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Cadmus Communications Announces Asian Joint Venture

Friday, July 28, 2006

Press release from the issuing company

RICHMOND, Va., July 27 -- Cadmus Communications Corporation today announced that it has entered into a joint venture agreement with Periscope, Inc., a Minneapolis based graphic services and creative agency. The new PeriscopeCadmus(TM) entity will integrate Cadmus Specialty Packaging's global packaging network with Periscope's design and pre-press capabilities to provide an end-to-end worldwide print management solution. The 50/50 joint venture agreement between Cadmus and Periscope was signed on June 29, 2006. Cadmus simultaneously announced that PeriscopeCadmus(TM) has been selected as one of only four global print managers to serve a large U.S. based retail chain. This initial business development success will provide the joint venture with an excellent opportunity to win a significant portion of an estimated $200 million annual packaging buy. PeriscopeCadmus(TM) has already begun operations at its new, expanded pre- press and print management operation in Hong Kong. John Riley, Vice President of Operations for Cadmus Specialty Packaging, has relocated to Hong Kong to assume the position of Director, Global Operations and lead the team that will manage PeriscopeCadmus(TM) print operations in the eastern hemisphere. Gilbert Lee has signed on as Director, Sales & Prepress and in that role will share responsibility with Riley for leadership of the business in Asia. PeriscopeCadmus(TM) is currently adding 15 associates to existing Hong Kong staff in anticipation of rapid sales growth in Asia. Additional support offices are planned in the next few months in Shanghai, India, and Thailand to provide even closer regional support for anticipated business in those regions. Commenting on these developments, Alan Parnell, Vice President of Global Packaging Solutions for Cadmus, said "this is a tremendous opportunity to apply our global brand management expertise on a much larger scale. It expands the scope of our business in terms of services offered as well as enhancing our global reach. Our print and packaging network has grown to include facilities in China, Thailand, India and Turkey. The establishment in Hong Kong of a pre-press and print management hub, together with our existing U.S. and Central American capabilities, positions us to provide our customers with unparalleled global brand management solutions for packaging." Paul Suijk, Senior Vice President and Chief Financial Officer of Cadmus, commented: "This agreement and the related business development success represents an opportunity to aggressively accelerate our growth in Asia and sustain strong momentum in our Specialty Packaging business. With this joint venture, we can not only build on the success we have had in the Caribbean Rim, but we now can extend our production management capabilities literally around the world. We expect the joint venture and our Asian operation to move quickly from the current 'start up' phase and adding significant revenue and profitability as early as the fall of this year."

 

 

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