EXHIBIT 99
[LOGO]
DIAMOND BRANDS
INCORPORATED
FOR IMMEDIATE RELEASE
Contact: Naresh Nakra
Diamond Brands Incorporated
(952) 543-6200/ [email protected]
Michelle Palomino
Citigate Dewe Rogerson
(305) 381-6500/ [email protected]
DIAMOND BRANDS RETAINS INVESTMENT ADVISORS FOR
STRATEGIC FINANCIAL RESTRUCTURING
Cloquet, MN - November 28, 2000 - Diamond Brands Incorporated (Holdco), the
holding company for Diamond Brands Operating Corporation, a leading
manufacturer and marketer of quality branded and private label household
products, today announced that a group of investment advisors has been
retained by the company to assist the board of directors in exploring
strategic alternatives available to the company.
"As the company strives to reduce its debt load and generate additional
liquidity, these investment advisors will assist the board of directors in
evaluating our strategic alternatives," commented Naresh Nakra, Chief
Executive Officer of Diamond Brands.
The company emphasized that there is no assurance that the strategic review
will lead to any transaction. The company does not intend to make any
further announcements concerning this matter.
Founded in 1881, Diamond Brands is a leading producer of a broad range of
household products including wooden matches and fire starters, plastic
cutlery and straws, toothpicks, clothespins and other wooden crafts. The
products are marketed under the Diamond and Forster brand names and are
sold in major grocery, drug and mass merchant retail outlets. In the United
States, Diamond Brands is the largest manufacturer of wooden matches,
toothpicks and clothespins and the market leader in retail plastic cutlery.
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FORWARD LOOKING STATEMENTS
Certain of the information contained in this press release should be
considered "forward-looking statements," within the meaning of the Private
Securities Litigation Reform Act of 1995, which information is subject to a
number of risks and uncertainties which may cause the actual results,
performance or achievements of Diamond Brands to be materially different
from any future results, performance or achievements expressed or implied
by such forward-looking statements. In addition, all of the information in
the press release is presented as of November 28, 2000, and Diamond Brands
does not assume any obligation to update such information in the future.
