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MOD-PAC CORP Announces Post Spin-Off Management Team; New Board Members

Press release from the issuing company

BUFFALO, N.Y., March 18 -- MOD-PAC CORP., a specialized printer and a designer and manufacturer of paperboard packaging, announced today its executive officers and board members since its completion of its spin-off from Astronics Corporation. Daniel G. Keane has been appointed as President and Chief Executive Officer and C. Anthony Rider, CPA, was appointed Vice President and Chief Financial Officer. Kevin T. Keane will hold the position of Chairman of the Board. Dan Keane has been President of MOD-PAC CORP. since 1998. During that period, MOD-PAC's revenue has grown at a compound annual growth rate of 9.8%, exceeding that of the print and packaging industries. A graduate of Dartmouth College, he earned his M.B.A. from Duke University. Mr. Rider has been the Vice President - Finance, Chief Financial Officer and Treasurer for Astronics Corporation since 2000. Prior to his appointment at Astronics, he was a partner with Ernst & Young LLP for 15 years. Joining the Board of Directors will be William G. Gisel, Jr., Chief Operating Officer, Rich Products Corporation, and Howard Zemsky, Managing Partner, Taurus Capital Partners LLC. Robert J. McKenna, President and Chief Executive Officer, of Wenger Corporation, and Dan Keane will continue to serve on the board. Mr. Gisel began with Rich Products in 1982 as General Counsel and held positions as Vice President -- International and Executive Vice President prior to his current appointment. He holds a B.A. from Williams College, a J.D. from Emory University, and his M.B.A. from the University of Rochester. Mr. Zemsky has extensive management experience having spent 20 years with Russer Foods, including 10 as President, and two years as President of IBP Deli Group of Companies, prior to his current position with Taurus Capital. A graduate of Michigan State University, he also holds an M.B.A. from the University of Rochester. Dan Keane commented, "We are pleased to have such quality leadership join our board of directors, who will help to guide our strategy and govern the company to an even stronger and continually successful future." He went on to say, "Our consistent revenue growth these past five years is a clear demonstration of the success of our unique, operationally-focused strategy in an industry that has been struggling. As an independent company, we will continue to employ world-class manufacturing processes, expand our customer base, and capitalize on our distinctive use of the internet and our partnership with VistaPrint, an internet marketer."