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EXHIBIT 99.1
CROWN VANTAGE CFO DEPARTS; INTERIM CFO APPOINTED
CINCINNATI, October 18, 2000 - Crown Vantage Inc. (OTC Bulletin Board: CVANQ)
announces the appointment of J. P. AuWerter, its current Chief Restructuring
Officer, to the additional position of Interim Chief Financial Officer for the
Company. Mr. AuWerter is employed by Glass & Associates and has been assisting
the Company in the bankruptcy process since the filing on March 15, 2000.
Mr. Kent Bates, Vice President and Controller, has been named Vice President,
Controller and Chief Accounting Officer for Crown Vantage Inc.
Mr. R. Neil Stuart, Chief Financial Officer of Crown Vantage Inc., will depart
the Company on November 3, 2000. Mr. Stuart has been with Crown Vantage since
the Company was created by a spinoff from James River Corporation in August
1995.
Bob Olah, CEO of Crown Vantage, said, "Neil has been a key contributor during
this difficult period in the history of Crown Vantage. He will be missed, but
his departure is appropriate in view of the sale and restructuring efforts that
are now being executed. We wish him well in his future endeavors."
Safe Harbor Statement: This news release contains certain forward-looking
statements concerning Crown Vantage's positioning for the future. As required
by the Private Securities Litigation Reform Act of 1995, the company advises
that forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from those stated or inferred.
These include, but are not limited to, the failure to reach equitable agreement
with currently interested parties for the sale of portions or all of the
company's assets, the inability to gain the endorsement of stakeholders or the
court for prospective agreement(s), or the inability to complete a plan of
reorganization.
