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Exhibit 11
For more information:
Joe Cutts JoAnn Horne
Chief Financial Officer Investor Relations
Electronics For Imaging Market Street Partners
650-357-3500 415-248-3790
EFI ANNOUNCES CLOSURE OF TENDER OFFER FOR 93.2% OF SPLASH AND
COMPLETION OF MERGER
FOSTER CITY, Calif.-- (BUSINESS WIRE) -- Oct. 24, 2000 -- Electronics
For Imaging, Inc. (EFI) (NASDAQ:EFII), the world leader in enabling networked
printing solutions, and Splash Technology Holdings, Inc. (Splash) (Nasdaq: SPLH)
jointly announced today that EFI's wholly owned subsidiary, Vancouver
Acquisition Corp., accepted for payment the 2,220,325 shares that had been
tendered pursuant to the offer (including 195,278 shares subject to guarantees
of delivery), during the subsequent offering period which expired at 5:00 p.m.,
New York City time on Monday, October 23, 2000.
After giving effect to the purchase of the additional shares tendered,
EFI beneficially owned approximately 93.2% of the outstanding Splash shares.
EFI and Splash also announced that, following the expiration of the
subsequent offering period and pursuant to the merger agreement, Vancouver
Acquisition Corp. was merged with Splash resulting in Splash becoming a
wholly-owned subsidiary of EFI. As a result of this merger, all remaining Splash
stockholders (other than EFI) will have the right to receive the same $10 per
share in cash paid in the tender offer. Splash stock ceased to be traded on
NASDAQ as of the close of business on Monday, October 23, 2000.
Following the completion of the Splash-Vancouver merger, Splash was
merged with and into EFI.
"We are very excited about the addition of Splash's technology and
industry specific expertise. The acquisition will enable us to demonstrate the
scalability of our business model, as we continue to expand the products and
services we offer to our clients and customer base," said Guy Gecht, Chief
Executive Officer of EFI. "We believe Splash provides EFI with the technology
and ability to further penetrate the graphics arts markets and also positions
EFI to diversify into other emerging color imaging markets," he added.
About Electronics For Imaging
Electronics for Imaging (www.efi.com) is the world leader in
enabling networked printing solutions. EFI technology allows copiers, printers,
and digital presses to be shared across work groups, the enterprise, and the
internet. The results are greater productivity, improved document management,
seamless networking, and the assured quality of color and black-and-white
images. The company's OEM partners look to EFI to deliver products that help
grow sales and reduce costs associated with internal development and support.
Competitive, feature-rich solutions, such as the Fiery and EDOX brands of
networked image processors and the eBeam brand of Web-enabled whiteboard
systems, are an outgrowth of our determination to offer OEMs and end users alike
the highest assurance of innovation, quality, reliability, and support. The
company employs more than 800 people and maintains 22 offices worldwide.
SAFE HARBOR FOR FORWARD LOOKING STATEMENTS: Statements contained in
this press release, which are not historical facts, are forward-looking
statements subject to risks and uncertainties as discussed more fully in the
companies' filings with the SEC, including their most recent Form 10-K and Form
10-Q. In addition, acquisitions involve risks and uncertainties which include,
among others, the risk that expected growth will not be achieved, the
integration of the companies will divert management attention and may not be
achieved at all, any expected accretion in earnings will not materialize,
expected synergies may not be realized and employees may choose not to continue
with the combined company.
