[CHECK TECHNOLOGY CORPORATION LETTERHEAD]
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FOR IMMEDIATE RELEASE
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NEWS RELEASE
EXHIBIT 99.1
CHECK TECHNOLOGY COMPLETES
ACQUISITION OF DELPHAX SYSTEMS
MINNEAPOLIS, DECEMBER 21, 2001 -- Check Technology Corporation (Nasdaq:CTCQ),
today announced the completion of its previously disclosed acquisition of the
North American assets of Delphax Systems from Xerox Corporation (NYSE:XRX) for
$14 million and the assumption of certain liabilities.
Located in Toronto, Ontario, Delphax manufactures a range of digital printing
systems and related equipment, including the sophisticated high-speed Gemini
print engine that drives Check Technology's flagship product, the Imaggia(R)
advanced digital document production system. Completion of the acquisition,
originally announced on Dec. 3, follows Canadian regulatory approval and
completion of financing arrangements. The transaction is being financed through
a senior credit facility with Xxxxxx Trust and Savings Bank.
About Check Technology Corporation. Founded in 1981, Check Technology
Corporation is a global leader in the design, manufacture and delivery of
advanced print-production systems for financial, security, forms and commercial
printers worldwide. The Company currently has more than 450 systems installed
and does business in more than 50 countries. Headquartered in Minneapolis, with
offices in the United Kingdom and France, the Company's common stock is publicly
traded on the Nasdaq National Market tier of the Nasdaq Stock Market under the
symbol: CTCQ. Additional information is available on the Company's website at
XXX.XXXXXXXXXXXXXXX.XXX.
Statements made in this release concerning the Company's or management's
expectations about future results or events are "forward-looking statements."
Such statements are necessarily subject to risks and uncertainties that could
cause actual results to vary materially from stated expectations. Additional
information concerning the factors that could cause actual results to differ
materially from the Company's current expectations is contained in the Company's
periodic filings with the Securities and Exchange Commission.
CONTACTS:
Xxx Xxxxxxxxx Xxxxx Xxxxxxxx or Xxx Xxxxxxxxxx
Chief Financial Officer BlueFire Partners, Inc.
Check Technology Corporation (for Check Technology Corporation)
(000) 000-0000, Ext. 208 (000) 000-0000
xxxxxxxx@xxxxxxxxxxxxxxx.xxx xxxxxxxxxx@xxxxxxxxxxxxxxxx.xxx
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