SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 29, 1999
WORKFLOW MANAGEMENT, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 0-24383 06-1507104
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
240 ROYAL PALM WAY, PALM BEACH, FLORIDA 33480
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (561) 659-6551
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
A press release dated April 29, 1999, regarding the formation of a new
business unit iGetSmart.com by Workflow Management, Inc. is filed with this Form
8-K as Exhibit 99.1
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WORKFLOW MANAGEMENT, INC.
By: /s/ Thomas B. D'Agostino
--------------------------
Thomas B. D'Agostino
Chairman of the Board, President
and Chief Executive Officer
Date: April 29, 1999
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION OF EXHIBITS
- ---------- -----------------------
99.1 Press release dated April 29, 1999
<PAGE>
FOR IMMEDIATE RELEASE
WORKFLOW MANAGEMENT
FORMS NEW INTERNET BUSINESS UNIT - iGetSmart.com
PALM BEACH, Fla., April 29, 1999 - Workflow Management, Inc. (Nasdaq:
WORK) announced today the formation of a new business unit, iGetSmart.com, which
will focus on maximizing its GetSmartTM, business-to-business, e-commerce
system.
Having been developed and utilized for the past 10 years, Workflow's
proprietary GetSmartTM software is providing the platform for the Company's
electronic outsourcing and facilities management capabilities. Utilizing this
system enables Workflow's customers to realize time and cost savings by
outsourcing much of the non-core operations typically associated with the
purchasing and managing of office consumables. Workflow Management's client
roster includes over 23,000 businesses that range in size from small and home
offices to Fortune 500 companies like Aetna, Coca Cola, Microsoft and Canon.
Workflow Chairman and Chief Executive Officer, Tom D'Agostino, Sr.,
commented, "iGetSmart.com is being separated from its current position inside
Workflow to make certain that the continued implementation of the group's
business plan receives maximum management attention. We want to ensure that the
profitable growth of this unit is tracked and monitored."
The new unit will report to Tom D'Agostino, Jr., President and Chief
Operating Officer of Workflow's Integrated Business Services Division, and will
be staffed with a separate management team that will include a national sales
manager, a director of MIS and a CFO. The full management team will be named in
the next several weeks. In keeping with the Company's efforts to track the
unit's success, iGetSmart.com will also be reporting its quarterly financial
results separately.
Mr. D'Agostino, Sr. went on to say, "Initially, the unit will have
annual revenues of approximately $25 million, which is our current level of pure
business-to-business e-commerce activity. We've seen how our clients like
VeryFine and Brookstone have benefited from our services through our
cutting-edge GetSmartTM software and back-end fulfillment services. We believe
that our e-commerce software solution is truly the best and are highly confident
that iGetSmart.com will continue to expand its large customer base."
The new unit also plans to fully develop a more retail-oriented business
strategy and internet site to deliver its full product line of business printing
and office consumables as well as its innovative e-commerce purchasing and
inventory management system to the small office/home office ("SOHO")
marketplace.
"We're excited about the opportunity and potential that exists in bringing this
technology to the SOHO marketplace," concluded Mr. D'Agostino, Sr.
Workflow Management reports that iGetSmart.com will generate revenue
from four primary sources: First, by selling its e-commerce based outsourcing
and facilities management system to new clients and existing non-e-commerce
based clients. Second, by being the fulfillment back-end for a myriad of SOHO
products and solutions through its strategic alliances and website. Third, by
being the preferred print and graphics provider on several e-commerce,
one-stop-shop portal sites that are currently in the market and currently being
brought to market. And, finally, by leasing other product providers space on the
GetSmartTM system.
<PAGE>
Workflow Management, Inc. serves over 23,000 businesses in the United
States and Canada through its integrated business service operations and
fulfillment centers, providing a one-stop shop for companies to purchase a full
product line of business printing and office consumables. The Company currently
employs more than 2,400 people.
THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS," WITHIN THE
MEANING OF FEDERAL SECURITIES LAWS, THAT INVOLVE RISKS AND UNCERTAINTIES. ALL
STATEMENTS HEREIN, OTHER THAN THOSE CONSISTING SOLELY OF HISTORICAL FACTS, THAT
ADDRESS ACTIVITIES, EVENTS OR DEVELOPMENTS THAT THE COMPANY EXPECTS OR
ANTICIPATES WILL OR MAY OCCUR IN THE FUTURE, INCLUDING SUCH THINGS AS BUSINESS
STRATEGY, MEASURES TO IMPLEMENT STRATEGY, COMPETITIVE STRENGTHS, GOALS,
REFERENCES TO FUTURE SUCCESS AND OTHER EVENTS, MAY BE FORWARD-LOOKING
STATEMENTS. STATEMENTS HEREIN ARE BASED ON CERTAIN ASSUMPTIONS AND ANALYSES BY
THE COMPANY IN LIGHT OF ITS EXPERIENCE AND ITS PERCEPTION OF HISTORICAL TRENDS,
CURRENT CONDITIONS AND POTENTIAL FUTURE DEVELOPMENTS, AS WELL AS OTHER FACTORS
IT BELIEVES ARE APPROPRIATE IN THE CIRCUMSTANCES. HOWEVER, WHETHER ACTUAL
RESULTS, EVENTS AND DEVELOPMENTS WILL CONFORM WITH THE COMPANY'S EXPECTATIONS IS
SUBJECT TO A NUMBER OF RISKS AND UNCERTAINTIES AND IMPORTANT FACTORS COULD CAUSE
ACTUAL RESULTS, EVENTS AND DEVELOPMENTS TO DIFFER MATERIALLY FROM THOSE
REFERENCED IN, CONTEMPLATED BY OR UNDERLYING ANY FORWARD-LOOKING STATEMENTS
HEREIN, INCLUDING, AMONG OTHERS, THE COMPANY'S ABILITY TO INTEGRATE ACQUIRED
BUSINESSES INTO ITS EXISTING OPERATIONS, THE CONTINUED DEVELOPMENT AND VIABILITY
OF THE COMPANY'S OPERATIONS, THE COMPANY'S ABILITY TO MANAGE ITS GROWTH, THE
IMPACT OF INDUSTRY AND ECONOMIC CONDITIONS, COMPETITION AND OTHER FACTORS, MANY
OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. CONSEQUENTLY, ALL
FORWARD-LOOKING STATEMENTS MADE HEREIN ARE QUALIFIED BY THESE CAUTIONARY
STATEMENTS AND THE CAUTIONARY LANGUAGE SET FORTH IN THE COMPANY'S MOST RECENT
FORM 10-K REPORT AND OTHER DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION, AND THERE CAN BE NO ASSURANCE THAT THE ACTUAL RESULTS, EVENTS OR
DEVELOPMENTS REFERENCED HEREIN WILL OCCUR OR BE REALIZED.
For further information, contact:
At The Company At Financial Relations Board
- -------------- -----------------------------
Thom Scott Glenn Sapadin (General Inquiries)
Director of Marketing and Communications Nicole Innarella (Analyst Inquiries)
Workflow Management, Inc. Deanne Eagle (Media Inquiries)
(561) 659-6551, ex. 320 (212) 661-8030
