PALM BEACH, Fla.--April 26, 2002--Workflow Management announced today that it has amended its January 31, 2002 form 10-Q to report that the Company was not in compliance with its secured revolving credit facility. The Company is currently working with its lenders to obtain a waiver for its default and to amend certain provisions of the Credit Facility. Management is confident that it should be able to obtain a waiver for its default in the next 30 days. The Credit Facility requires the Company to remain in compliance with certain financial covenants which include a total debt to pro forma EBITDA maximum ("Total Leverage Ratio") of 3.75 to 1.0. Effective April 30, 2002, the Credit Facility provides an additional covenant of senior, Credit Facility debt to pro forma EBITDA maximum ("Senior Leverage Ratio") of 3.5 to 1.0. At January 31, 2002, the Total Leverage Ratio calculated under the Credit Facility was 3.82 to 1.0. Accordingly, the Company was, and remains, in default of the Credit Facility's financial covenants. Additionally, the Company does not believe that it will be in compliance with the Senior Leverage Ratio at April 30, 2002. While the terms of the waiver and amendment of the Credit Facility have not been fully negotiated, the Company will likely be required to pay fees to its lenders. The Company is also considering and pursuing strategic alternatives that could generate cash to reduce borrowings under the Credit Facility. There can be no assurance that the Company will be able to obtain the waiver and amendment of the Credit Facility from its lenders or that the Company will be able to generate cash to reduce borrowings under the Credit Facility. In the event that the Company's default under the Credit Facility is not waived by its lenders, the Company's financial condition is likely to be materially and adversely affected.