| [February 21, 2006] |
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Electrograph Systems Acquires ActiveLight and CineLight from Powder Hill Group; Leading Distributor of Plasma and Other Display Solutions Significantly Strengthens its National Presence
HAUPPAUGE, N.Y. & POULSBO, Wash. --(Business Wire)-- Feb. 21, 2006 -- Electrograph Systems, Inc., a leading national value-added distributor of display technology solutions to the professional, commercial and high-end consumer markets, today announced that it has acquired ActiveLight, Inc. and CineLight, Inc., both based in Poulsbo, Washington, from Powder Hill Group. The acquisition is Electrograph's first since it was acquired in August 2005 by Caxton-Iseman Capital, Inc. in partnership with Alan Marc Smith, the company's Chief Executive Officer, and Sam Taylor, its President. Financial terms of the transaction were not disclosed.
ActiveLight, Inc. is a leading value-added distributor of display technology solutions and projectors to the professional, commercial and high-end consumer markets. CineLight is a leading, value-added distributor of advanced display technology products and accessories to home theater designers and resellers. Electrograph expects that the acquisition of ActiveLight and CineLight will significantly enhance its size and scope, while solidifying its market presence, specifically on the West Coast.
Russell Short, Vice President and General Manager of CineLight, will remain with the company and assume a senior-level role within Electrograph's operations. Herb Myers, founder of both ActiveLight and CineLight, will continue to lead The Powder Hill Group, Boxlight and The Digital Signage Group, as well as various real estate interests. Brad Gleeson, also a founder of ActiveLight and CineLight, will pursue other business interests.
Mr. Smith said: "Electrograph offers the most comprehensive product selection of any value-added display distributor, and is the only one to operate a nationwide field sales and service network. The acquisition of ActiveLight and CineLight is a great addition for Electrograph as we look to strengthen our position in key geographic markets and continue to build out our product portfolio in order to capitalize on the huge demand for high-end displays and value-added solutions. We are impressed with the successful track records of ActiveLight and CineLight, and in particular, the great customer service their employees provide. We look forward to working with Russ Short and the ActiveLight and CineLight teams, with the goal of continuing to strengthen our position as a nationwide value-added display solutions distributor.
"Herb Myers and Brad Gleeson have done an extraordinary job building these two outstanding businesses. We thank them for their cooperation during the transaction process and wish them luck in the future," Mr. Smith concluded.
Mr. Myers said: "Brad and I have derived great personal satisfaction from the growth and success of ActiveLight and CineLight over the years. After a great deal of serious thought, we decided that this is the right time for new owners to take the businesses through the next stage of development. During the past several months we have come to know Alan Smith, Sam Taylor and their team, and believe that Electrograph is the ideal partner for ActiveLight and CineLight. We are grateful to our employees, customers and business partners for their support and friendship over the years and wish them all the best as part of Electrograph."
About Electrograph Systems, Inc.
Founded in 1982, Electrograph Systems, Inc. is a leading national distributor of display technology solutions, including plasma displays, LCD displays, LCD and DLP(TM) projectors, and rear screen projection TV's. With nine regional offices and a network of more than 3,000 reseller partners and integrators, Electrograph is the largest plasma display distributor in the U.S. and is the only distributor to operate a certified ICIA nationwide sales and service network. The company specializes in display, audio, connectivity and other complementary technologies for the professional audio/video, high-end consumer and commercial industries. For more information, visit the company's website at www.electrograph.com
About ActiveLight and CineLight
ActiveLight has grown from the being one of the first distributor of plasma displays in the country to become a national value-added distributor of LCD and plasma flat panel displays and projectors. These devices are sold exclusively to resellers who in turn sell into a variety of commercial, industrial, governmental and residential applications. The company has established distribution agreements with leading manufacturers, including Panasonic, Pioneer, NEC and Sony. For more information, visit www.activelight.com.
CineLight is a leading distributor of advanced home theater technologies. The company has established distribution agreements with leading manufacturers including Hitachi, JVC, Pioneer, Zenith, Philips and InFocus. The company sells exclusively to authorized resellers concentrating on solidifying their network of "Residential Systems Integrators" - companies who specialize in the design and installation of custom home theaters and home media networks. For more information, visit www.CineLightCorp.com.
About Caxton-Iseman Capital, Inc.
Caxton-Iseman Capital, Inc. is a New York-based private equity firm. In addition to Electrograph, its portfolio companies include Ply Gem Industries, Inc., a manufacturer of vinyl building products; Anteon International Corporation (NYSE: ANT), an information technology provider to the Federal government; Buffets Inc., the leading owner and operator of buffet-style restaurants; and North American Health Plans, Inc., a third-party administrator of health care plans providing medical management and cost management services for employers, insurers, HMOs and other TPAs. Caxton-Iseman's investment vehicles have available capital in excess of $2 billion.
Electrograph Systems is a registered trademark of Electrograph Systems, Inc. in the USA. All other brand names, product names or trademarks belong to their respective holders.
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