Exhibit 99.1
[CENVEO logo]
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FOR IMMEDIATE RELEASE CONTACT:
Kathy Hedin
Director of Communications
Cenveo, Inc.
303-566-7494
Kathy.hedin@cenveo.com
CENVEO NAMES JAMES R. MALONE NEW CEO
ENGLEWOOD, COLO., (JUNE 22, 2005) - Cenveo(TM), Inc. (NYSE: CVO), one of
North America's leading providers of visual communications services, today
announced that James R. Malone, founding and managing partner of Qorval, LLC
has been named CEO of the company, effective Monday, June 27, 2005.
"We are very pleased to have Jim Malone, with his background, expertise and
leadership qualities, take the reins of Cenveo," said Susan Rheney, Chairman
of Cenveo. "Jim has a proven track record of helping companies grow and
prosper. As we continue the process of evaluating our strategic alternatives
and strive to be more flexible and efficient and to provide even greater
levels of service to our customers and value to our shareholders, Jim's
leadership will be invaluable."
Cenveo said Mr. Malone will also work closely with its financial and legal
advisors as the company continues an aggressive and thorough evaluation of
its strategic alternatives with the goal of maximizing shareholder value, as
it first announced on April 18, 2005. The Company has said that it has
already received expressions of interest from a number of parties and is
actively reviewing them.
Most recently, Mr. Malone was founding and managing partner of Qorval, LLC,
a financial and business restructuring firm based in Naples, Florida. In
this capacity, he assumed the role of Chief Executive Officer of several
companies including Mail Contractors Of America, Inc., Avborne, Inc. and
Brown Jordan International.
"I look forward to leading the company towards meeting its financial and
performance targets, while instilling confidence with customers, suppliers,
employees and shareholders," said Jim Malone. "Both the industry and today's
economy create some interesting challenges and I am excited about working
with the entire Cenveo team to realize the company's vision of becoming the
solution provider of choice for our customers."
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Mr. Malone led the restructuring team at InaCom Corporation, a $5 billion
public company with over 10,000 employees that was a leading single-source
provider of information technology products and service to Fortune 1000
companies. In addition, Mr. Malone's successful career includes CEO
positions with Anchor Glass Container Corporation, a leading glass container
manufacturer; Grimes Aerospace, a global provider of integrated avionics,
engines, systems and service solutions for the airlines industry; and
Purolator Products Company. Under Mr. Malone's leadership, Purolator's
market capitalization grew from $12 million to $350 million.
Mr. Malone is a graduate of Indiana University in Bloomington, Indiana. He
currently serves on the boards of AmSouth Bancorporation (NYSE) in
Birmingham, AL and Ametek, Inc. (NYSE) in Paoli, PA.
ABOUT CENVEO
Cenveo, Inc. (NYSE: CVO), www.cenveo.com, is one of North America's leading
providers of visual communications with one-stop services from design
through fulfillment. The Company is uniquely positioned to serve both direct
customers through its commercial segment, and distributors and resellers of
printed office products through its Quality Park resale segment. The
Company's broad portfolio of services and products include e-services,
envelopes, offset and digital printing, labels and business documents.
Cenveo currently has approximately 10,000 employees and more than 80
production locations plus five advanced fulfillment and distribution centers
throughout North America. In 2004 and 2005, Cenveo was voted among Fortune
Magazine's Most Admired Companies in the printing and publishing category
and has consistently earned one of the highest Corporate Governance
Quotients by Institutional Shareholder Services. The Company is
headquartered in Englewood, Colorado.
Cenveo and Vision Delivered are either trademarks or registered trademarks
of Cenveo, Inc.
14a-12 Disclosure
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Cenveo intends to file a proxy statement in connection with any special
meeting of its shareholders. Cenveo shareholders should read the proxy
statement and other relevant materials when they become available, because
they will contain important information. In addition to the documents
described above, Cenveo files annual, quarterly and current reports, proxy
statements and other information with the SEC. The proxy statement and other
relevant materials (when they become available), and any other documents
filed with the SEC by Cenveo are available without charge at the SEC's
website, at www.sec.gov, or from Company's Web site at
http://www.cenveo.com.
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Cenveo and its officers and directors may be deemed to be participants in
the solicitation of proxies from its shareholders in connection with the
requested special meeting of its shareholders. A description of certain
interests of the directors and executive officers of Cenveo is set forth in
Cenveo's proxy statement for its 2005 annual meeting which was filed with
the SEC on March 7, 2005. Additional information regarding the interests of
such potential participants will be included in the definitive proxy
statement and other relevant documents to be filed with the SEC in
connection with the requested special meeting of its shareholders.
Forward-Looking Statements
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Statements made in this release, other than those concerning historical
financial information, may be considered forward-looking statements, which
are subject to risks and uncertainties, including without limitation: (1)
general economic, business and labor conditions, (2) the ability to
implement the Company's strategic initiatives, (3) the ability to regain
profitability after substantial losses in 2002 and 2001 and in the first
quarter of 2004, (4) the majority of Company's sales are not subject to
long-term contracts, (5) the industry is extremely competitive due to over
capacity, (6) the impact of the Internet and other electronic media on the
demand for envelopes and printed material, (7) postage rates and other
changes in the direct mail industry, (8) environmental laws may affect the
Company's business, (9) the ability to retain key management personnel, (10)
compliance with recently enacted and proposed changes in laws and
regulations affecting public companies could be burdensome and expensive,
(11) the ability to successfully identify, manage and integrate possible
future acquisitions, (12) dependence on suppliers and the costs of paper and
other raw materials and the ability to pass paper price increases onto
customers, (13) the ability to meet customer demand for additional
value-added products and services, (14) changes in interest rates and
currency exchange rates of the Canadian dollar, (15) the ability to manage
operating expenses, (16) the risk that a decline in business volume or
profitability could result in a further impairment of goodwill, and (17) the
ability to timely or adequately respond to technological changes in the
Company's industry.
Discussion of additional factors that could cause actual results to differ
materially from management's projections, forecasts, estimates and
expectations is set forth under Management's Discussion and Analysis of
Results of Operations and Financial Condition in the Cenveo, Inc. Annual
Report for the fiscal year ended December 31, 2004, and in the Company's
other SEC filings. A copy of the annual report is available on the Company's
Web site at http://www.cenveo.com
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