Presstek Receives New Revolving Credit Facility, Completes Sale of its Lasertel Subsidiary

Credit Facility:

The new facility with PNC Bank is a three-year revolving credit facility which allows Presstek to borrow against certain assets of the Company up to a maximum of $25 million. Under the credit facility the Company has the option of selecting an interest rate of either the then applicable London Inter-Bank Offer Rate (minimum of 1%) plus 3.5% or the Prime Rate plus 2.5%. In connection with the closing of the PNC facility the Company repaid all outstanding amounts under its previously existing $25 million credit facility.