| July
7, 2010, Voorhees, NJ - A.F.L. Web Printing announces Chief
Executive Officer, Dennis G. Forchic, has resigned.
“This was a very difficult decision
for me, but after careful consideration, I have decided
that this is what is best for me, my family, and for A.F.L.,”
said Mr. Forchic. “I have spent my entire career building
the company and I believe that with the significant capital
investment the Company recently secured, it is an opportune
time to step back.”
“A.F.L. is in good hands and I have
complete faith in our new investor group, Westbury Partners,
and the management team headed by Robert Conway the new
interim CEO,” Mr. Forchic said. “I will continue
to support the Company during the transition and contribute
to the future success of A.F.L. in any way that I can.”
Mr.
Conway is a veteran executive with over 30 years experience
leading companies, including publishing and printing operations,
through challenging strategic and economic transitions.
Most recently, as CEO of the Journal Register Company, Mr.
Conway led the company through a successful operational
restructuring and recapitalization. “We are committed
to our strategic plans for growth and will focus on improving
our execution and operational performance,” Mr. Conway
said. “Our team is confident that with the additional
capital provided by Westbury, we are well positioned to
maximize A.F.L.’s growth potential as our market continues
to stabilize.”
|
Westbury
Partners, a private equity fund located in New York recently
became the majority shareholder of A.F.L. through a recapitalization
plan designed to enhance the Company’s working capital.
Westbury’s investment will provide operating flexibility
for the company to accelerate growth. “We are fully
committed to the long-term strategy and are thrilled at
the opportunity to work with highly-regarded and experienced
leadership,” said James W. Schubauer II, President
of Westbury.
A.F.L.
Web Printing is the Publisher’s Resource of Choice in
the Mid-Atlantic region for over 350 national, regional and
local publishers. Our strategically located Regional Print
Centers in Voorhees and Secaucus, New Jersey contain over
one quarter million square feet of production capacity and
provide our publishing customers unparalleled opportunities
for growth. In addition to printing, A.F.L. offers a full
range of services including sales support, finishing, mailing
circulation services, and delivery.
For more information please contact:
Mark Henderson: 856.566.1270 or mhenderson@aflwebprinting.com |
