Foilmark, Inc. Announces Completion of Merger

Business Wire, April 23, 1999

NEWBURYPORT, Mass.--(BUSINESS WIRE)--April 23, 1999--

Foilmark, Inc., a manufacturer of hot-stamp foils, holographic films and image transfer systems (NASDAQ:FLMK), today announced that the merger of HoloPak Technologies, Inc. (NASDAQ:HOLO), a specialty manufacturer of holographic images, hot-stamp foils and metallized paper with and into a wholly-owned subsidiary of Foilmark, had been completed, following approval by the stockholders of each corporation.

Upon the effectiveness of the merger on April 23, 1999, each issued and outstanding share of the common stock of HoloPak, par value $.01 per share, was converted into the right to receive (i) 1.11 shares of Foilmark Common Stock and (ii) $1.42 in cash.

Foilmark develops, manufactures and markets worldwide, hot stamp foils, holographic films and foils, paper and board laminates and metallized paper used to enhance the appearance and perceived value of consumer packaging and products. These products include promotional materials, folding cartons, labels, greeting cards, paperback book covers, cosmetic packaging, picture frames, appliances, sporting goods and food packaging. Foilmark also produces image transfer equipment and printing supplies.

Foilmark, through it's Holopak Division, also develops and manufactures optical variable security devices that provide the end user with a method to authenticate their products to prevent duplication, counterfeiting and diversion as they bring them to market. Applications for these products include driver licenses, transaction cards, event tickets, currency, tax stamps and product labels.

Certain statements in this news release are forward-looking statements. Foilmark's ability to attain a more competitive market position is subject to various risks and uncertainties that could cause actual results to differ materially.