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EXHIBIT 99.1
Baldwin Piano Names New Director to Fill Vacancy
MASON, Ohio--Jan. 8, 2001--The board of directors of Baldwin Piano & Organ
Company (NASDAQ:BPAO), today announced the appointment of Kenneth W. Pavia, Sr.
to the company's board of directors.
Mr. Pavia, president of the California-based Bolero Investment Group, will fill
the board seat recently vacated by Brent D. Baird, who resigned from the board
in late December, citing the time pressures of other business obligations as the
reason.
Commenting on Mr. Pavia's appointment, Karen L. Hendricks, chairman, president
and chief executive officer of Baldwin said: "Ken Pavia has been a major Baldwin
shareholder for several years, and I know he is anxious to be helpful to the
company. The board will benefit from his thinking and perspective, and he will
gain additional insight into the challenges and opportunities facing Baldwin
Piano."
Mr. Pavia has had broad experience as a money manager, a financial advisor in
the entertainment industry, and in arranging financings as an investment banker.
He founded the Bolero Investment Group as a limited partnership in 1994. The
Baldwin Piano & Organ Company was one of the Group's first investments. Mr.
Pavia serves on the board of the Seibels Bruce Insurance Group, Inc. He is a
former chairman of Fiduciary Leasco, Inc., one of the largest leasing companies
in the Southeast, and of Fiduciary Funding Corporation, a provider of aircraft
financing, investment banking, and financial consulting services.
Baldwin Piano & Organ Company, the maker of America's best selling pianos, has
marketed keyboard musical products for over 140 years.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: This release contains forward looking statements that are subject to risk
and uncertainties, including, but not limited to, the impact of competitive
products and pricing, product demand and market acceptance, reliance on key
strategic alliances, fluctuations in operating results and other risks detailed
from time to time in the company's filing with the Securities and Exchange
Commission.
CONTACT: Baldwin Piano
Duane Kimble, 513/754-4647
or
The Dilenschneider Group
Joel Pomerantz, 212/922-0900
