Orchids Paper Products Company Elects New Chairman of the Board
PRYOR, Okla., June 29 /PRNewswire-FirstCall/ -- Orchids Paper Products Company (AMEX: TIS) announced today that at its annual meeting of stockholders held on June 19, 2007, Douglas E. Hailey, Gary P. Arnold, Steven R. Berlin, John C. Guttilla, Jeffrey S. Schoen and Jay Shuster, each an incumbent director, were elected to serve until the 2008 annual meeting of stockholders. At a meeting of the board of directors immediately following the annual meeting of stockholders, Mr. Hailey stepped down as Chairman, and Mr. Shuster, a director of the Company since December 2006, was appointed as Chairman. Mr. Hailey will continue to serve on the board of directors.
Mr. Shuster is a recognized and experienced leader in the pulp and paper industry. He was employed by Rock-Tenn Company from 1979 through 2000 last serving as the company's President from 1992 through 2000. Prior to 1992, he held the positions of Executive Vice President and Chief Operating Officer, Executive Vice President and General Manager of two operating divisions, and Chief Financial Officer.
About Orchids Paper Products Company
Orchids Paper Products Company is an integrated manufacturer of tissue paper products serving the private label consumer market. The Company produces a full line of tissue products, including paper towels, bathroom tissue and paper napkins. From its operations in Pryor, Oklahoma, Orchids Paper Products Company uses recycled waste paper to produce finished tissue products which it provides to retail chains throughout the central United States. For more information on the Company and its products, visit the Company's website at http://www.orchidspaper.com.
This release contains forward-looking statements. These statements relate to, among other things:
-- the Company's business strategy; -- the market opportunity for the Company's products, including expected demand for its products; and -- any of the Company's other plans, objectives, expectations and intentions contained in this release that are not historical facts.
These statements relate to future events or future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms or other comparable terminology. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. These statements are only predictions.
Factors that may cause its actual results to differ materially from its forward-looking statements include, among others: (1) competition in its industry; (2) adverse developments in its relationships with key customers; (3) impairment of ability to meet its obligations and restrictions on future operations due to its substantial debt; (4) availability and price of energy; (5) disruption in supply or cost of waste paper; (6) the loss of key personnel; (7) variable interest rate exposure; (8) labor interruptions; (9) natural disaster or other disruption to its facility; (10) ability to finance the capital requirements of its business; (11) costs to comply with government regulations; and (12) failure to maintain an effective system of internal controls necessary to accurately report its financial results and prevent fraud.
The Company's actual results may be materially different from what it expects. The Company does not undertake any duty to update these forward- looking statements after the date hereof, even though the Company's situation may change in the future. All of the forward-looking statements herein are qualified by these cautionary statements.
SOURCE Orchids Paper Products Company
Released June 29, 2007