50-Year-Old GRC Commits To Future; Industry's Leading Quality Imaging Supplies Manufacturer Announces Employee Ownership Program.

CHATSWORTH, Calif.--(BUSINESS WIRE)--Dec. 20, 1995--GRC, the industry's leading privately held manufacturer of new and remanufactured imaging supplies, is celebrating its 50th year in business by announcing that it has established an employee stock ownership program (ESOP) that will purchase controlling interest in the family-owned company by the first of the year.

Speaking before a gathering of more than 400 suprised but delighted employees in Chatsworth, CA and Mesa, Arizona, GRC President Robert W. Daggs attributed the firm's success to the employees who have worked tirelessly to build and maintain the company's reputation for quality, service and performance. "GRC was founded on the altruistic principles of providing complete dependability and customer satisfaction," explained Daggs, "but you are the people who reinforce these principles on a daily basis year after year. Through your efforts, GRC has achieved sales of more than $50 million, and the family agrees that you should all have a stake in GRC's future -- beyond simply having a job to go to every day."

Three Generations Commit to Sharing GRC's Success

Daggs noted that the ESOP program was established with the full agreement of his father, GRC's founder, Willis H. Daggs, who retired from active management in 1987; and his two sons, Jim and William. Jim Daggs, who is currently national accounts manager for GRC, has more than 10 years of experience in the industry, initially in manufacturing and later in sales. William Daggs is president of GPM, a plastics injection molding firm in Chatsworth, and works with GRC's Plastics Division.

"I've had a lot of fun over the years," Robert Daggs recalled, "not only in developing and implementing product and production ideas, but also in making certain that we stay focused on doing what is necessary to satisfy our customers, rather than stock analysts and absentee investors."

Professionalism is Key

Daggs, the designer/developer of many of the firm's unique product development and manufacturing processes, vowed to remain as active in the coming years as he has been for the past 13 years since assuming the presidency from his father. "When I started with the company in 1959, we had one approach to business which we hold to today," he said. "It's not how big we can become, but how professional we can be. We apply this approach to all of our relationships ... suppliers, dealers, customers, and employees."

Daggs emphasized that he was particularly pleased that the details of the program had been completed in time to announce it before Christmas. "GRC employees are the most dedicated and the most loyal group of people I've ever seen," he noted. "They deserve a tangible stake in their company's future and should be able to participate in the direction of the company."

More than 60 percent of the GRC employees have been with the firm over ten years, and many have been with the company 20 to 30 years. During it's 50 years in business, GRC has also frequently employed two and three generations of family members.

GRC's management team and ESOP program administrators will conduct a series of meetings with groups of employees to explain the details of the ESOP program, vesting time periods and the new employee-owner's role in the company.

Quality Manufacturing, Recycling, Remanufacturing

Founded in 1946, GRC produces more than 500 printing, graphics and imaging products for high-performance printers such as laser and ink jet, as well as impact printers. Produced to stringent quality and performance standards, the company specializes in remanufactured, environmentally-kind products that perform equal to or better than original equipment products at a substantially lower cost.

Using advanced manufacturing and remanufacturing processes, the company saves millions of pounds of plastic, metal and cardboard from going into landfills annually while still providing consistently superior printing and graphic reproduction for business and industry. Customers and dealers are encouraged to turn in used printing and graphics products to assist GRC in reusing and recycling high-performance, high-quality remanufactured products. Worn parts and waste toner, which cannot be direclty used in products that the company sells, are recycled and used as energy sources or as components in more "forgiving" products such as novelty plastic items.

Users of ink jet cartridge printers can either inexpensively replenish their own ink supplies with unique do-it-yourself kits, or the company provides a no-hassle prepaid mail-in service for refilling, inspecting, testing and returing the replenished cartridges to customers. GRC's 100 percent certified printing and imaging products are sold through superstores, commercial and retail office products/machine suppliers, mail order, distributors and computer resellers across the country.

For information on GRC's ESOP or the complete line of GRC manufactured and remanufactured imaging supplies, contact GRC at 20650 Prairie Street; Chatsworth, CA 91311; [phone] or [phone], FAX [phone]. Internet users can access the firm's home page and guide to ribbons and cartridges at URL http://www.printgrc.com. -0-

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