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Colonial Printing to Acquire Colormark

Press release from the issuing company

Richmond, Virginia, October 28, 2003 – Colonial Printing, a leading commercial sheetfed printing company, today announced it has signed an agreement to acquire Colormark, a Division of The Supply Room Company. This agreement is expected to close in the next 30 days. Founded in 1960, Colonial Printing & Stationery Co., Inc. has grown from a small office supply retailer and stationery printer into a full-service commercial printing company. Today, Colonial Printing employs 52 people using the latest in graphic arts equipment and technology to provide high quality printed products and related services to its customers located throughout central Virginia. The Supply Room Company (TSRC) formed Colormark in 1999 by acquiring and consolidating several printing companies in the area. The predecessor companies that were merged to form Colormark included Spencer Printing, Proximus Printing and Mattie Graphics. Today, Colormark employs 45 people and serves customers throughout the Mid-Atlantic. “The printing industry has dramatically changed over the past few years”, said Yancey S. Jones, President of TSRC. “More than ever, the equipment and technology needed to meet customer expectations is capital intensive. Simple economics require the high utilization of this state-of-the-art equipment to justify its cost. Together, these two companies can achieve more than if they continue to run independently. On the other hand, for TSRC, the decision to sell Colormark was a strategic move to focus on our office consumables distribution business, as well as continue to develop opportunities within the recently acquired Open Plan Systems Division that produces remanufactured office workstations,” said Jones. “It’s logical to put Colormark and Colonial Printing together to achieve key economies of scale”, said Bert Clark, President of Colonial Printing. “This combination is a good fit between two companies that are similar in size, capability and ‘can-do’ attitude. Within a short time frame, employees, equipment and technology of the two companies will be integrated into the Colonial Printing facility. The combined volume will allow Colonial Printing to add capabilities and services that would be difficult for either business to cost justify as a separate entity. Looking ahead, I am very excited about the future possibilities,” said Clark.