Pak Mail Centers of America, Inc. to be Acquired by Pak Mail Acquisition Corp.

Search Blogs that Mention this News Release
Click this link to view linked Bookmarking Services
Click this link to view linked Blogging Services
Pak Mail Centers of America, Inc. to be Acquired by Pak Mail Acquisition Corp.
    ENGLEWOOD, Colo., Oct. 17 /PRNewswire/ -- Pak Mail Centers of America,
Inc. ("Pak Mail") and Pak Mail Acquisition Corp. ("PMAC") announced today that
the two companies have signed a definitive agreement for PMAC to acquire Pak
Mail.  The acquisition, approved by the boards of directors of both companies,
is to be accomplished through a merger whereby the shareholders of Pak Mail
other than PMAC would receive $0.0516 for each share of common stock.
Shareholders of PMAC currently own or control approximately 79.4% of Pak
Mail's common stock.
    The merger will qualify as a going-private transaction under federal
securities law and is expected to be consummated in late December 2002 or
January 2003.
    "This transaction represents an important step in the evolution of Pak
Mail.  By becoming a private company, Pak Mail will significantly reduce its
administrative costs and eliminate filing requirements associated with being a
public company.  This will allow us to concentrate on our core business
strategy," said P. Evan Lasky, President and CEO of Pak Mail.  "We expect the
transaction to result in a continuation of superior service and support for
our network of excellent franchises throughout the country and
internationally."
    Following the completion of the merger, two significant shareholders of
Pak Mail, Pak Mail Investment Partnership L.P. and D.P. Kelly & Associates,
L.P. will share ownership of Pak Mail.  Duff & Phelps, LLC acted as financial
advisor to Pak Mail in connection with the merger.

    About Pak Mail Centers of America, Inc.
    Pak Mail is an internationally recognized marketer of Pak Mail premier
specialty packaging, shipping and business support franchises.  Pak Mail is
headquartered in Englewood, Colorado.  For more information, visit the
company's website at http://www.pakmail.com .

     For more information, please contact:
     P. Evan Lasky
     Pak Mail Centers of America, Inc.
     (303) 957-1000
     elasky@pakmail.org

    Any "forward-looking statements" contained in this press release are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, as amended.  Words such as "expects," "intends,"
variations of these words and similar expressions are intended to identify
forward-looking statements.  These statements involve certain risks and
uncertainties, which are difficult to predict.  Therefore, actual future
events may differ materially from what is forecast in forward-looking
statements due to a variety of factors.

    This press release is neither an offer to purchase nor a solicitation of
an offer to sell shares of Pak Mail.  Prior to the Notice of Special Meeting
of Shareholders, shareholders of Pak Mail will file a Preliminary Proxy
Statement with the Securities and Exchange Commission and PMAC and other
related parties will file a Schedule 13E-3 with respect to the merger.  The
Preliminary Proxy Statement, Schedule 13E-3 and other related documents will
contain important information that should be read carefully before any
decision is made with respect to the merger.  The Preliminary Proxy Statement,
Schedule 13E-3 and other related documents will be made available to all
stockholders of Pak Mail, at no expense to them.  The Proxy Statement,
Schedule 13E-3 and other related documents will also be available at no charge
at the Securities and Exchange Commission's website at http://www.sec.gov .
SOURCE Pak Mail Centers of America, Inc.