BPI Packaging Technologies, Inc. Board of Directors Announces Business and Management Changes.N. DIGHTON, Mass.--(BUSINESS WIRE)--July 7, 1998--BPI Packaging Technologies, Inc. ("the Company") ((NASDAQ/NMS:BPIE BPIE Base Procured Investment Equipment ) (Common Stock)), Board of Directors today announced that Dennis N. Caulfield has resigned as an Officer and Director of the Company. C. Jill Beresford has been elected by the Board of Directors to be the Company's interim Chairman and Chief Executive Officer. The Board also announced that, effective immediately, the Company will no longer fund the operations of either RC America, Inc. or Market Media, Inc. The Board's decisions have already resulted in cost savings to the Company of approximately $750K annually. It is the Board's intention to further reduce SG&A significantly. Jill Beresford stated, "It is my intention to get this Company focused on its core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
"Additionally, the Company has begun a search for a highly qualified and well-experienced plastics executive who will maximize shareholder valueby focusing on the Company's niche-products at excellent value to our customers." BPI (Bits Per Inch) The measurement of the number of bits stored in one linear inch of a track (storage channel) on a disk or tape. Bit density on magnetic disks has reached 800,000 bpi (800 Kbpi). See tpi, areal density and magnetic disk. BPI - bits per inch Packaging Technologies, Inc., is a leading manufacturer of proprietary thin, clear film for tissue and bundle overwrap, proprietary plastic carryout car·ry·out adj. Intended to be consumed away from the place of sale; takeout: a shop offering carryout sandwiches. n. An item of food or a meal that is to be consumed away from the place of sale. bags sold to convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. and produce departments of supermarkets and proprietary in-store advertising and promotion products. Certain statements contained in this press release are not based on historical facts, but are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, that are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Actual events and results may materially differ from anticipated results described in such statements.
CONTACT: BPI Packaging Technologies, Inc.
C. Jill Beresford, 508/824-8636
or
Tower Research Associates
Arthur Stupay, 216/861-4816
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