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Image Holdings Buys InFocus

Wilsonville, Ore. – Image Holdings, an Oregon-based corporation indirectly owned by e-Machines co-founder John Hui, said Friday that it has merged its IC Acquisition Corp. (ICAC) with and into video projector manufacturer InFocus, based here.

Through the merger, which follows the previously announced completion of the tender offer by ICAC for all of the outstanding shares of InFocus common stock, InFocus has become a wholly owned subsidiary of Image Holdings.

All shares of InFocus common stock not purchased in the tender offer (other than shares of common stock held by Image Holdings, ICAC, InFocus or any of their respective subsidiaries) were converted into the right to receive an amount of cash equal to $0.95 per share.

InFocus common stock has stopped trading on the NASDAQ Global Market and is being withdrawn from the exchange, the company said.

According to an Image Holdings background statement, Hui has more than 20 years of experience in technology, computer and computer-related businesses. He has owned a number of tech-related operations and continues to acquire, build and sell various organizations.

He previously founded and ran KDS USA, a $400 million distributor of monitors and notebooks; co-founded eMachines, a $1 billion computer company, before its subsequent sale to Gateway; and purchased Packard-Bell BV, a European computer distributor, before its subsequent sale to Acer.

In addition to his background in the PC and related peripherals industries, Hui oversees various investments in the data storage, telecommunications, web applications and related I.T. industries.

Hui is a U.S. citizen and has lived in this country since 1973. He has B.S. and M.B.A. degrees and is a certified internal auditor. He was a former Citicorp resident inspector (internal audit).