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EXHIBIT 99.2
FOR IMMEDIATE RELEASE
Contact: Michael W. Dreis Sandra Crowley
Director, Investor Relations Vice President, Communications
(612) 941-8687 (612)941-8687
[email protected] [email protected]
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VirtualFund, Inc. Completes Sale of Digital Graphics Business Unit to
MacDermid Incorporated for $50 Million
Minneapolis, June 14, 2000 - VirtualFund, Inc. (Nasdaq: VFND), an Internet
Venture Resources and Investments company, today announced that the Asset
Purchase Agreement for the sale of the Digital Graphics Business Unit to
MacDermid Graphic Arts, a wholly owned subsidiary of MacDermid Incorporated
(NYSE:MRD) has closed and is funded. The VirtualFund Digital Graphics Business
Unit ("DGBU") includes ColorSpan Corporation, Kilborn Photo Products, Inc. and
SuppliesByAir. MacDermid Graphic Arts ("MacDermid") is a supplier of consumable
products and services for the printing, packaging, and converting industries.
The new company will be known as MacDermid ColorSpan.
Terms of the acquisition were $50 million, subject to post-closing adjustments
as agreed on by both companies. The transaction provides for MacDermid to assume
working capital assets (DGBU inventory and receivables) and working capital
liabilities (DGBU accounts payable and accrued expenses). Required approvals
from Hart-Scott-Rodino (Federal Trade Commission) and the Boards of Directors of
MacDermid Incorporated and VirtualFund, Inc. have all been received and the
transaction and funding are now completed.
"We are very excited about this acquisition," said Dan Leever, President and
Chief Executive Officer of MacDermid Incorporated. "The ColorSpan team has a
reputation for innovative products and leading-edge technology; we intend to
build on this base for our digital future."
Leever continued, "We intend to establish our corporate-wide digital effort in
Minneapolis, building from the very strong base of talented employees in
MacDermid ColorSpan. We have been very impressed with the R&D and Sales &
Marketing capability of the MacDermid ColorSpan team. The MacDermid Clan is
counting on them to expand on their leadership of the wide-format digital
printing marketplace while carrying the digital flag for all of MacDermid
Graphic Arts."
Mel Masters, Chairman and Chief Executive Officer of VirtualFund, Inc.,
commented, "This is both an exciting and a solemn time for us. We have built the
DGBU operation from start-up to more than $70 million in annual sales. We have
introduced new technology into the graphic arts markets and have operated as a
recognized leader in our market segments for more than a decade."
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Masters concluded, "It's exciting because we know that MacDermid Incorporated
and MacDermid ColorSpan, Inc. have a talented group of professionals upon which
to build a bright digital future. VirtualFund's path, as announced several
months ago, lies in focusing on our Internet Services Business Unit and our
business-to-business Commerce Environment Operating System(TM) (CEOS) strategy.
We intend to use this $50 million as a `war chest' for both general working
capital and for growing, investing in, and acquiring very focused Internet
business-to-business solutions. VirtualFund's ISBU includes dozens of employees
who have been long-term members of our VirtualFund team. We start our new life
with hundreds of man-years of accumulated talent plus the financial resources to
become a pure Internet play with Global Market Power(TM)."
About VirtualFund, Inc.
VirtualFund, Inc. is an Internet Venture Resources and Investments company
headquartered in Eden Prairie, Minnesota, with wholly owned investments in
Internet software, services, hosting and integrated systems. VirtualFund's
primary expansion initiative is represented by the Internet Services Business
Unit (ISBU) that is currently funding investment and development stage companies
which encompass Internet commerce, content and collaboration - all aimed at
increasing revenues available from these activities. VirtualFund's first fully
incubated Internet company, B2BXchange, Inc., offers a business-to-business
Commerce Operating Environment that permits subscribers to create web sites for
Public, Private and Partner use. VirtualFund intends to use the funds received
from the sale of DGBU for investment and development of additional Internet
initiatives.
VirtualFund Corporate headquarters is located at 7090 Shady Oak Road, Eden
Prairie, MN 55344. Telephone: 952-941-8687. Fax: 952-941-8652. Additional
information is available on the company's Web site at
http://www.virtualfund.com.
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About MacDermid
MacDermid Incorporated develops, produces and markets a broad line of specialty
chemicals and materials, which are used in the graphic arts, metal and plastic
finishing, and electronics industries. MacDermid is a leading worldwide
manufacturer with operating facilities in 20 countries. Founded in 1922 and
headquartered in Waterbury, Connecticut, MacDermid employs nearly 1,900
worldwide. MacDermid produces and markets over 5,000 proprietary chemical
compounds and materials, which are used in image transfer, cleaning,
electroplating metal surfaces, imaging, and other chemical processes. They also
offer a line of specialized chemicals and systems used in the printed circuit
board industry. MacDermid Graphic Arts is a supplier of consumable products and
services for the printing, packaging, and converting industries worldwide.
MacDermid Graphic Arts has unique expertise in image transfer for flexographic
and offset printing applications, with a commitment to innovation and service
leadership. MacDermid Graphic Arts has four Research and Development facilities
in the U.S. and Europe, as well as eight manufacturing sites in the U.S., Europe
and Asia. Additional information about MacDermid is available at
www.macdermid.com.
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VirtualFund, Inc. desires to take advantage of the "safe harbor" provisions
contained in the Private Securities Litigation Reform Act of 1995 (the "Act").
The words or phrases "promises", "expects", "will continue", "should", "is
anticipated", or expressions of a similar nature denote forward-looking
statements. Those statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from historical results or from
those results presently anticipated or projected. The Company wishes to caution
readers not to place undue reliance on forward-looking statements.
