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Workflow Management, Inc. Completes Merger with WF Holdings

Press release from the issuing company

PALM BEACH, Fla.--April 26, 2004-- Workflow Management Inc. announced today that it has completed the merger transaction with WF Holdings, Inc., an entity formed and controlled by Perseus, L.L.C. and The Renaissance Group, LLC. Workflow's stockholders previously approved the merger during a special meeting of stockholders held on April 9, 2004. As a result of the merger, Workflow has become a wholly-owned subsidiary of WF Holdings, Inc. and each outstanding share of Workflow common stock has been converted into the right to receive a cash payment of $5.56 per share. Stockholders who hold their Workflow shares in "street name" will receive payment through their accounts pursuant to arrangements between a subsidiary of JP Morgan Chase, the paying agent for the merger, and The Depository Trust Company. Registered stockholders will receive instructions by mail from a subsidiary of JP Morgan Chase regarding how to surrender their share certificates in exchange for the merger consideration. Michael L. Schmickle, Chief Financial Officer of Workflow said: "Now that the merger transaction is behind us, we are, more than ever, focused on growing our business. We are excited about Workflow's future under the leadership of Greg Mosher, our new CEO, and his equity partners at Perseus. Together, they bring an enviable operating track record and immediate financial stability to Workflow." Greg C. Mosher, Workflow's new Chairman and CEO, stated: "Today marks the beginning of a new era for Workflow and all of its stakeholders. We have a solid foundation, with strong operating management, a notable customer base and reliable suppliers. With focus, discipline and an entrepreneurial spirit, I am confident that we can take the company to the next level."