PALM BEACH

PALM BEACH, FL—Gary W. Ampulski, president and CEO of Workflow Management, has been fired and replaced by Chairman Gerald Mahoney, who will act as interim CEO. Workflow Management suspended Ampulski initially in early February, pending an investigation of allegations that he violated company policies and board directives. Ampulski, who joined the company in March of 2003, resigned as a member of the company's board of directors later that same month. Workflow Management planned a stockholder meeting for late March, at which time it was expected to approve a merger agreement with WF Holdings. The deal would see WF Holdings acquire Workflow Management for $4.87 per share

PALM BEACH, FL—Workflow Management has entered into an agreement to be acquired by Perseus LLC and The Renaissance Group, along with an amendment and limited waiver to the company's existing credit facility. WF Holdings, an entity controlled by both Perseus and The Renaissance Group, will acquire Workflow Management for $4.87 per share in cash. The deal is subject to the approval of Workflow Management's stockholders and the satisfaction of various closing conditions, including financing and a limitation on the company's net debt at closing. Workflow Management ranked 16th on the Printing Impressions 400 in 2003 with fiscal year 2002 sales of $622.71 million. A

PALM BEACH, FL—Former Workflow Management Chairman of the Board Thomas B. D'Agostino Sr. has resigned from the board amid allegations that he misused company funds. According to the findings of an investigation conducted by the company, D'Agostino failed to comply with company policies and procedures, including those relating to expenses and personal business activities. The investigation also found that D'Agostino failed to furnish complete information to the board regarding certain transactions, and that he should reimburse the company for certain expenses paid by the company. While not admitting to any wrongdoing, D'Agostino has paid the company $400,000 in settlement of these matters. He has also reportedly

PALM BEACH, FL—Workflow Management executives are currently exploring their refinancing options in light of concern from the company's auditors that it will not be able to meet its December 31 deadline for repaying $50 million in bank debt. Company officials are said to be exploring several options that include refinancing, restructuring and even the outright sale of the company. "We are actively working with our financial advisors to strengthen and stabilize our capital structure," says Gary W. Ampulski, CEO, adding that they have received several third-party inquiries regarding the company. "Our lenders are fully supportive of the decision of our board of directors to pursue various

Workflow Management Gets CEO PALM BEACH, FL—Gary W. Ampulski has been appointed president and CEO of Workflow Management. Ampulski brings to the position strong financial performance and hands-on experience in printing systems and services. Most recently he served as president and CEO of TAB Products, Vernon Hills, IL, a publicly held company. There he reportedly improved operating results, enhanced the management team, reduced costs and increased shareholder value by more than 175 percent in less than two years. California Printers Merge WATSONVILLE, CA—ColorAd Printers and Watsonville Press have joined forces to form PRINTWORX, which offers digital prepress, proofing and printing options. The new company has

PALM BEACH, FL—Former Mail-Well Chairman and CEO Gerald Mahoney has assumed the role of interim CEO for Workflow Management. Mahoney was already a member of the company's board of directors. Tom D'Agostino Sr. is stepping aside from his duties as CEO and president of Workflow Management to assume the role of non-executive chairman, effective immediately. The decision for D'Agostino to step down came in connection with the company's announcement that it had secured a new credit agreement. Mahoney characterized the change in management as good for the company at this time. "It was time for a change and I think that the banks were