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Ennis Acquires Specialized Printed Forms

Friday, February 24, 2006

Press release from the issuing company

MIDLOTHIAN, Texas--Feb. 23, 2006-- Ennis, Inc., a manufacturer of printed business products & apparel headquartered in Midlothian, Texas has entered into an agreement to acquire 100% of the stock of Specialized Printed Forms, Inc. ("SPF") a privately held company headquartered in Caledonia, New York. The acquisition involves the purchase of all of the outstanding stock of SPF from Robert McAleavey as well as the associated land and buildings from a partnership which leases the facility to SPF. The acquisition of SPF continues the Ennis strategy of growth through related manufactured products to further service our existing customer base. The acquisition will add additional short-run print products, long-run (jumbo rolls) products and solutions as well as integrated labels and form/label combinations sold through the indirect sales (distributorship) marketplace. The transaction is expected to be accretive to Ennis' earnings in the first full year of operations, excluding the impact of transaction related charges. SPF had sales of $9.5 million for the past year ended July 31, 2005. Mr. Robert McAleavey, President, and CEO of SPF will stay on as the General Manager of SPF. Keith Walters, Chairman, President and CEO of Ennis, said, "Today's announcement is another positive step forward in the continued growth and consolidation of the forms business into Ennis. This acquisition was attractive due to its location, product mix and its fine reputation in the marketplace due in large part to Bob McAleavey's efforts over many years. The transaction will add to the growth in the forms business that has placed Ennis among the top players in the forms and printed products arena and continue to serve our 40,000 independent distributors and printers who comprise the largest share of the forms marketplace. We are delighted to have Bob stay on to manage this business and help Ennis further develop its other product lines. Bob has an excellent reputation in this industry and we are delighted that he has chosen to associate his name with Ennis. It is great news for our customers, our employees and our shareholders."




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