PARAGON
TECHNOLOGIES ANNOUNCES FORMATION OF A STRATEGIC ALTERNATIVES COMMITTEE
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EASTON,
PA — October 28, 2003 -- Paragon
Technologies, Inc. (AMEX: PTG), a leading supplier of “smart” material
handling solutions, including systems, technologies, products and services,
announced today that the Board of Directors of Paragon Technologies
has formed a Board committee to specifically address all strategic alternatives
available to the Company, with a primary objective of enhancement of
shareholder value.
Len
Yurkovic, President and CEO of Paragon Technologies, states, “This initiative
is driven by the flexibility available from the Company’s debt-free
balance sheet, coupled with its unique positions in the diverse range
of its markets and products.”
About Paragon Technologies
Paragon Technologies is a leader in
integrating materials handling systems and creating automated solutions for material
flow applications. Ermanco's branded conveyor technologies and materials handling
solutions address the needs of the distribution, assembly, and manufacturing marketplace.
SI Systems' branded technologies and materials handling solutions address unit
assembly handling and order fulfillment applications. Paragon Technologies' Quality
Management System at its Easton, Pennsylvania location is certified to the ISO
9001 standard. The scope of the Quality Management System governs the design,
manufacture, assembly, installation, and servicing of automated materials handling
and distribution systems. One of the top materials handling systems suppliers
worldwide, Paragon's leading clients include the United States Postal Service,
General Motors, IBM, BMG, Daimler Chrysler, Johnson & Johnson, Ford, Peterbilt,
Harley-Davidson, Walgreens, and Clark Equipment.
Cautionary Statement. Certain
statements contained herein are not based on historical fact and are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995 and the Securities and Exchange Commission rules, regulations and
releases. Paragon intends that such forward-looking statements be subject to the
safe harbors created hereby. Among other things, the forward-looking statements
regard Paragon's earnings, liquidity, financial condition, and certain operational
matters. Words or phrases denoting the anticipated results of future events, such
as "anticipate," "does not anticipate," "should help
to," "believe," "estimate," "is positioned,"
"expects," "may," "will," "is expected,"
"should," "continue," and similar expressions that denote
uncertainty, are intended to identify such forward-looking statements. Paragon's
actual results, performance, or achievements could differ materially from the
results expressed in, or implied by, such "forward-looking statements:"
(1) as a result of risks and uncertainties associated with Paragon's restructuring,
including the failure to achieve anticipated operating savings, and the possibility
that the restructuring charges will be greater than anticipated; (2) as a result
of factors over which Paragon has no control, including the strength of domestic
and foreign economies, sales growth, competition, and certain cost increases;
or (3) if the factors on which Paragon's conclusions are based do not conform
to its expectations.
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