The execution of this lease is the first step in TST's plan to reconfigure and consolidate its eastern operations. The plan eliminates the company's current use of four public warehouses and will consolidate the Kearneysville, West Virginia, and Greencastle, Pennsylvania, operations into the Chambersburg location. The Kearneysville and Greencastle buildings have been placed on the market to be sold. Substantially all of the current employees in West Virginia and Greencastle, Pennsylvania, will be offered employment at the Chambersburg location. With the assistance of the Commonwealth of Pennsylvania Department of Community and Economic Development, the company has received various financial incentives such as grants and job training credits to finance the transition.
As previously announced, the company is also constructing a 34,500-square-foot expansion to its Itasca, Illinois, location. This expansion will house the operations currently conducted in an Elk Grove, Illinois, leasehold. Once both projects are completed, the company will have reduced the number of manufacturing locations the company operates from six to four, with square footage increasing from approximately 420,000 to 690,000.
"These projects will greatly enhance our manufacturing and logistics efficiency by bringing various operations under one roof. The business acquisitions in 2001 and 2002 resulted in the company owning multiple midsize facilities located in close proximity to one another. The logical next step was to consolidate those operations into larger plants," stated Marshall Sorokwasz, President and Chief Financial Officer of Impreso, Inc. "If the project plans are executed as anticipated, I believe the company will save between $1.5 and $2 million on an annualized basis."
About Impreso, Inc.
Impreso, Inc. is a holding company for TST/Impreso, Inc. and HotSheet.com, Inc. TST/Impreso, Inc. is a manufacturer and distributor of hard copy imaging products for commercial and home use in domestic and international markets. HotSheet.com, Inc. primarily owns HotSheet.com, a single-page, online Internet directory with categorized links to premier web destinations. The Company's website domains are www.hotsheet.com, www.impreso.com and www.tstimpreso.com.
Impreso, Inc. is headquartered in Coppell, Texas, and its common stock trades on the Nasdaq Small Cap Market under the symbol "ZCOM."
This press release may include statements that constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, paper prices and raw material costs, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Contact: Marshall Sorokwasz
Voice: 972-462-0100, ext. 1103
Contact: Tammy Yahiel
Voice: 972-462-0100, ext. 1117
Email: yahiel@tstimpreso.com