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The Bermuda Press (Holdings) Limited Announces Acceptance of Offer
Hamilton, Bermuda: 2 December 2004 - Mr. Richard Pearman, President, Engravers Ltd. ("Engravers"), and Mr. W. Roger Davidson, President, The Bermuda Press (Holdings) Ltd ("Bermuda Press") are pleased to announce that the Board of Directors of Engravers has accepted and agreed to recommend to its shareholders Bermuda Press' offer to purchase all the issued and outstanding shares of Engravers. This will result in the merger of the commercial printing operations of Engravers and Bermuda Press.
The Board of Engravers, after carefully considering the condition of the printing industry in Bermuda, the future of its staff, clients and shareholders have determined that the proposed sale and merger is in the best interests of Engravers, its employees and its shareholders.
Clients of Engravers and Bermuda Press will benefit from the merged operations, from economies of scale and from the unique combined services of both Engravers and Bermuda Press. Engravers will be more streamlined and focused and will provide a range of services complementary to those offered by Bermuda Press.
A revitalized Engravers Ltd may result in certain redundancies among Engravers' employees, but the parties are committed to minimizing any impact, to the greatest extent possible. If the parties determine that redundancies are necessary, they will provide any employee made redundant with a full redundancy payment and the opportunity to receive assistance to find new employment.
The parties acknowledged that the driving force behind the merger of the two local printing operations is the severe foreign competition that local printers have been forced to contend with in the last few years which has made it increasingly more difficult for the printing industry in Bermuda to remain viable. The transaction will ensure continuing support for the Island's economy and a better range of service and prices for clients supporting Bermuda's printing industry.
Any inquiries in regard to the foregoing should be directed to the attention of Mr. Paget Wharton or Mr. Keith Jensen of The Bermuda Press (Holdings) Ltd.