September 22, 2004 -- Parcel Direct, established by Quad/Graphics in 1998, specializes in the consolidation and delivery of high volumes of lower-weight, less time-sensitive packages. Its unique business model capitalizes on the efficiencies of automated equipment and processes to expedite packages from businesses to consumers in two to six days using the U.S. Postal Service for in-home delivery. The sale has no effect on Quad/Graphics' commercial printing operations or our print distribution services (provided through the Quad/Transportation Services division). We will continue to focus on advancing our ink-on-paper services through the industry's most modern printing and distribution platform. In a press release issued Monday, September 13, FedEx announced that Parcel Direct will operate as a subsidiary of FedEx Ground and will be led by newly-appointed President and Chief Executive Officer Ward Strang, a 16-year veteran of FedEx Ground. Strang will direct operations from Parcel Direct headquarters in New Berlin, Wis. Parcel Direct employs approximately 450 employees from 12 distribution centers coast to coast.