-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N9s6DxXReyVrLdAg+0nVaunad1pYvUjRjFSm18PRHm/n1HOVVy6XhQr0O9MmYDMY SMH0Tf8KdVOwd6wj/6lQ4A== 0000801529-01-000001.txt : 20010123 0000801529-01-000001.hdr.sgml : 20010123 ACCESSION NUMBER: 0000801529-01-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010112 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRINTWARE INC CENTRAL INDEX KEY: 0000801529 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 411522267 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-20729 FILM NUMBER: 1507639 BUSINESS ADDRESS: STREET 1: 1270 STREET 2: EAGAN INDUSTRIAL ROAD CITY: ST PAUL STATE: MN ZIP: 55121 BUSINESS PHONE: 6514561400 MAIL ADDRESS: STREET 1: 1270 STREET 2: EAGAN INDUSTRIAL ROAD CITY: ST PAUL STATE: MN ZIP: 55121-1231 8-K 1 0001.txt 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): January 11, 2001 PRINTWARE, INC. _____________________________________________________________________________ (Exact name of Registrant as specified in its charter) Minnesota 000-20729 41-1522267 _____________________________ ___________ ___________________ (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1270 Eagan Industrial Road, St. Paul, MN 55121 _______________________________________________ (Address of principal executive offices) Registrant's telephone number, including area code: (651) 456-1400 Item 5. Other Events On January 11, 2001, Printware, Inc. announced the appointment of Stanley Goldberg as President and Chief Executive Officer, succeeding Daniel A. Baker, effective immediately. In addition to management restructuring, the company announced strategic initiatives in the areas of balance sheet restructuring and strategic partnerships. Exhibits 99.1 Press Release, dated January 11, 2001. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PRINTWARE, INC. Registrant Dated: January 12, 2001 By /s/ Thomas W. Petschauer ____________________________ Thomas W. Petschauer Executive Vice President and Chief Financial Officer (Principal Financial Officer) EX-99.1OTHERDOC 2 0002.txt PRESS RELEASE DATED JANUARY 11, 2001 NEWS RELEASE For immediate release Printware, Inc. 1270 Eagan Industrial Rd. St. Paul, MN 55121 http://PrintwareInc.com CONTACT: Stanley Goldberg, President and CEO, (651) 456-1402 Printware, Inc. Announces Strategic Initiatives Names Stanley Goldberg President and C.E.O. ST. PAUL, MINN., January 11, 2001-Printware, Inc. (Nasdaq-NNM: PRTW) today announced its Board of Directors has taken action on several major initiatives including naming a new President and Chief Executive Officer. According to Gary S. Kohler, Printware's Chairman, the following actions are being taken: Management Restructuring Effective immediately, Stanley Goldberg has been appointed President and Chief Executive Officer, succeeding Dan Baker. Goldberg has served on Printware's Board of Directors since June 2000. Most recently, he served as Managing Partner of Goldmark Advisors, LLC. In addition to Printware, Goldberg has also sat on the boards of a number of other public and private corporations including Destron Fearing, Medi-Ject and Wireless Ronin Technologies. Prior experiences include: President and CEO of Ringer Corporation, Vice President and General Manager of Thomson, S.A. and various senior level management positions with General Electric Company. Balance Sheet Restructuring For the past several years, Printware has used its cash to fund direct- financed, below market rate, leases. While this program facilitated equipment sales, it has required extensive administration, exposed the Company to potential financial risks and generated low rates of return on investment. Therefore, the Company is evaluating a number of third-party leasing companies with the intent of selling Printware's lease portfolio as well as for financing new equipment leases. In the interim, Printware will continue to provide a limited number of direct-finance leases at market rates to qualified buyers until a third party leasing program is put in place. In addition to leasing initiatives, Printware's Board of Directors has concluded that past management practices have lead to significantly higher inventory levels than are necessary to meet customers' needs. As a result, Printware will rationalize its purchasing practices in order to meet the highest levels of customer service, while taking into account the cost of capital invested in inventory. Strategic Partnerships In order for Printware to profitably deploy its technology in the computer- to-plate market, the Board of Directors has determined that Printware needs to develop one or more strategic partnerships with larger companies in this highly fragmented market. Printware has begun discussions with a number of potential partners, and it is the company's short term objective to create a strategic partnership. Commenting on the announcement, Gary Kohler stated, "I am happy Stan has agreed to help facilitate these initiatives. He is an experienced executive and I have confidence in his leadership skills and business judgment". Printware, Inc. designs, builds and markets "computer-to-plate" systems, which are used by the printing industry to create printing plates directly from computers or the Internet. Computer-to-plate systems replace the traditional platemaking process of typesetting, proofing, paste-up, camera work and processing film. Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are "forward-looking statements" within the meaning of the Private Securities Reform Act of 1995. Such statements are necessarily subject to risks and uncertainties that could cause actual results to vary from stated expectations, and such variations could be material and adverse. Additional information concerning the factors that could cause actual results to differ materially from the Company's current expectations is contained in the Company's SEC filings. -----END PRIVACY-ENHANCED MESSAGE-----