<PAGE>
NEWS RELEASE
For immediate release
Printware, Inc.
1270 Eagan Industrial Rd.
St. Paul, MN 55121
http://PrintwareInc.com
CONTACT:
Stanley Goldberg, President and CEO, (651) 456-1402
Printware, Inc. Announces Strategic Initiatives
Names Stanley Goldberg President and C.E.O.
ST. PAUL, MINN., January 11, 2001-Printware, Inc. (Nasdaq-NNM: PRTW) today
announced its Board of Directors has taken action on several major initiatives
including naming a new President and Chief Executive Officer. According to
Gary S. Kohler, Printware's Chairman, the following actions are being taken:
Management Restructuring
Effective immediately, Stanley Goldberg has been appointed President and
Chief Executive Officer, succeeding Dan Baker. Goldberg has served on
Printware's Board of Directors since June 2000. Most recently, he served as
Managing Partner of Goldmark Advisors, LLC. In addition to Printware, Goldberg
has also sat on the boards of a number of other public and private corporations
including Destron Fearing, Medi-Ject and Wireless Ronin Technologies. Prior
experiences include: President and CEO of Ringer Corporation, Vice President and
General Manager of Thomson, S.A. and various senior level management positions
with General Electric Company.
Balance Sheet Restructuring
For the past several years, Printware has used its cash to fund direct-
financed, below market rate, leases. While this program facilitated equipment
sales, it has required extensive administration, exposed the Company to
potential financial risks and generated low rates of return on investment.
Therefore, the Company is evaluating a number of third-party leasing companies
with the intent of selling Printware's lease portfolio as well as for financing
new equipment leases. In the interim, Printware will continue to provide a
limited number of direct-finance leases at market rates to qualified buyers
until a third party leasing program is put in place.
In addition to leasing initiatives, Printware's Board of Directors has
concluded that past management practices have lead to significantly higher
inventory levels than are necessary to meet customers' needs. As a result,
Printware will rationalize its purchasing practices in order to meet the
highest levels of customer service, while taking into account the cost of
capital invested in inventory.
Strategic Partnerships
In order for Printware to profitably deploy its technology in the computer-
to-plate market, the Board of Directors has determined that Printware needs to
develop one or more strategic partnerships with larger companies in this highly
fragmented market. Printware has begun discussions with a number of potential
partners, and it is the company's short term objective to create a strategic
partnership.
Commenting on the announcement, Gary Kohler stated, "I am happy Stan has
agreed to help facilitate these initiatives. He is an experienced executive
and I have confidence in his leadership skills and business judgment".
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.
