Workflow Management, Inc. Stockholders Approve Merger
Press release from the issuing company
PALM BEACH, Fla.--April 9, 2004-- Workflow Management Inc. announced today that its stockholders approved the merger agreement entered into by Workflow and WF Holdings, Inc., an entity formed and controlled by Perseus, L.L.C. and The Renaissance Group, LLC. Holders of approximately 70% of Workflow's outstanding common stock voted in favor of the merger, with approximately 9.5 million shares voted in favor of the merger versus approximately 1.7 million shares votes against. In the merger, each outstanding share of Workflow common stock will be converted into the right to receive a cash payment of $5.56 per share. The merger is expected to close shortly.
Gerald F. Mahoney, Chairman of the Board and Interim CEO of Workflow said, "We are delighted that Workflow stockholders have approved the merger by such a wide margin indicating their agreement with the Board that this transaction is in the best interest of our stockholders."
Michael L. Schmickle, Chief Financial Officer stated, "Today's vote is great news for our customers, our vendors and the 2,700 hardworking employees that have remained unwaveringly by our side during the past twenty-four months. The strengthening and stabilization of our balance sheet as a result of the merger will enable us to continue the high level of service and excellence our business partners expect and deserve. We are excited about Workflow's future."
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