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Workflow Management Completes Integration of Office Electronics

Press release from the issuing company

PALM BEACH, Fla.--Workflow Management, Inc. (Nasdaq:WORK) a leading outsourcer of print and office products and supply chain management services, announced today that it has completed the integration of its Office Electronics, Inc. (OEI) acquisition into its Integrated Business Services Division and subsidiary, SFI. As previously announced, Workflow Management acquired OEI with the intention of divesting itself of six of the seven OEI manufacturing operations and integrating the sales force into SFI. This aggressive plan was consummated on October 31, 2000. Tom D'Agostino, Jr., Co-President of Workflow Management and President and Chief Executive Officer of iGetSmart.com, said, "The full integration of the OEI sales force into SFI's operations was no small task. To complete the process, the OEI and SFI teams had to work through a myriad of complex tasks, including the relocation of three offices, the consolidation of three offices into existing SFI locations, the consolidation of backroom operations and the transition of all twelve offices onto the iGetSmart system. The President of SFI, Roger Kimps, and the transition teams on both sides of the fence are to be commended for outperforming expectations." Mr. D'Agostino, Jr. continued, "We are extremely pleased with the performance of our new SFI (former OEI) sales professionals. At this point, several months after the acquisition, we have seen their excitement about SFI's resources and the iGetSmart system grow into expanded client relationships and new iGetSmart opportunities. Their enthusiasm has been an energizing force for all of Workflow Management." Commenting on the potential impact of this acquisition for Workflow stockholders, Steve Gibson, Co-President of Workflow Management, said, "I am pleased to report that the performance of the new OEI/SFI team is on track with our previously announced projections of $55 million in annual revenue and $3 million in annual operatingincome. Additionally, I believe we should see the revenue escalate as we capitalize on the iGetSmart opportunities and cross sell potentials for Workflow manufactured products within our new customer base."