NEWS RELEASE
Presstek Completes Sale of Its Lasertel Property for $8.75 Million
HUDSON, N.H. – July 15, 2008 – Presstek, Inc. (Nasdaq: PRST), the leading manufacturer and marketer of digital offset business solutions, today announced that it had completed the previously announced sale of the land and building of its Lasertel property in Tucson, Arizona. Presstek has signed a lease to utilize the portion of the building which is needed to run the Lasertel business. Presstek received $8.75 million for the property and building. The company intends to use the proceeds of the sale to reduce outstanding debt.
“One of the company’s primary objectives over the past year has been to improve cash flow and reduce debt to help fund our strategic growth initiatives,” commented Presstek President and Chief Executive Officer Jeff Jacobson. “This cash is a key element of our plans for paying down debt; reducing interest expense, and building a much stronger balance sheet. The Business Improvement Plan we announced in October 2007 is successfully reshaping our operating profile and positioning the company to leverage the long term future growth we expect to deliver via our strategic initiatives.”
About Presstek
Presstek, Inc. is the leading manufacturer and marketer of high tech digital imaging solutions to the graphic arts and laser imaging markets. Presstek’s patented DI®, CTP and plate products provide a streamlined workflow in a chemistry-free environment, thereby reducing printing cycle time and lowering production costs. Presstek solutions are designed to make it easier for printers to cost effectively meet increasing customer demand for high-quality, shorter print runs and faster turnaround while providing improved profit margins. Presstek subsidiary, Lasertel, Inc., manufactures semiconductor laser diodes for Presstek’s and external customers’ applications. For more information visit www.presstek.com, or call 603-595-7000 or email: info@presstek.com.
DI is a registered trademark of Presstek, Inc.
“Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this News Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties are detailed in the company's 2007 Annual Report on Form 10-K and the company's other reports on file with the Securities and Exchange Commission. The words "looking forward," "looking ahead," "believe(s)," "should," "may," "expect(s)," "anticipate(s)," “intend(s),” "project(s)," "likely," "opportunity," and similar expressions, among others, identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The company undertakes no obligation to update any forward-looking statements contained in this news release.
Kathleen Makrakis
Director of Investor Relations
203-485-7534 ext. 1432
kmakrakis@presstek.com
Betty LaBaugh
Publich Relations Manager
603-594-8585 ext. 3441
blabaugh@presstek.com
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