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Adast files for bankruptcy

Mar 13, 2002 12:00 AM

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Presstek, Inc. (Hudson, NH) announced that its 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 sheetfed press manufactured by Adast on Presstek’s behalf.

Adast manufactures a B3-format 507C DI model press which is resold by Xerox Corp. (Rochester, NY) as the DocuColor 400DI; Presstek corporate communications manager Jane Miller, however, was not able to confirm if this is the model also sold by Presstek. Adast is reportedly continuing to operate and has indicated that its management is in negotiations to obtain interim financing.

Presstek president and CEO Robert Hallman comments, "The Adast bankruptcy is not expected to materially impact Presstek’s 2002 operating plan as we anticipated only minimal revenues from this B3-size, sheetfed-press product line in the current fiscal year."

Hallman adds that Presstek has an adequate supply of Adast presses and spare parts to meet customer needs in the near term. It is also working with Adast to continue receiving open orders and is exploring alternative manufacturing sources, including its other manufacturing partners.