Clover Imaging Group Official Media Statement December 11, 2019

Created: December 11th 2019

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Clover Imaging Group would like to highlight one important fact from the December 11, 2019 press release from 4L Holdings, which operates as Clover Technologies Group, that announced 4L’s entry into a restructuring support agreement with the majority of its equity holders and a group of its lenders representing over 67% of its outstanding long-term debt.  As stated in the press release, “Clover Imaging will not be part of the financial restructuring process, including any Chapter 11 filing.”

As announced on November 21, 2019, Clover Imaging Group’s executive leadership team and Norwest Equity Partners announced the acquisition of the Clover Imaging Group business unit from 4L Holdings Group. Following the close of the transaction, Clover Imaging Group will be a separate and independent company. There will be no shared financials, facilities, operations, or personnel with 4L Holdings Group or Clover Wireless.

“We are confident that the acquisition will close in the very near future. As we communicated in November when we announced the agreement with Norwest Equity Partners, following the close of the transaction, Clover Imaging Group will have a conservative capital structure and greatly enhanced financial flexibility. We are committed to our go-to-market strategy and excited for the opportunities in front of us,” said Jim Cerkleski, Chairman, Clover Imaging Group.

The company will provide further updates when the acquisition closes.

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GreenCircle is an independent, third-party ecolabel that recognizes an organization’s commitment to reuse materials to support a circular economy and reduce their reliance on virgin materials. Clover Imaging Group remanufactured toner cartridges are GreenCircle-certified to contain 86% recycled content and inkjet cartridges are certified at 99%.

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Low-emission toners used by Clover Imaging Group have been pre-approved by Nordic Ecolabelling for use in Nordic Swan Ecolabel-certified remanufactured printer cartridges. These toners are specially formulated to ensure that applicable Nordic Swan Ecolabel requirements are met, including criteria placing strict limits on volatile organic compound emissions and prohibiting the presence of certain pollutants and other harmful substances.

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2022 Aspire Sustainability Comparative LCA, commissioned by Clover Imaging Group.

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