ADAST FILES FOR BANKRUPTCY
May 1, 2002 12:00 PM
Presstek, Inc.'s (Hudson, NH) Czech Republic-based manufacturing partner, Adamovski strojirny, also know as Adast of the Czech Republic, has joined in a bankruptcy petition filed by its creditors. Presstek sells a B3-format, direct-imaging (DI) sheetfed press manufactured by Adast on Presstek's behalf. Adast also manufactures a 507C DI model press that is resold by Xerox Corp. (Rochester, NY) as the DocuColor 400DI.
Adast is reportedly continuing to operate and has indicated management is in negotiations to obtain interim financing. According to Presstek president and CEO Robert Hallman, the bankruptcy is not expected to materially impact Presstek's 2002 operating plan: “We anticipated only minimal revenues from this B3-size, sheetfed-press product line in the current fiscal year,” he explains.
Hallman adds that Presstek has an adequate supply of Adast presses and parts to meet client needs in the near term. It is also working with Adast to continue receiving open orders, and is exploring alternative manufacturing sources.
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