Pixel Magic Announces Planned Acquisition of Xerographic Laser Images
Pending shareholder approval, Xerographic Laser Images (North Billerica, MA) will become a wholly-owned subsidiary of Pixel Magic (Andover, MA), itself a subsidiary of Oak Technology (Sunnyvale, CA). Financial terms of the agreement range from $3,675,000 to $15 million, to be paid to XLI stockholders commencing in the quarter ending March 31, 1999 and ending December 31, 2000. The payments are contingent on XLI achieving certain milestones from now until December 2000. The deal will merge XLI's resolution-enhancing products with Pixel Magic's semiconductors and software for digital office equipment.