|
LEICESTER, New York, October 13, 1998 –
CPAC, Inc. (Nasdaq NNM: CPAK) today announced that effective immediately, John C. Burton,
Ph.D has been named Director Emeritus of the CPAC Board of Directors. At the same time,
CPAC announced that Thomas J. Weldgen, CPAC Vice President, Finance and Chief Financial
Officer, has been elected to the Board of Directors.
As Director Emeritus, Dr. Burton will serve the
corporation as a consultant on SEC and compensation issues, as well as such corporate
projects as his experience dictates. He has been a member of the CPAC Board since 1991 and
served as Chairman of the Audit Committee during that time. In honor of his significant
contributions to the accounting profession in the twentieth century, Dr. Burton was
recently elected to the Accounting Hall of Fame as only the fifty-ninth member since its
founding in 1950. A retired Dean and Ernst and Young Professor of Accounting and Finance
in the Graduate School of Business at Columbia University, Dr. Burton has served on
numerous boards during his career.
Thomas N. Hendrickson, CPAC, Inc. Chief Executive Officer,
said, "Dr. Burton has actively assisted CPAC through its most aggressive growth
period. We have benefited greatly from his counsel regarding our acquisition program as
well as his input on strategic financial decisions. We are very fortunate that he will
continue to be available for ongoing counsel and financial direction."
New Board member Thomas J. Weldgen joined CPAC in 1992 as
Chief Financial Officer and is responsible for all financial transactions for the
corporation. During his tenure with the Company, Mr. Weldgen has successfully overseen the
fiscal growth of CPAC, including four acquisitions, a major license agreement, and
quadrupling of sales and profits. He was named Vice President, Finance, in April 1998.
"Mr. Weldgen has led us through many successful
transactions to expand CPAC’s global presence, and has actively promoted the Company
within the financial markets," said Mr. Hendrickson. "He will be a valuable
addition to our Board."
CPAC, Inc. is an acquirer, developer and licensee of brand
names in the Cleaning and Personal Care, and Imaging markets. CPAC owns The Fuller Brush
Company in Great Bend, Kansas, as well as five imaging chemical facilities in the U.S. and
Europe. Shares are traded over the Nasdaq National Market System under the ticker symbol
"CPAK." Additional information is available on the Company's website (www.cpac-fuller.com).
###
|
