CPAC INC. INITIATES ACQUISITION STRATEGY IN COMMERCIAL AND HOUSEHOLD CLEANING PRODUCTS MARKET
RETAINS BANK OF AMERICA PRIVATE COMPANY ADVISORY SERVICES
May 14, 2002 -- Leicester, NY -- CPAC, Inc. (Nasdaq: CPAK) announced today that it has retained Bank of America to assist in exploring investment opportunities as part of CPAC's aggressive growth plans for the future. The Company has said an integral part of its business plan includes utilizing a portion of its approximately $7 million in available cash and its $20 million line of credit for strategic acquisitions.
A major focus of CPAC's strategic plan is to incrementally increase its revenues and profit margins through the internal growth and development of its Fuller Brands segment and through the acquisition of compatible businesses. The Company is now working to identify acquisition targets in the commercial and household cleaning products market.
Thomas N. Hendrickson, CPAC's President and CEO, commented, "We are accelerating our acquisition program as part of CPAC's strategy for top-line growth and our relationship with Bank of America is the catalyst. The initial focus is on acquisitions, mergers, and strategic alliances that will augment Fuller Brands' position in the areas of commercial cleaning chemicals, home care brands, and specialty brushes. We also plan to evaluate all opportunities that have the potential to provide synergistic value to the Fuller Brands segment and ultimately to our shareholders."
About CPAC, Inc.
Established in 1969, CPAC, Inc. (cpac.com) manages holdings in two industries. The Fuller Brands segment manufactures commercial, industrial, and household cleaning products, as well as custom brushes and personal care lines for The Fuller Brush Company, Stanley Home Products, and Cleaning Technologies Group. CPAC Global Imaging develops and markets innovative imaging chemicals, equipment, and supplies at eight divisions worldwide. Stock is traded under the symbol: CPAK.
About Bank of America's Private Company Advisory Services
Private Company Advisory Services, part of Bank of America Private Bank, provides buy-and sell-side merger and acquisition services to middle market businesses. Bank of America Corporation (ticker: BAC), with $614 billion in total assets, is the holding company for one of the largest banks in the U.S., with operations in 21 states and the District of Columbia.
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, which may affect CPAC's business and prospects, including economic, competitive, governmental, technological, and other factors discussed in CPAC's filings with the Securities and Exchange Commission.
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