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EXHIBIT 99.1
FOSTER CITY, Calif.-- (BUSINESS WIRE) -- Oct. 15, 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 the completion of EFI's cash tender offer to purchase
all the outstanding shares of common stock of Splash, and the extension of time
for additional shareholders to tender their remaining Splash shares.
EFI was advised by Wilmington Trust, FSB, the Depositary for the offer,
that a total of 13,442,057 shares had been tendered pursuant to the offer
(including 1,787,564 shares subject to guarantees of delivery), which expired at
5:00 p.m., New York City time on Friday, October 13, 2000, and that all such
shares have been accepted for payment.
After giving effect to the purchase of the shares tendered, EFI
beneficially owns approximately 91.5% of the outstanding Splash shares.
EFI also announced that it is commencing a subsequent offering period
which expires at 5:00 p.m. New York City time on Monday, October 23, 2000,
unless extended. During this subsequent offering period, Splash shareholders who
did not tender their shares by the expiration of the tender offer may tender
their shares by following the directions in EFI's offer to purchase and letter
of transmittal.
Splash and EFI also announced the signing of a memorandum of
understanding related to a proposed settlement of the class action lawsuit filed
against Splash and its directors on August 31, 2000 after the announcement of
the merger agreement between Splash and EFI.
The memorandum of understanding provides for the settlement and
dismissal with prejudice of the litigation. The final settlement, which includes
the amount of attorneys' fees to be paid to plaintiff's counsel, is subject to
court approval and there can be no assurance that such approval will be
obtained. The memorandum of understanding provides that those Splash
shareholders who did not tender their shares by the October 13, 2000 deadline
will have until October 23, 2000 to tender their shares. The memorandum of
understanding also calls for the elimination of the termination fee set forth in
the merger agreement and certain changes concerning the ability of Splash to
solicit another offer.
EFI and Splash deny any wrongdoing whatsoever, but agreed to the
memorandum of understanding to eliminate the burden and expense of further
litigation.
As previously announced, EFI and Splash intend to effect a merger
pursuant to which Splash will become a wholly-owned subsidiary of EFI and 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. It is currently
anticipated that the merger transaction will be completed within the next two
weeks.
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
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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.
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