American Pad & Paper LLC Announces New Board of Directors

PLANO, Texas--()--Sept. 10, 2003--American Pad & Paper LLC ("Ampad"), after successfully emerging from bankruptcy on August 26, 2003, has formed a new board of directors to provide guidance and oversight to the Company going forward. The five-member board is comprised of exceptionally qualified business executives who played key roles in the Company's acquisition out of bankruptcy by an affiliate of Crescent Capital Investments, Inc.

Serving on the board are four non-management directors: David Crosland, Charles Ogburn and Edward Underwood of Crescent Capital Investments, Inc., and Gerald Benjamin of Casas, Benjamin & White, LLC. John Bermingham, Ampad's new President and CEO, is the fifth member of the board and will hold the position of Chairman.

About the Directors

David Crosland is an Executive Director of Crescent Capital. Prior to joining Crescent, David worked for Investcorp where he was responsible for all aspects of acquisitions and divestitures including originating, analyzing, structuring, and negotiating transactions as well as monitoring acquired companies. Prior to Investcorp, Mr. Crosland spent three years with Morgan Stanley, where he worked in the firm's mergers and acquisitions group. Mr. Crosland holds a BA in Economics, magna cum laude, from Duke University and an MBA from Harvard Business School.

Charles Ogburn is an Executive Director of Crescent Capital. Prior to joining Crescent, Charlie spent more than 15 years at the investment banking firm of Robinson-Humphrey, most recently as Senior Managing Director and co-head of investment banking. Prior to Robinson-Humphrey, Mr. Ogburn was an attorney with the law firm of King & Spalding for five years. Mr. Ogburn is a graduate of Duke University and earned his law degree from Vanderbilt University School of Law. He is a Director of the Atlanta Venture Forum and a Trustee of Trinity School.

Edward Underwood is an Executive Director of Crescent, responsible for post-acquisition reporting for Crescent's portfolio companies. Prior to joining Crescent, Mr. Underwood served as Chief Financial Officer for Burnham Service Company, a $200 million revenue trucking and logistics company. Prior to Burnham, he spent nine years with Investcorp, most recently as part of the Post-Acquisition Management team where he was responsible for monitoring the operations and performance of acquired companies. Mr. Underwood has a BS in Industrial Engineering from the Georgia Institute of Technology and an MBA from Cornell University.

Gerald Benjamin is Managing Director of Casas, Benjamin & White, LLC where he directs the firm's Distressed Mergers and Acquisitions Group, as well as coordinates the firm's equity placement and mergers and acquisitions advisory services. Prior to joining Casas, Benjamin & White, LLC, Mr. Benjamin was a co-founder and served as CEO of Bock, Benjamin & Co., an Atlanta-based boutique mergers and acquisitions advisory firm. Mr. Benjamin also served as CEO of Premier HealthCare, Inc., and has served as a principal with companies in the healthcare, financial services, specialty retailing, distribution, and manufacturing industries and currently serves as a director of Global Link Logistics, Inc., OfficeImages, Inc., Club Staffing, Inc., National Dental Services, Inc., and Spec-Line Laminated Products, Inc. Mr. Benjamin, a Certified Public Accountant, received his Bachelor of Science degree in Accounting from the University of Kentucky, where he was named a Coopers & Lybrand Scholar.

John Bermingham was named as President and CEO of American Pad & Paper LLC when it emerged from bankruptcy and will serve as the Chairman of its new board. Prior to joining the Company, Mr. Bermingham served as Chairman, President and CEO of Centis, Inc., a diverse manufacturing and distributing company serving the office products and related industries. Among his other career accomplishments, Mr. Bermingham served as President and CEO of Smith Corona Corporation, President and CEO of Rolodex Corporation, and President and CEO of AT&T Smart Cards Systems & Solutions. Mr. Bermingham earned a BA from Saint Leo University and has completed the Harvard University Graduate School of Business Advanced Management Program.

About Ampad

Ampad is a leading manufacturer and distributor of writing pads, filing supplies, retail envelopes and specialty papers and serves many of the largest and fastest growing office products retailers and distributors in North America. Additional information on Ampad can be found at www.ampad.com.

Contacts

Carla Kienast Consulting for Ampad
Carla Kienast, 972-239-5001

Contacts

Carla Kienast Consulting for Ampad
Carla Kienast, 972-239-5001