Anacomp(R) Announces Results of Analysis of Strategic Alternatives And Resignation of Its President
SAN DIEGO, May 2 /PRNewswire/ -- Anacomp, Inc. (Nasdaq: ANCO), a leading provider of document-management solutions, today announced the results of Allen & Company's exploration of strategic and financial alternatives available to the Company. After a thorough study and evaluation, the Company announced that a sale of the business as a whole or in parts is not anticipated. Anacomp intends to continue with its original business plan by concentrating on increasing its traditional services, offering complementary new products, and giving major emphasis to building the docHarbor Internet business. Anacomp formed docHarbor(SM) late last year as an application service provider focusing on delivering documents using the web and leading- edge technology.
At the same time, Anacomp announced that Ralph W. Koehrer would be resigning, effective May 5, 2000, as Anacomp's president and chief executive officer. Mr. Koehrer served in these positions since May 1997. "Upon taking the position of president and chief executive officer of Anacomp, I was committed to spending three years positioning the Company's traditional business for growth by implementing new technology while developing new business opportunities for Anacomp in the emerging Internet e-business-to- business world," said Koehrer. "With the Company's focus on the docHarbor business and the conclusion of the work by Allen & Company, I believe it is the appropriate time for me to move on."
Anacomp has begun a search for two new chief executive officers for both its traditional, non-internet related businesses and the docHarbor business unit. Until these searches are completed, Richard Jackson and Lewis Solomon, co-chairmen of Anacomp's board of directors, have agreed to serve as acting co-chief executive officers of Anacomp. |
