Presstek, Inc. announced that the parties have closed on Presstek’s purchase of A.B.Dick Company. A.B.Dick filed for Chapter 11 bankruptcy protection in July 2004. At the same time, Presstek entered into an asset purchase agreement with A.B.Dick pursuant to which Presstek would acquire the business and assets of A.B.Dick Company through the U.S. Bankruptcy Code Section 363 asset sale provisions. Presstek’s bid was approved by the U.S. Bankruptcy Court on November 3, 2004. 

The closing price for the transaction is approximately $40 million and will be paid in cash. In connection with this transaction, Presstek has increased its line of credit from $50 million to $80 million in a credit agreement with Citizen’s Bank, KeyBank, and Bank North. A portion of this will be used to accommodate the cash needs of this transaction.