Exhibit 99.1
FOR IMMEDIATE RELEASE Contact: Kathryn L. Tyler
October 1, 2001 (804) 228-5600
Open Plan Systems, Inc. Names President & CEO
RICHMOND, VIRGINIA (October 1, 2001) - Open Plan Systems, Inc.
(OTCBB:PLAN) announced today that its Board of Directors has appointed Thomas M.
Mishoe Jr. as the Company's President & Chief Executive Officer effective
immediately. Mr. Mishoe also will be appointed to serve as a member of the Board
of Directors. Mr. Mishoe has been assisting the Company as an independent
consultant, providing financial, operating and strategic advice since March of
this year. Mr. Mishoe also has served as a Member of the Operating Committee
that was appointed in May 2001 by the Board of Directors; the Operating
Committee was charged with the responsibility to manage the Company pending the
Board's appointment of a President & CEO and to develop and implement a turn
around plan.
As a member of the Operating Committee, Mr. Mishoe was instrumental in
the development and implementation of several critical components of the
Company's current turn around process, including completion of the Company's
annual audit for 2000, preparation and filing of Form 10-K and Form 10-Q reports
with the Securities and Exchange Commission, implementation of effective
internal control processes, negotiation of a forbearance agreement with the
Company's bank, development and implementation of the Company's restructuring
plan, including the closing of the leased remanufacturing facility in Lansing,
Michigan and the disposal of the Company's new Lansing facility under
construction, and development of a plan regarding the future of the Company's
joint venture in Mexico.
Mr. Mishoe previously served as Eskimo Pie Corporation's Chief
Financial Officer, Treasurer and Corporate Secretary. At Eskimo Pie, Mr. Mishoe
had direct responsibility or significant involvement in virtually all aspects of
Eskimo Pie's business. Mr. Mishoe was a key member of the Eskimo Pie management
team that executed a successful financial turn around, returned Eskimo Pie to
profitability, performed an extensive analysis of strategic alternatives and
subsequently sold Eskimo Pie Corporation to a strategic buyer.
Anthony F. Markel, Chairman of the Board, said, "Tom has proven, over
the last six months, that he has strong leadership capabilities, a solid
business acumen and an excellent work ethic. His contribution as a consultant
during this period has convinced the Board that he is capable of leading the
management team in realizing the potential of our organization and restoring
profitability."
Mr. Mishoe said, "I am honored by the Board's confidence in my ability
and I am very excited about this outstanding opportunity. I look forward to
working with the Company's Board, management team and employees to complete the
financial turn around process in progress and to move the Company to
profitability. While there is much hard work remaining, Open Plan has made
steady and significant progress in the past four months under the direction
of the Operating Committee. The Company has many talented and committed
employees and great products. I believe that the Company's recent problems can
be corrected and avoided in the future by a continuous focus on identifying and
closing profitable sales opportunities, producing high quality products,
providing outstanding customer service, maintaining effective internal control
processes, completing all required external reporting on a timely basis and
making daily decisions based on profitability objectives. I intend to bring a
keen focus on profitability to all aspects of the Company's operations."
The Company also announced several other senior management changes.
David E. Green has been appointed Senior Vice President of Operations, Stephen
P. Hindle has been appointed Senior Vice President of Sales & Marketing and John
H. Bryson, III has been appointed Vice President of Plant Operations.
Mr. Green has 17 years of industry experience, has been with Open Plan
for 7 years in a variety of operational and sales management roles and most
recently has served as a Member of the Company's Operating Committee.
Mr. Hindle has 20 years of industry experience, has been with Open Plan
for 5 years in several sales and marketing management roles of increasing
responsibility and has most recently served as a Member of the Company's
Operating Committee.
Mr. Bryson has been with Open Plan for 7 years and has most recently
served as the Company's Director of Plant Operations.
The Company also announced that Ms. Kathryn L. Tyler has been appointed
to the position of Chief Financial Officer. Ms. Tyler has been assisting Mr.
Mishoe and the Company in a financial and operational consulting role since
March of this year. Ms. Tyler previously served as the Controller of Eskimo Pie
Corporation where she provided financial and operational support to Eskimo Pie's
senior management team on a wide variety of issues and projects.
Mr. Mishoe continued, "I am very pleased to be working with this
talented and committed group of executives. As Members of the Company's
Operating Committee, Mr. Green and Mr. Hindle have provided dedicated leadership
to Open Plan during a very challenging period of time for the Company and have
provided important contributions on many issues, particularly the development
and implementation of the Company's turn around process. Mr. Bryson also has
provided important leadership to the production and inventory management process
and was instrumental in the consolidation of the Lansing plant operations into
the Company's Richmond facility. Ms. Tyler has provided valuable contributions
to Open Plan in the completion of the 2000 annual audit, preparation and filing
of related SEC reports, improvement of operational processes and improvement of
internal control processes. These individuals have displayed commendable work
ethics, have worked very well as a team and have made significant contributions
towards the future success of Open Plan. I expect great results from this
management team."
The Company cautions readers that the statements contained herein
regarding the Company's future business plans, operations, opportunities or
prospects, including any
statements regarding a return to profitability or completing a financial
turnaround, are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon management's current knowledge and assumptions about
future events. Actual events, results or performance may be materially different
from any events, results or performance expressed or implied by such
forward-looking statements. Nothing in this press release is intended to be
indicative of results for the third quarter 2001 or any future period. For more
details on factors that could affect expectations, see the Company's Annual
Report on Form 10-K for the year ended December 31, 2000, as filed with the
Securities and Exchange Commission.
Open Plan Systems, Inc. remanufactures and markets modular office
workstations through a network of Company-owned sales offices and selected
dealers. Workstations consist of movable panels, work surfaces, storage units,
lighting and electrical distribution combined into a single integrated unit. The
Company has recycled over fifty million pounds of workstations. Under its "As
Is" program, the Company also purchases and resells used workstations.
Additionally, the Company markets a wide variety of other office-related
products including chairs, desks and other office furniture.