Workflow Management, Inc. Completes Divestiture of Non-Core Real Estate
Wednesday, August 01, 2001
PALM BEACH, Fla., July 31 Workflow Management, Inc., the nation's leading unbiased outsourcer of print and office consumables, today announced that it has closed a sale-leaseback transaction of its five company-owned buildings. Workflow expects to realize approximately $6.7 million after taxes and fees from this transaction, with the net proceeds being used to reduce debt under the company's revolving credit facility. Workflow was represented in this transaction by Insignia/ESG, Inc., one of the nation's leading providers of commercial real estate services. Tom D'Agostino, Sr., Chairman, President and Chief Executive Officer of Workflow Management, commented, "I believe this transaction demonstrates our commitment to focusing strategically on our core business. Through the sale- lease back we will augment our top-line growth with bottom-line expansion and in the process deliver tangible results to our diverse and growing shareholder base.'' About Workflow Management, Inc. Workflow Management, Inc. is the outsource leader in providing an end-to- end solution for printing and office consumables. Workflow offers the most complete range of service solutions that includes unbiased outsource and enterprise document strategy consulting, full service printing, warehousing and iGetSmart(TM), the industry-proven, e-procurement, management, and logistics system. Utilizing a customized combination of these service offerings enables Workflow's clients to realize time and cost savings by outsourcing much of their non-core business processes and targeting and reducing the hidden costs associated with print and consumable supply chain management.