BPI Packaging Technologies, Inc. Announces the Foreclosure By Its Primary Secured Lenders and Sale of Assets.

Business/Technology Editors

NORTH DIGHTON, Mass.--(BUSINESS WIRE)--July 5, 2001

BPI Packaging Technologies, Inc. (the "Company") OTC BB: BPIE, previously announced that each of the Company's primary secured lenders gave notice of a public sale of the Company's assets pursuant to Section 5/9-504 of the Illinois Commercial Code. The sale was re-scheduled for Monday, May 25, 2001, at 10:00 a.m. Central Daylight Savings time at the offices of LaSalle Business Credit, Inc., 135 South LaSalle Street, and Suite 400, Chicago, Illinois 60603. Certain alleged creditors of BPI filed an involuntary petition under federal bankruptcy law against BPI in Boston, Massachusetts. On June 14, 2001, after notice and a hearing, bankruptcy court in Boston granted relief from the automatic stay to BPI's secured lenders, LaSalle Business Credit, Inc. and DGJ, LLC., so that they could conclude their Article 9 public sale on Friday, June 15, 2001, at 2:00p.m. CDST at the offices of LaSalle Business Credit in Chicago, Illinois. At the public sale, PCL Packaging, Inc. was the only bidder to appear. LaSalle and DGJ conducted independent auctions of substantially all of BPI's assets, and PCL was declared the successful bidder. Thereafter, on the evening of June 15, PCL executed the necessary documents and tendered funds in accordance with its successful bid. Accordingly, a purchase of substantially all of BPI's assets has been consummated by PCL. BPI ceased operations on June 15, 2001.

Consistent with previous company forecasts, there were insufficient proceeds to satisfy the secured debt holders in full. Accordingly, unsecured creditors will receive no payment against their claims and no equity remains for the stockholders.