Ener1 Holdings Acquires Interest in Inprimis

January 06, 2002 by Jeff Shepard

Inprimis Inc. (Boca Raton, FL) and Ener1 Holdings Inc. (Fort Lauderdale, FL) announced that they have completed a securities purchase agreement and Ener1 has acquired a controlling interest in Inprimis. Under the agreement, Ener1 has agreed to purchase 47,126,416 shares of Inprimis' common stock, at a price of $0.0254634 per share, for an aggregate purchase price of $1.2 million. The shares purchased by Ener1 will represent 80 percent of the issued and outstanding capital stock of Inprimis.

Inprimis has issued to Ener1 12,500,001 shares of Inprimis' common stock, representing a majority of the issued and outstanding stock of Inprimis. Upon the approval of Inprimis' shareholders of an increase in its authorized common stock, Inprimis will issue the remaining 34,626,415 shares pursuant to a convertible note and an escrow arrangement. Ener1 has agreed that it will vote its control block of shares in favor of the increase in the authorized common stock of Inprimis.

"We are very pleased to have reached this exciting agreement with Inprimis," said Jonathan New, COO for Ener1. "Ener1 is committed to furthering Inprimis' current product design and engineering service businesses. We are bullish about its digital entertainment market opportunities and the strategic relationships the company has developed in this area."

Eduard Will, president and CEO of Inprimis, stated, "This agreement benefits our shareholders, customers, suppliers and employees. We believe that shareholder value will increase as the result of our exploiting the synergies between Ener1 and Inprimis to create a product line based on Ener1's proprietary technology for preventing the harmful effects of electromagnetic radiation.”