For immediate release
Printware, Inc.
1270 Eagan Industrial Rd.
St. Paul, MN 55121
http://PrintwareInc.com
CONTACT: Daniel A. Baker, Printware, Inc., (651) 456-1454
Printware, Inc. CFO to Resign
ST. PAUL, MINN., December 11, 2000--Printware, Inc. (Nasdaq-NNM: PRTW)
announced that it has reached an agreement with Thomas W. Petschauer, the
Company's Executive Vice President and Chief Financial Officer, for Mr.
Petschauer to resign effective January 30, 2001.
President and Chief Executive Officer Daniel A. Baker, Ph.D. commented, "All
of us at Printware appreciate Tom's many contributions to Printware since
its founding. We wish him well; he will be missed."
The Company plans to accrue and charge to operations an amount
approximately equal to the payment which would have been due Mr. Petschauer
under his change in control severance agreement to cover anticipated
severance payments to Mr. Petschauer.
Printware, Inc. designs, builds, and markets "computer-to-plate"
systems, which are used by the printing industry to create printing plates
directly from computers or the Internet. Computer-to-plate systems replace
the traditional platemaking process of typesetting, proofing, paste-up,
camera work, and processing film.
Statements made in this release concerning the Company's or management's
intentions, expectations, or predictions about future results or events are
"forward-looking statements" within the meaning of the Private Securities
Reform Act of 1995. Such statements are necessarily subject to risks and
uncertainties that could cause actual results to vary from stated
expectations, and such variations could be material and adverse. Additional
information concerning the factors that could cause actual results to differ
materially from the Company's current expectations is contained in the
Company's SEC filings.
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