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Kodak Completes Acquisition of Laser-Pacific Media Corporation

Eastman Kodak Company announced that it has completed theacquisition of Laser-Pacific Media Corporation, a leadingHollywood-based postproduction company. Laser-Pacific stockholdersvoted on Oct. 30 to approve the acquisition, which was previouslyannounced on Aug. 1, 2003. Kodak acquired the outstanding shares ofLaser-Pacific at a price of $4.22 per share. The purchase price,totaling approximately $30.5 million, will be paid in cash. As of June30, Laser-Pacific had $1.9 million in net debt. Laser-Pacific willoperate as a wholly owned subsidiary of Kodak, and will become a partof the company’s Entertainment Imaging services group, headed byBertrand Decoux, vice president and general manager. Emory Cohen,co-founder of Laser-Pacific, will lead the subsidiary as CEO.Laser-Pacific was founded in 1990, and has earned six Emmy awards foroutstanding achievement in engineering development. It provides a fullspectrum of postproduction services for television, home video, andmotion pictures, including film processing and transfer, editing,mastering, digital preview, and DVD compression and authoring services.Laser-Pacific and Cinesite, Kodak’s visual effects and digitalrestoration and mastering subsidiary, will be the hub of Kodak’sworldwide Entertainment Imaging services group. Kodak is the worldleader in providing film, digital, and hybrid motion imaging products,services and technology for the television, feature film and new mediaindustries. For more information about Kodak products and services,visit