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UPFRONT

August 2003
Printcafe Stockholders File Suit

PITTSBURGH—Printcafe Software shareholders have filed a class action lawsuit against the company alleging, among other things, that Printcafe made false and misleading statements in connection with its initial public offering and subsequent press releases through October 22, 2002. Marc Olin, chairman of the board and CEO, and Joseph Whang, CFO and COO, are also named as defendants in the complaint. The lawsuit has been filed in the United States District Court for the Western District of Pennsylvania.

Hi-Liter Graphics Sold

BURLINGTON, WI—Craig Faust, former president of The Printery in New Berlin, WI, has purchased Hi-Liter Graphics, according to The Business Journal of Milwaukee. Terms of the deal were not disclosed. Faust purchased the assets of the company, including all of its printing equipment and a 104,000-square-foot printing plant. The sale of the company's commercial printing operations comes just four months after Hi-Liter Graphics sold the Wisconsin Hi-Liter, a 33,500-circulation shopper, to Southern Lakes Newspapers, publisher of 14 weekly newspapers.

Creditors Seek Liquidation

FENTON, MO—Creditors of A.R. Fleming Printing have filed a petition calling for the involuntary liquidation of the company for $442,718 in unpaid debts, according to the St. Louis Business Journal. The petition in the U.S. Bankruptcy Court Eastern District of Missouri names Unisource Worldwide of Norcross, GA; Magnet LLC, a supplier of promotional magnets based in Washington, MO; and Missouri Mounting, a Montgomery City, MO-based maker of custom designed point-of-purchase displays, as creditors. Unisource, a distributor of commercial printing paper and packaging products, is the largest creditor in the petition with a claim of $289,512 against Fleming. Missouri Mounting's claim is for $102,188. Magnet is seeking $51,016.

Central Coast Begins Expansion

GROVER BEACH, CA—Construction is underway at Central Coast Printing's new $1.7 million headquarters located here. The 17,000-square-foot facility will more than double the company's existing leased space and allow it to consolidate its Grover Beach operations in a single location. The new plant will contain about $2 million worth of existing equipment plus an additional $500,000 worth of new machinery when it opens this fall.

Jostens Acquired by CSFB

MINNEAPOLIS—The Credit Suisse First Boston (CSFB) private equity division has agreed to pay about $48 a share for Jostens' common stock—worth close to $500 million—and to assume the group's debts of more than $600 million. Jostens was seen as an attractive buy because it generated high free cash flows and required little capital expenditure and working capital. Jostens, established 105 years ago, is reportedly the market leader in the U.S. yearbook market, printing half of the high school yearbooks and is a leading supplier of graduation products.
 

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