Workflow Management, Inc. - Lenders Consent to Credit Facility Modification
Press release from the issuing company
PALM BEACH, Fla.--March 30, 2004-- Workflow Management Inc. announced today that its lenders have consented to certain modifications to the Company's most recent credit facility amendment and default waiver. As announced earlier today, these modifications were conditions to the agreement by WF Holdings, Inc., an entity formed and controlled by Perseus, L.L.C. and The Renaissance Group, LLC, to increase the cash amount to be paid for shares of Workflow common stock in the pending merger transaction from $4.87 per share to $5.375 per share. As a result, all conditions to the increased merger price have now been satisfied. The Company's stockholders will vote on the merger at a special stockholder meeting in West Palm Beach, Florida that has been postponed until April 1, 2004 at 4:00 p.m. EST.
In its press release from earlier today, Workflow referred to a non-binding alternative financing proposal by Pacific Coast Investment Partners, which was supported by a financing proposal from LaSalle Business Credit. The Company has now learned that, due to a conflict, LaSalle has rescinded its proposal.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.