Invesprint Corporation Initiates Value Enhancement Process
(Toronto, Ontario) – Invesprint Corporation today announced that based on both unsolicited enquiries made to it regarding the possible acquisition of all of or part of the corporation, as well as the view of the Board of Directors that the corporation’s common shares are undervalued, the Board of Directors has formally initiated a process to explore the corporation’s strategic alternatives. The alternatives include a sale of the corporation which the Board intends to pursue in an open market process. The corporation has retained Berenson Minella & Company of New York as its advisor based among other things, on their transactional expertise in the printing and packaging sector. Leland Verner, Chairman and Chief Executive Officer of Invesprint and the corporation’s largest shareholder, has advised the Board of his support for this course of action.
Invesprint changed its name from Arthurs-Jones Inc. in September 1998. Arthurs-Jones became a publicly traded company through an initial public offering completed in July 1995. The assets and business of Arthurs-Jones sheetfed printing operations in Mississauga, Ontario were sold in December 1998. Currently Invesprint produces labels and specialty packaging products at five manufacturing facilities in the United States and one facility in Canada.
Mr. Verner stated “There is a worldwide consolidation currently underway in the field of packaging. Technological advancement is rapidly accelerating the requirement to invest more capital to remain competitive. In addition, the major clients are looking for fewer suppliers who are capable of handling their global requirements. Invesprint is very well positioned in the markets it serves. During the past five years we have focused our growth in the high value added sectors of the marketplace. We have world class clients, a very skilled and dedicated workforce and first rate facilities. Invesprint is a superb platform for future growth and hopefully this process will realize for our shareholders the full value of what we have worked so hard to create.”
Invesprint indicates that there can be no assurance that a sale will result from the process initiated today and that the company will make public disclosures as circumstances warrant.
Invesprint is in the business of visual product identification. Through three divisions with six manufacturing facilities, the company manufactures prime labels and specialty packaging for many of North America’s major corporations. Invesprint also owns 10% of ExtendMedia Inc., a new media firm that has been designing and developing interactive communication since 1992.