Master Graphics Announces Executive Management Changes - Expands Credit Facility With Senior Lender And Initiates Profit Improvement Actions.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Dec. 2, 1999-- Master Graphics, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MAGR), a leading consolidator in the general commercial printing industry, today announced the promotion of Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. Diehl to President and Chief Executive Officer, and Mr. Diehl's appointment to the Board of Directors. Mr. Diehl had previously served as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . In addition, the Company announced the promotion of Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. H. Goldman to its Chief Operating Officer position. Mr. Goldman will continue to serve in his role as Chief Information Officer. After the Board of Directors announced the management changes, Chairman John P. Miller stated, "Master Graphics is fortunate to have the experience of these two men on its executive team. Both Bob and Don have proven their skills during the unprecedented changes that have been experienced by our operating divisions. Our strategies of increased capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. , common management information systems and investment into advanced printing technology are in place. We believe the Company is poised to take advantage of its multi-point distribution capabilities and serve as a single source national print provider in this $50 billion industry." Commenting on the challenges that lie ahead of the Company, Mr. Diehl said, "While we understand the impact that the pace of our strategic initiatives has had on the Company's recent performance, we can neither condone condone v. 1) to forgive, support, and/or overlook moral or legal failures of another without protest, with the result that it appears that such breaches of moral or legal duties are acceptable. nor re-experience this trend. We have already asked our division presidents to identify profit improvement actions and sales growth initiatives that can be implemented in the very short term. Our technology strategy allows for cost reductions while still providing industry leading quality and service to our national customer base." Diehl continued, "I am committed to reversing our recent negative performance trend and to achieving the positive financial results that have historically been accomplished by our divisions - a performance that is acceptable to our Company and to our many stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. ." Master Graphics also announced that its secured credit facility had been increased by $12.5 million. The increase in the facility will provide liquidity while the Company completes its profit improvement initiatives. Certain matters discussed in this press release may constitute 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 federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including the Company's limited operating history, general economic conditions, competitive factors, the ability of the Company to integrate the operations of acquired companies and the other risks inherent in the general commercial printing business. For further information on factors which could impact the Company and the statements contained herein, reference is made to the filings of Master Graphics, Inc. with the Securities and Exchange Commission. |
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