MONTREAL, April 22, 2005 (PRIMEZONE) -- Following meetings with Turbon management, Adsero Corp. (OTCBB:ADSO) today announced that it has revised its tentative offer to Turbon AG ("Turbon"), to acquire all the outstanding shares of Turbon, a leading global imaging supply company publicly traded on the Frankfurt stock exchange. The aggregate offering price, pursuant to the offer, is approximately US$50.8 million in cash representing US$14.00 for each Turbon share.
The Turbon Executive Board will meet with representatives of Adsero next week. If amenable to our offer, Turbon's Executive Board will provide its recommendation to Turbon's shareholders. The offer is scheduled to be made to the Turbon shareholders at the annual Turbon shareholders meeting June 23, 2005. The completion and closing of this transaction will be subject to certain conditions, including but not limited to, Adsero completing its due diligence, finalization of the necessary funding to close the transaction, and the acceptance of Adsero's offer by at least the majority of Turbon's shareholders.
Turbon (www.turbon.com) through its subsidiaries, develops, produces and distributes compatible imaging supplies for Laser, Inkjet, Dot Matrix and Thermal Transfer printers. Turbon operates production plants in Europe, Asia and the USA, and had revenues of approximately US$160 million for fiscal 2004 (based on today's exchange rate).
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com and view the Adsero Corp. Investor Relations Hub. Alternatively, investors are asked to e-mail all questions and correspondence to ADSO@Agoracom.com.
Adsero Corp., through its wholly owned subsidiary Teckn-O-Laser, is a North American leader in the printer cartridge remanufacturing industry. The company manufactures and distributes remanufactured toner cartridges and inkjet cartridges. These products are sold to a variety of channels such as distributors and retail office supply stores, both domestically and internationally. Shareholders can remain current on the company by visiting www.adserocorp.com with access to near real-time information.
To find out more about ADSERO Corp. (OTCBB:ADSO), visit our website at www.adserocorp.com
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