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InnerWorkings Announces $50 Million Share Repurchase Program

Friday, May 09, 2008

Press release from the issuing company

CHICAGO, May 08, 2008 -- InnerWorkings, Inc., a leading provider of managed print and promotional solutions to corporate clients in the United States, announced today a $50 million share repurchase program and a significant increase in its liquidity position resulting from the expansion of its revolving credit facility and the sale of a portion of its equity investment in Echo Global Logistics, Inc.

Announcement Highlights:

-- InnerWorkings' share repurchase program authorizes it to repurchase up to $50 million of its outstanding shares through December 31, 2009, with the exact volume and timing dependent on market conditions.

-- InnerWorkings has received commitments from a syndicate of lenders arranged by JPMorgan for a new $75 million three-year revolving credit facility. The new facility is expected to be finalized by the end of May and will replace the Company's existing $20 million facility.

-- On May 7, 2008, InnerWorkings sold 25 percent of its holdings in Echo Global Logistics, Inc. for $5 million in cash. This represents a significant gain as InnerWorkings' total investment in Echo was $125,000 in February 2005. The shares were purchased by an affiliate of the Nazarian family. The Nazarians have been long-term investors in both the Company and Echo. On April 30, 2008, Echo filed a registration statement on Form S-1 relating to a proposed initial public offering.

"This share repurchase program is consistent with our strategy of providing value to our shareholders while maintaining sufficient flexibility to invest in future growth opportunities," said Steve Zuccarini, Chief Executive Officer of InnerWorkings. "Today's announcement highlights the increasing financial strength of InnerWorkings and our belief in the value of the enterprise."

"The significant increase in our revolving credit facility combined with the proceeds from the sale of a portion of our investment in Echo Global Logistics will provide us with ample liquidity to fund strategic initiatives, including acquisitions and the repurchase of shares of our common stock on an opportunistic basis," stated Nick Galassi, Chief Financial Officer of InnerWorkings. "Further, we are encouraged that Echo Global Logistics has taken a step toward becoming a publicly-traded company, as this will give us greater opportunity to realize additional returns on this asset in the future."




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