N E W S CONTACT: Barbara Spier
Spier & Associates
212-572-6263
E-MAIL: Spierasso@aol.com
about REFAC
WEB SITE: www.refac.com
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REFAC ACQUIRES DAVID MORRIS CREATIVE, INC.
GRAPHIC DESIGN FIRM BROADENS REFAC'S
PRODUCT DEVELOPMENT AND BRAND LICENSING CAPABILITIES
Edgewater, New Jersey - November 2, 1999 - Refac (AMEX: REF), a full
service intellectual property marketing organization and a leading
developer of consumer products, medical devices and business equipment
announced today that it has acquired David Morris Creative, Inc. ("DMC"), a
privately owned graphic design and communications firm based in Jersey
City, New Jersey for $1.5 million cash and $250,000 contingent upon future
earnings.
One of the region's top graphic design firms, DMC has designed
powerful graphic communications and marketing solutions for a wide variety
of clients since 1990. The firm offers an array of graphic services
including brand and communications strategy, corporate identity, packaging
and multimedia design. DMC's roster of blue chip clients includes Sharp
Electronics, Canon USA, Chubb Group of Insurance Companies, IBM, Siemen's
Medical Systems and Sony Electronics, Inc. DMC will relocate its operations
to Refac's new corporate headquarters and creative center located on The
Hudson River Pier in Edgewater, New Jersey by the end of the year.
Robert L. Tuchman, Refac President and CEO, stated, "Both our product
development and licensing clients have a growing interest in working with
consultants that can offer an integrated approach to product and brand
development and licensing and recognize that great design reinforces
and builds the strength, recognition and equity of their valuable brands.
DMC offers a wide range of graphic and new media design services - - - from
brand and communications strategy, corporate identity and packaging to
implementation. By adding the talents, energy and expertise of DMC to our
core product development and brand and technology licensing teams, we now
offer the industry's most unique and comprehensive array of professional
design and licensing services under one roof."
David M. Annunziato, DMC's CEO and Creative Director, stated, "This
acquisition benefits both DMC as a unit and Refac as a whole, but the
ultimate beneficiaries are our clients. We will now have access to more
resources with which to serve them, while Refac gains the unique ability to
offer them a complete branding solution."
For almost 50 years, Refac has been the recognized international
leader in intellectual property management. Today, it is a dynamic
organization specializing in integrated creative and business consulting.
Refac's expertise includes: new product development; graphic design &
communications; brand & trademark licensing; technology & patent licensing
and intellectual venture capital.
STATEMENTS ABOUT THE COMPANY'S FUTURE EXPECTATIONS AND ALL OTHER
STATEMENTS IN THIS DOCUMENT OTHER THAN HISTORICAL FACTS ARE
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF SECTION 27A OF THE
SECURITIES ACT OF 1933, SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934,
AND AS THAT TERM IS DEFINED IN THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995. THE COMPANY INTENDS THAT THE "FORWARD-LOOKING STATEMENTS"
CONTAINED HEREIN BE SUBJECT TO THE ABOVE-MENTIONED STATUTORY SAFE HARBORS.
SINCE THESE STATEMENTS INVOLVE RISKS AND UNCERTAINTIES AND ARE SUBJECT TO
CHANGE AT ANY TIME, THE COMPANY'S ACTUAL RESULTS COULD DIFFER MATERIALLY
FROM EXPECTED OR INFERRED RESULTS. THERE IS NO ASSURANCE AS TO THE FUTURE
OPERATING RESULTS OF REFAC OR DMC OR THE IMPACT THAT IT WILL HAVE ON THEIR
OVERALL OPERATIONS.
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Refac Public Relations Contact:
Spier & Associates
300 Park Avenue
New York, New York 10017
(212) 572-6263
Barbara Spier