Clark, Dee and Others Form Company

September 20, 2001

High Point, NC (USA) — Cyrus Clark Co. Inc., New York David Dee & Company, Miami, William Zales sales agent and Beltacom, a Dutch investment group have signed a letter of intent to merge the four companies into an as yet un-named holding company.

Each partner will own 25 percent of the holding company once the deal is finalized, Russ Clark, president of Cyrus Clark confirmed. The agreed upon purchase price has not been disclosed. Other acquisitions are planned by the holding company.

Clark and Dee will continue to run their respective businesses as converters with the added benefits of cross merchandising and other synergies, Clark confirmed. The Clark family has owned Cyrus Clark for 76 years.

Clark is primarily a residential converter of prints while Dee is a contract print converter. "The benefits of the arrangement are still being worked out," Clark, the third generation family owner said. However, administration of the joined companies will take place in Clark's New York office while sales and marketing will be established in Dee's Miami offices.

It is understood that warehouse operations for both firms will be consolidated into one warehouse and a second warehouse will be closed.

Russ Clark has been actively pursuing prospective partners for either merger or acquisition for the past two years, he said.


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