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Paragon Corporate Holdings Reduces AB Dick Debt

Press release from the issuing company

CHICAGO, IL -- Paragon Corporate Holdings, Inc., the parent company of graphic arts manufacturer A.B.Dick Company, has completed its Exchange Offer and Consent Solicitation in respect to its outstanding 9-5/8 % Series B senior notes that were due in 2008. "This decision will help allow A.B.Dick to become more profitable. It reduces the outstanding debt that was owed and will help improve the balance sheet for A.B.Dick," said Brian J. Longe, who holds dual titles of President and CEO for both Paragon and A.B.Dick. "This amounts to an overall reduction of expenses worth $11 million on an annual basis, monies we can appropriate for additional engineering and marketing efforts." The Company has notified Wells Fargo Bank Minnesota, which acted as depositary for the Exchange Offer and as Indenture Trustee for the Series B notes, that all Series B notes that were validly tendered or with respect to which valid consents were given have been accepted for payment. Tenders amounted to $109.2 million or 94.9 % of the $115 million of Series B notes. Notes not tendered and exchanged will remain outstanding.

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