SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULA 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
April 5, 2000
CREO PRODUCTS INC.
(Exact name of Registrant as specified in its charter)
3700 Gilmore Way
Burnaby, B.C. Canada V5G 4M1
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.)
Form 20-F x Form 40-F
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(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.)
Yes No x
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FOR IMMEDIATE RELEASE
CREO ANNOUNCES CHANGE IN RELATIONSHIP WITH HEIDELBERG
Vancouver, BC, CANADA (April 5, 2000) Creo Products Inc. (NASDAQ: CREO; TSE:
CRE) ("Creo") announced today that it has exercised its right to end the
Heidelberg/Creo joint venture. Creo and Heidelberger Druckmaschinen AG
("Heidelberg") have been unable to agree on modifications to the joint-venture
agreement necessary as a result of the merger of Creo and Scitex prepress
operations. Under the terms of the joint-venture agreement, Heidelberg and Creo
will proceed to negotiate an original equipment manufacture (OEM) arrangement
immediately.
This change, triggered by the CreoScitex transaction closure yesterday, will
allow for more independence and flexibility for the respective sales and support
organizations. Creo expects that the current Heidelberg/Creo joint-venture
products such as the Trendsetter (R) family of thermal platesetters and the
Prinergy (TM) workflow management system, will be sold through both CreoScitex
and Heidelberg distribution channels. Creo already has an existing OEM agreement
to supply Heidelberg with imaging systems for the Speedmaster 74 DI press.
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This release contains forward-looking statements within the meaning of the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements are based on management's current expectations and
beliefs and are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those described in the forward-looking
statements.
These risks and uncertainties include the following: (1) Creo and Heidelberger
Druckmaschinen AG may be unable to transition to an OEM arrangement or the
expected advantages of the transition to an OEM arrangement may be less than
expected and may adversely affect Creo's operating results and financial
performance; (2) the expected cost-savings and synergies from the combination of
Creo's business with the Scitex Business cannot be fully realized or take
significantly longer to realize than expected; (3) revenues from the Scitex
Business are lower than expected or customer attrition and business disruption
following the acquisition are greater than expected; (4) the integration of the
Scitex Business into Creo's operations is more difficult, time-consuming or
expensive than anticipated, or the attrition rate of key employees of the
combined business is greater than expected; (5) technological changes or changes
in the competitive environment adversely affect the products, market share,
revenues or margins of the combined business; or (6) changes in general
economic, financial or business conditions adversely affect the combined
business or the markets in which it operates.
Creo, the Creo logo, CreoScitex, Trendsetter, and Prinergy are registered
trademarks or trademarks of Creo Products Inc.
