Presstek to be Acquired by Affiliate of American Industrial Partners

Greenwich, CT – August 23, 2012 – Presstek, Inc. (NASDAQ: PRST), a leading supplier of digital offset printing solutions to the printing and communications industries (“Presstek”), today announced that it has entered into a definitive merger agreement under which it would be acquired by MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. (“AIP”).

Under the terms of the agreement and plan of merger, which has been unanimously approved by the Company’s Board of Directors, Presstek’s shareholders will receive $0.50 in cash for each share of Common Stock. This represents a premium of 16.3% over closing share price of the Common Stock on August 22, 2012. The agreement is subject to the approval of shareholders and other customary closing conditions and is expected to close during the fourth quarter of 2012. In connection with the transaction, AIP has obtained the agreement of Presstek’s largest shareholder, IAT Reinsurance Company, Ltd. and its affiliates, which own 24.5% of the outstanding Common Stock, to vote in favor of the merger at the special shareholders meeting to be called for that purpose, subject to certain conditions.

In announcing the agreement, Stanley E. Freimuth, Presstek’s Chairman, President and CEO, said: “We are excited to combine the financial resources of AIP with the strong product portfolio of Presstek. We believe that this combination will help to fuel the growth of the Company, which has been challenging over the past few years as a result of the worldwide economic downturn. AIP is no stranger to our industry. One of its portfolio companies, Mark Andy, Inc., is the world’s leading designer of narrow and mid-web flexographic equipment and aftermarket products serving the label, packaging and specialty printing markets. We look forward to working with Mark Andy in areas where it makes sense for both companies.”

AIP is an operationally focused private equity investment firm that applies a collaborative approach with management in building and improving middle-market companies. In commenting on the transaction, Richard Hoffman of AIP said “Presstek represents a very attractive portfolio investment for AIP. The company has best-in-class technologies, headlined by its highly efficient and versatile 75DI digital offset printing press, and we look forward to partnering with Presstek’s management team to help the company and its product portfolio achieve their full potential.”

GCA Savvian Advisors, LLC has served as financial advisor and McDermott, Will & Emery, LLP has served as legal counsel to Presstek in connection with this transaction. Ropes & Gray, LLP has served as legal counsel to AIP in connection with this transaction.

About Presstek:

Presstek, Inc. is a leading supplier of digital offset printing solutions to the printing and communications industries. Presstek’s DI® digital offset solutions bridge the gap between toner and conventional offset printing, enabling printers to cost effectively meet increasing customer demand for high quality, short run color printing with a fast turnaround time while providing improved profit margins. The Company’s CTP portfolio ranges from two-page to eight-page systems, many of which are fully automated. These systems support Presstek’s line of chemistry-free plates as well as Aeon, a no preheat thermal plate which offers run lengths up to one million impressions and PhD 830, a high resolution preheat, thermal CTP plate that offers run lengths of one million and more impressions. Presstek also offers a range of workflow solutions, pressroom supplies, and reliable service. Presstek is well positioned to support print environments of any size on a worldwide basis. Visit www.presstek.com or call +1.603.595.7000 for more information.

DI is a registered trademark of Presstek, Inc.

About American Industrial Partners:

American Industrial Partners is an operationally oriented middle-market private equity firm that makes control investments in North American-based industrial businesses serving domestic and global markets. American Industrial Partners has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, the Firm has completed over 30 transactions and is currently managing more than $1.1 billion in equity capital. American Industrial Partners invests in all forms of corporate divestitures, management buyouts, recapitalizations, and going-private transactions of established businesses with revenues of $100 million to $500 million. For more information about American Industrial Partners, contact Ben DeRosa, Partner at 212-627-2360, extension 200.