2m installment is scheduled to be paid on October 31, 2006 (the first anniversary of the closing date).
In consideration for the aggregate purchase price of US$12m payable by the Fortissimo investor group, NUR has issued 34,285,714 ordinary shares at a price of $0.35 per share as well as five-year warrants to purchase up to 25,714,286 ordinary shares at an exercise price of $0.40 per share. NUR has issued 14,285,714 ordinary shares and warrants to purchase up to 10,714,287 ordinary shares to the Fortissimo investor group. The remaining 20 million ordinary shares and 15 million warrants for the second and third installments have been issued to an escrow agent and will be released to the Fortissimo investor group upon payment of the remaining installments.
"These transactions significantly improve our financial structure and stability," says David Amir, president and CEO of NUR. "The company is now ready to exploit its full potential. We believe that the combination of our product portfolio, technological leadership and financial strength, positions NUR on track to achieve its business objectives."
Yuval Cohen, managing partner of Fortissimo, states "We recognise NUR’s challenges and opportunities and we are confident that by enhancing customer service, introducing new innovations and technologies, reducing costs of production and building upon NUR’s international presence and customer base, we can strengthen NUR’s position as a market leader."
As approved by NUR’s shareholders on October 27, 2005, in connection with the private placement, NUR’s Board of Directors has been increased to seven members. Robert F. Hussey, NUR’s acting chairman of the board and Tamar Peller have resigned and Yuval Cohen, Eli Blatt, Marc Lesnick and Shmoulik Barashi, nominees of Fortissimo Capital, have become members of the NUR board of directors.
Yuval Cohen will be appointed as NUR’s Chairman at the next meeting of the board, which is scheduled to take place next week.
