Workflow Management Terminates Ampulski; Gerald Mahoney named Interim CEO
Press release from the issuing company
PALM BEACH, Fla.--March 4, 2004-- Workflow Management Inc. announced today that its President and Chief Executive Officer, Gary W. Ampulski, has been terminated for cause. The Company originally suspended Mr. Ampulski on February 6, 2004, pending an investigation of allegations that Mr. Ampulski violated Company policies and Board directives. The Board has appointed Gerald F. Mahoney, currently Chairman of the Board, to serve as the Company's Chief Executive Officer on an interim basis.
Mr. Ampulski resigned as a member of the Company's Board of Directors on February 28, 2004. Mr. Ampulski's resignation letter, and the Company's response to the letter, will be filed with the Securities and Exchange Commission on a Form 8-K within the time parameters required under the SEC's rules.
As previously announced, the Company will hold a stockholder meeting on March 30, 2004 to act on a proposal to approve and adopt an Agreement and Plan of Merger with WF Holdings, Inc., an entity formed and controlled by Perseus, L.L.C. and The Renaissance Group, LLC, pursuant to which WF Holdings would acquire the Company for $4.87 per share in cash. Mr. Mahoney commented, "We remain committed to completing the previously announced merger with WF Holdings and firmly believe that the transaction is in the best interests of Workflow's stockholders. Our goals are to ensure that the transaction occurs with no disruption to our employees, customers and vendors and that the Company's credit facility obligations to its lenders are satisfied in a timely manner."
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