Creo Inc.

Creo Inc.

March 29, 2005 14:49 ET

Creo Shareholders Approve Acquisition by Kodak




MARCH 29, 2005 - 14:49 ET

Creo Shareholders Approve Acquisition by Kodak

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2005) - Creo Inc.
(TSX:CRE)(NASDAQ:CREO) announced that its shareholders approved all
statutory and special business submitted for their vote at today's
annual and special meeting of shareholders. Shareholders voted to
approve the proposed acquisition of Creo by Eastman Kodak Company
(NYSE:EK) and the resolution to waive the application of the company's
shareholder rights plan to the transaction. At the meeting, shareholders
also re-elected the 10 current members of the Creo board of directors
and re-appointed KPMG LLP as the company's auditor for the ensuing year.
The meeting was held in Burnaby, B.C. Of a total of 33,186,209 votes
cast with respect to the proposed transaction, 99.8 percent were voted
in favor of the resolution. Of a total of 33,181,059 votes cast with
respect to waiving application of the shareholder rights plan, 97.8
percent were voted in favor of the resolution. Voting results will be
filed with the Canadian and United States securities regulators later

The Acquisition

As previously announced on January 31, 2005, Kodak intends to acquire
all of the issued and outstanding common shares of Creo by way of a
statutory plan of arrangement at a cash price of US$16.50 per share or
approximately US$980 million. After the approval of Creo shareholders
received today, the proposed transaction remains subject to the receipt
of various regulatory and court approvals.

Final approval from the Ontario Superior Court of Justice (Commercial
List) will be sought on April 1, 2005.

The parties continue to work toward obtaining all required regulatory
approvals and completing the transaction in the summer of 2005.

This news release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These statements are based on
management's current expectations and beliefs and are subject to a
number of risks and uncertainties that could cause actual results to
differ materially from those described in the forward-looking statements.

These risks and uncertainties include the following: (1) the
announcement of the transaction to enter into an arrangement agreement
with Eastman Kodak Company on January 31, 2005 may disrupt some of our
customer or supplier relationships which may adversely affect future
results; (2) new markets and product introductions do not proceed as
planned and may adversely affect future revenues; (3) technological
changes or changes in the competitive environment may adversely affect
the products, market share, revenues or margins of the business; and (4)
changes in general economic, financial or business conditions may
adversely affect the business or the markets in which it operates. These
risks and uncertainties as well as other important risks and
uncertainties are described under the caption "Certain Factors That May
Affect Future Results" and elsewhere in our Annual Report for the fiscal
year ended September 30, 2004, as filed with the U.S. Securities and
Exchange Commission and other documents filed with the U.S. Securities
and Exchange Commission, and which are incorporated herein by reference.
We do not assume any obligation to update the forward-looking
information contained in this news release.

(C) 2005 Creo Inc. The Creo product names mentioned in this document are
trademarks or service marks of Creo Inc. and may be registered in
certain jurisdictions. Other company and brand, product and service
names are for identification purposes only and may be trademarks or
registered trademarks of their respective holders. Data subject to
change without notice.

About Creo

Creo Inc. is a global company with key strengths in imaging, software,
and digital printing plate technology. A leading provider of prepress
systems, Creo helps over 25,000 customers worldwide adopt digital
production methods which reduce costs, increase print quality and allow
them to serve their customers more efficiently. Based on a solid
foundation of intellectual property, Creo has an unmatched range of
technology solutions that address the needs of commercial, publication,
on demand, packaging, and newspaper printers, and creative
professionals. Creo product lines include software and hardware for
computer-to-plate imaging, systems for digital photography, scanning,
and proofing, as well as printing plates and proofing media. Creo also
supplies on-press imaging technology, components for digital presses,
color servers and high-speed digital printers.

Based in Vancouver, Canada, Creo reported fiscal 2004 revenue of US$636
million. Creo trades on NASDAQ (CREO) and the TSX (CRE).


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