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McFadden Acquires Assets of StarrToof; New Management Team Appointed

Press release from the issuing company

MEMPHIS, Tenn.--Dec. 6, 2002--McFadden Communications, LLC today announced it has acquired the assets of StarrToof Printing Company. The acquisition, led by StarrToof's former president Stillman McFadden, was completed on Wednesday, December 4. The company will continue to do business under the StarrToof name. "The time was right to step up my involvement and investment in StarrToof,"said McFadden. "The convergence of consolidation and technological advances in the printing industry have opened up significant opportunities. Over the last four years StarrToof has been fortunate to acquire several fine companies within our industry. Those acquisitions, along with the total makeover of our management team, has positioned our company to serve a broad range of customers nationwide. In addition to those developments, our investment in state of the art technology over the past few years, including our proprietary Internet-based order management system and digital photography studio, allow us to offer customers total project management, from creation to fulfillment of print materials," he added. StarrToof is the oldest and largest commercial printing company in the mid-South. It offers customers throughout the United States sheet fed and web printing, conventional and digital photography, design and pre-press services, foil stamping, embossing and die cutting from two Memphis plants totaling 120,000 square feet. At its headquarters plant on Cooper Street, the company also operates a fulfillment center. Through its fulfillment center, StarrToof manages production, delivery and inventory services for customers with multiple locations and ongoing print material requirements using its proprietary Internet-based order management system. A lifelong Memphian, McFadden, 45, began his association with StarrToof as an investor in 1993. In 1999 he went to work for the company as chief financial officer, and became president of the company in January of 2002. Prior to joining StarrToof, McFadden was president of the venture capital firm Sterling Equities, Inc., which he helped found in 1990. From 1983 until 1988 he served as vice president in the investment banking division of Morgan Keegan, Inc. He currently serves on the board of Regions Morgan Keegan Select Funds, Exceleron Software, Inc. in Dallas, and Go-Comm, Inc. in Dallas. McFadden has a B.A. in communications from the University of Virginia and an M.B.A. from Vanderbilt University. Effective immediately, McFadden will be president and chief executive officer of StarrToof. Ronald Martin, former majority owner and chief executive officer of StarrToof, will work for the new company as an independent sales consultant. In conjunction with the transition, other management team appointments were announced. Rick Smith, 46, former vice president of sales for StarrToof was named chief operating officer of the new company. The former division president for Quebecor Printing's Olive Branch, Mississippi catalog manufacturing facility, Smith also previously served as general manager of Memphis-based B&M Printing, and as president of Master Graphics' Master Central division. He is a graduate of Middle Tennessee State University with a B.S. in public relations and advertising. Ed Garavelli has been named executive vice president of the company. Garavelli, 54, is the former founder and president of Pinnacle Press. Prior to founding Pinnacle, he served as president of J.W. Moore Printing until 1989. Garavelli holds a B.A. in graphic design from the University of Memphis and attended the Rochester Institute of Technology in Rochester, New York. McFadden appointed Ronnie Kiihnl vice president of production, the same position he held with StarrToof. Kiihnl, 39, has been associated with StarrToof since 1986, first as a line manager, then moving into sales. In 1990 he became responsible for all production areas of the company. Kiihnl attended Harding College and the University of Memphis. StarrToof currently has 130 employees and has been in continuous operation since 1864.