Kodak: Chapter 11 Business Reorganization

Eastman Kodak Company announced today that it and its U.S. subsidiaries filed voluntary petitions for chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York.

The business reorganization is intended to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines. The Company has made pioneering investments in digital and materials deposition technologies in recent years, generating approximately 75% of its revenue from digital businesses in 2011.

Kodak has obtained a fully-committed, $950 million debtor-in-possession credit facility with an 18-month maturity from Citigroup to enhance liquidity and working capital. The credit facility is subject to Court approval and other conditions precedent. The Company believes that it has sufficient liquidity to operate its business during chapter 11, and to continue the flow of goods and services to its customers in the ordinary course.

Kodak expects to pay employee wages and benefits and continue customer programs. Subsidiaries outside of the U.S. are not subject to proceedings and will honor all obligations to suppliers, whenever incurred. Kodak and its U.S. subsidiaries will honor all post-petition obligations to suppliers in the ordinary course.

“Kodak is taking a significant step toward enabling our enterprise to complete its transformation,” said Antonio M. Perez, Chairman and Chief Executive Officer. “At the same time as we have created our digital business, we have also already effectively exited certain traditional operations, closing 13 manufacturing plants and 130 processing labs, and reducing our workforce by 47,000 since 2003. Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company.”

“After considering the advantages of chapter 11 at this time, the Board of Directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak,” Mr. Perez continued. “Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers.

“Chapter 11 gives us the best opportunities to maximize the value in two critical parts of our technology portfolio: our digital capture patents, which are essential for a wide range of mobile and other consumer electronic devices that capture digital images and have generated over $3 billion of licensing revenues since 2003; and our breakthrough printing and deposition technologies, which give Kodak a competitive advantage in our growing digital businesses.”

Mr. Perez concluded, “The Board of Directors, the senior management team and I would like to underscore our appreciation for the hard work and loyalty of our employees. Kodak exemplifies a culture of collaboration and innovation. Our employees embody that culture and are essential to our future success.”

Kodak has taken this step after preliminary discussions with key constituencies and intends to work toward a consensual reorganization in the best interests of its stakeholders. Kodak expects to complete its U.S.-based restructuring during 2013.

The Company and its Board of Directors are being advised by Lazard, FTI Consulting Inc. and Sullivan & Cromwell LLP. In addition, Dominic DiNapoli, Vice Chairman of FTI Consulting, will serve as Chief Restructuring Officer to support the management team as to restructuring matters during the chapter 11 case.

More information about Kodak’s Chapter 11 filing is available on the Internet at: www.kodaktransforms.com. 

Kodak will be filing monthly operating reports with the Bankruptcy Court and also plans to post these monthly operating reports on the Investor Relations section of Kodak.com. The Company will continue to file quarterly and annual reports with the Securities and Exchange Commission, which will also be available in the Investor Relations section of Kodak.com.

This document includes “forward–looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995.

(c)2012 Eastman Kodak Company

2009 Hasselblad Global Conference

Entrance to the NASA Kennedy Space Center

From September 24 – 26, 220 happy invited guests converged on Orlando, Florida to attend the 2009 Hasselblad Global Conference. The singular choice of holding the event at NASA’s legendary Kennedy Space Center was in itself ample incentive for the guests to come. The Scandinavian-based company celebrated its history as well as heralding its future by staging part of the conference where Apollo 11 lifted off with Hasselblad moon cameras on board and unveiled the new H4D camera series together with the latest Phocus 2.0 imaging software.

Dr. Buzz Aldrin and press representatives

Hasselblad CEO Christian Poulsen and Dr. Buzz Aldrin

A gathering of leading photography and aerospace experts as prestigious as the one at the Florida event will not be seen again for a long time. Hasselblad CEO Christian Poulsen took part along with senior management from the company’s research and development team to celebrate with familiar friends from NASA. And even the “Man on the Moon” himself appeared in person with his wife Lois: astronaut Buzz Aldrin, the second person to ever set foot on the moon as part of the 1969 Apollo mission and one of the first Hasselblad photographers to capture images in space. The 79-year-old veteran astronaut answered journalists’ questions, sharing details about his life and the unforgettable moon flight with equal portions of humor and philosophical insight. One perhaps little-known fact was that Hasselblad cameras are still awaiting the return of humans in the Sea of Tranquility, where the equipment had to be left behind to reduce weight on board the lunar lander.

Dr. Buzz Aldrin with his new Hasselblad 503CW

featuring the CFV-39 digital back

At the conference Aldrin became the proud owner of a Hasselblad camera – a 503CW from the legendary V series – presented to him personally by Christian Poulsen, equipped with farsighted technology in the form of the CFV-39 digital back. The unparalleled combination of proven and ground-breaking technology demonstrates how Hasselblad’s faithful customer base can continue to use their cameras far into the digital age.

Gala-Dinner in the Apollo/Saturn V Center beneath the mighty Saturn V rocket

The three-day program gave attendees many unique glimpses into the mysteries of aeronautics and behind-the-scenes information about Hasselblad. Those taking part in a VIP tour of the spacious Cape Canaveral space center were able to capture images from the past and future of space exploration. As part of a compact university training course, photographers were given useful tips on how to put their Hasselblad equipment to the most effective use from expert Hasselblad engineers themselves. The conclusion to the 2009 Hasselblad Global Conference was a banquet for the guests in the Apollo/Saturn V Center beneath a huge Saturn V rocket. The 110 m space rocket measuring 10 m in diameter created a genuinely overwhelming backdrop for the closing event.

Kodak announces three regional managing directors for Consumer and Commercial Sales and Customer Operations

• Stephen Green for Asia Pacific.
• Michael Korizno for Americas.
• John O’Grady for Europe, Africa and Middle East.

Stephen Green was previously Asia Pacific Region manager and vice president for Prepress Solutions in Kodak’s Graphic Communications Group (GCG). He has more than 25 years of sales and marketing experience in Asian markets. Green is a graduate of Bolton Technical College in the U.K., holds a graduate management diploma from the Australian Graduate School of Management at the University of New South Wales, and an M.B.A. from the Macquarie Graduate School of Management.

Michael Korizno, a Kodak vice president, was previously Americas Region general manager for Kodak’s Consumer Digital Imaging and Film, Photofinishing and Entertainment Groups. He held a variety of sales and marketing management positions since joining Kodak in 1997, and previously was a vice president of sales and marketing for Sony. Korizno has a B.A. from Pennsylvania State University.

John O’Grady, also a Kodak vice president, was previously Europe, Africa and Middle East Region managing director for Kodak’s consumer businesses. He joined Kodak in 1997 and has held a variety of business development, sales and regional management positions for the company, following 12 years at the Verbatim Company. O’Grady has a B.S. degree in Electronics from the University of Limerick in Ireland.

www.kodak.com

Kodak New General Manager, Worldwide Sales and Customer Operations

Eastman Kodak Company has named Gustavo Oviedo as General Manager, Worldwide Sales and Customer Operations. In that role he oversees worldwide sales and customer support for the company’s Consumer Digital Imaging and Graphic Communications Groups. Oviedo is a Kodak vice president.

Oviedo previously was Managing Director for Kodak’s Asia Pacific Region and Managing Director for the Graphic Communications Group for that region. He held the latter role since 2006, when Kodak acquired Kodak Polychrome Graphics (KPG).

“We have consolidated our sales and customer operations for Kodak’s digital businesses into one organization that presents a single face to the customer, maximizing our value proposition to customers,” said Philip J. Faraci, Kodak President and Chief Operating Officer. “Gustavo’s international career spans more than 25 years working in South America, Asia, Europe and North America, and he brings fluency in several languages to his interactions with our customers.”

Before joining Kodak, Oviedo, who will report to Faraci, worked for Schneider Electric in increasingly responsible positions managing logistics, sales and marketing, business development, and mergers and acquisitions. He holds a business degree from the University of Salvador in Buenos Aires, Argentina.

“I am looking forward to meeting our customers worldwide, as well as the opportunity to introduce others to the broad range of solutions offered by Kodak for consumer and commercial applications,” said Oviedo.

www.kodak.com

Eye-Fi and Evernote partnership

Evernote and Eye-Fi have announced a partnership. Users of Eye-Fi’s wireless SD memory card can now automatically upload photos from their digital camera directly into their Evernote accounts, where images containing printed or handwritten text will be indexed and made searchable.

Evernote adds the images to the user’s collection of notes and memories and makes them available on their desktop, the Web or a mobile phone, where they can be searched and organized.

“Evernote helps consumers capture and search for anything they want to remember from their real and digital lives - from business cards and white board notes, to wine labels and receipts,” said Phil Libin, CEO of Evernote. “There has never been a simpler way to get high-quality images into Evernote than with a point-and-shoot digital camera. It literally takes one step: snap the photo and Eye-Fi does the rest automatically.”

Users can uploading hi-resolution photos through Eye-Fi and tap into Evernote’s convenience of searching and cataloging the images. Now, no extra steps are required between taking a picture and having it become automatically searchable through Evernote.

“Eye-Fi aims to make it easier to capture and share life’s memories,” said Jef Holove, CEO of Eye-Fi. “Now we’re helping people use their cameras to capture everyday information they want to remember. The combined power of Eye-Fi and Evernote means that now anyone who owns a digital camera can have a photographic memory.”

Eye-Fi’s products range from $79-$129 and can be purchased at Apple Retail Stores, Best Buy and major online retailers.

About Evernote Corporation - Evernote allows users to easily capture information in any environment, using whatever device or platform they find most convenient, and makes this information accessible and searchable at any time, from anywhere. Evernote is available on the Windows, Mac, Web, iPhone, Windows Mobile, and other devices. For more information visit: www.evernote.com

About Eye-Fi

Eye-Fi secures $5.5 million in series a funding

The round was co-led by Opus Capital and Shasta Ventures. Eye-Fi is developing wireless-enabled products and services that intend to make the “ease of use” promise of digital photography a reality. Carl Showalter, general partner for Opus Capital, and Robert Coneybeer, managing director for Shasta Ventures, have joined Eye-Fi’s board of directors.

“Digital cameras have made it very easy to take pictures, but it’s a chore to get photos off the camera to a place where you can print or share them,” said Coneybeer. “This is a very real problem affecting both consumers who own digital cameras, and companies in the digital photography industry looking to boost profits. We see a huge market opportunity for Eye-Fi because anyone with a Wi-Fi network and a digital camera is a potential customer.”

Eye-Fi was founded in August 2005 by Yuval Koren, president and CEO; Ziv Gillat, vice president of marketing and sales; Eugene Feinberg, hardware architect; and Berend Ozceri, systems architect. The team has five decades of collective experience in delivering successful products at companies including Apple, Atheros, Cisco and Silicon Graphics.

“Wireless technology can enhance digital photography and help the market reach its full potential by removing some key obstacles,” said Ben Bajarin, analyst and strategist at Creative Strategies. “Wireless networks will make it easier to synchronize, upload and share photos, and provide other valuable services like geo-tagging to indicate where the photograph was taken.” said Bajarin.

“Remember that sense of anticipation you felt when you picked up your prints from the local store? We want to bring that excitement back to photography,” said Koren. "Our services will use wireless technology to automatically upload photographs from a digital camera, making it easy for people to experience the real magic of digital photography."

Eye-Fi will use the funds for product development, operations, support, marketing and production. The company plans to release its first product, which is currently in beta trials, later this year.

About Eye-Fi - Founded in 2005, the company is dedicated to building services that help consumers navigate, nurture and share their visual memories. Eye-Fi’s patent-pending technology works with Wi-Fi networks to automatically send photos from a digital camera to online, in-home and retail destinations. Headquartered in Mountain View, Calif., the company’s investors include Opus Capital and Shasta Ventures. More information is available at www.eye.fi

About Shasta - Shasta Ventures is an early-stage venture capital firm investing in technology-enabled businesses serving consumers and enterprises. Located in Menlo Park, Calif., Shasta Ventures manages a $210 million fund. Shasta was formed in 2004 by venture capital veterans and has made 19 investments to date across consumer and business services, infrastructure and software. For more information on Shasta Ventures, please visit www.shastaventures.com

About Opus Capital - Opus Capital is a venture capital firm with more than $1 billion capital under management, investing in committed, high integrity entrepreneurs building early-stage technology companies. The team has participated in the successful outcomes of more than 80 companies (including 50 IPOs) in the U.S. and in Israel including AirGate PCS, Electronics for Imaging, FedEx, Genesys, Harmonic, Precept Software and Vantive. Opus Capital is headquartered on Sand Hill Road in Menlo Park, California.

Celartem Technology acquire Extensis

Extensis Press Release - Companies Plan Expansion of Products for Creative Professionals

Portland, Oregon - September 10, 2002 - Extensis, Inc., a leading developer of software for creative professionals and digital imaging market, today announced that the company has been acquired by Celartem Technology USA, Inc., which is wholly-owned by Celartem Technology Inc. (NASDAQ-J:4330), a Japan-based technology company focused on the creative professional and asset management markets. Extensis, a long-time fixture within the creative professional market, has been a wholly owned subsidiary of ImageX, Inc. (NASDAQ:IMGX) since 2000. The company employs 66 people based in Portland, Oregon and the United Kingdom.

Strong Synergies Between Celartem and Extensis

Celartem sees strong synergy between their technologies and Extensis' success with creative professional workgroups. Extensis shares Celartem's focus on the design, production, and workgroup side of the print equation. Additionally, Extensis' existing distribution channels and development efforts, coupled with Celartem's investment and technology, will put the combined company in a strong position for future growth.

"Over the past year, Extensis has maintained consistent profitability coupled with climbing revenues, which has positioned us for continued growth," said Craig Keudell, General Manager of Extensis, Inc. "The synergy we gain with Celartem will enable us to further invest in the creative professional market and bring our users more of the exciting products that they have come to expect."

Contingent on the closing of the deal, Extensis will maintain its existing management team as well as their operations in both Portland and the UK. Craig Keudell, currently General Manager, will take on the role of CEO of Extensis, Inc., reporting to the Celartem USA board of directors.

"Celartem's core technology for imaging is a perfect match with the Extensis brand, their products and their customer base," said Osamu Ikeda, President of Celartem USA. "By combining technologies from both companies, we see an opportunity to provide new products that will revolutionize the way creative organizations perform their everyday work."

Terms of the Deal

Celartem Technology USA has agreed to acquire Extensis, Inc. from ImageX, Inc. for $9 million in cash proceeds, with up to an additional $2.0 million due over the next two years if certain revenue targets are met. The sale represents an estimated gain of approximately $2.8 million to $3.8 million, to be recognized upon closing in September 2002. In the second quarter 2002, Extensis' domestic and international product launches fueled a 14 percent growth in revenue over first quarter 2002 revenues.

Durst Lambda 76 - Medium Format Digital Laser Imager

Durst Lambda 76 

Medium Format Digital Laser Imager 

DURST LAMBDA 76

© Durst Phototechnik AG

Durst Phototechnik AG, manufacturer of the first and most popular Large Format Digital Photo Printer with no size limitations, the Durst Lambda 130, is announcing deliveries of the 32" Lambda 76 to start by the end of 1997.

The Medium Format Digital Laser Imager Durst Lambda 76 exposes digital image and text data via laser directly onto photographic silver halide materials (color negative papers, color reversal papers and blacklit materials, etc.).It features a patented continuous roll to roll exposure with an automatic paper take-up device. The prints generated with the Durst Lambda 76 feature unsurpassed photographic quality.

The Lambda 76 is the perfect device for portrait and people as well as commercial photo labs for doing high volume of small and medium print sizes. The 81.2 cm/32" paper width makes the Lambda 76 ideal for printing pop-up displays with no print length limitations.

Durst Lambda 76: Key Features 

Direct to photographic media

- Straight from a digital file, the Durst Lambda can print any creation directly onto photographic media (reflective -> paper / backlit -> transparent or opaque film)

- It combines the advantages of classical silver halide photography with the potential of the latest laser and digital technology, without an intermediate film stage - and without the compromises of CMYK output.

- Because the receiving media is photgraphic paper, the color space is RGB, the same as any designer`s monitor.

- The photographic media is still the best when it comes to reproduce images combined with text and logos. It can reproduce the finest details, as it does not require any form of screening / dittering.

Total flexibility

No size limitations thanks to the unique, patented flatbed continuous roll to roll laser exposing system (for paper widths from 20.3 cm/8" to 81.2 cm /32"), from "icons" to large murals. (with auto- and custom paneling functions). One seamless print can be as long as one entire 81.2 cm/32" roll (50 m / 160ft))

High Image and Text Quality

Dual resolution of 200 and 400 ppi for superior image sharpness of small print sizes. The Lambda 76 features high color saturation and color fidelty, better image quality, more details and sharper type than other alternatives.

High Output Speed

Exposes all medias at a linear speed of 12"/min. Compared with other digital systems the Lambda is "remarkably faster" and can produce up to 270 prints 20x25 cm / 8x10" an hour.

High Productivity 

- Same as the Lambda 130 and unlike other large format digital photo printers, the Lambda 76 features a simultaneous exposure and paper transport, exposing a print size of 80 x 260 cm / 32 x 100" ready to process in less than 10 minutes.

- DEC-Alpha workstation with 64-Bit Digital UNIX Operating System for on-the-fly image processing and short ripping times (Cheetah-RIP by DICE America: 100 MB in approx. 1 Minute).

- Small prints are automatically printed side by side for fast multiple printing and optimal use of large paper widhts.

Open System: Exposes image and text files from major systems and application programs (PC,Mac and Workstations).

Supported File Formats:

     - RGB and Grayscale - TIFF /TIFF/LZW

     - RGB and Grayscale - JPEG

   - PostScript Level 2 (PS, inculding images in CMYK, RGB, EPS, JPEG, Grayscale etc.). with automatic conversion of CMYK to RGB during the ripping process.

The marketplace expects the highest in quality and short turn-around times. The Lambda 76 is the ultimate production machine and "work horse" providing high quality prints with neutral grays matching exactly from edge to edge, with text and edge sharpness far surpassing the ability of any enlarger, even if the original is from a high resolution film recorder. Panel color and consistency is unmatched.

Becasue of the high image quality and productivity and the total size flexibility, the Durst Lambda 76 will allow the commercial and portrait/people labs to increase their productivity with shorter turn-around times and less paper waste.

The Durst Lambda 76 is sold as a complete working system, including the imager, DEC- Alpha workstation with Lambda software, integrated Cheetah-RIP by Dice America, X-Rite densitometer, etc.

DURST PHOTOTECHNIK AG

www.durst-online.com

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