SOURCE: Journal Register Company

October 13, 2008 17:30 ET

Journal Register Company Appoints Acting Chief Financial Officer

YARDLEY, PA--(Marketwire - October 13, 2008) - Journal Register Company (PINKSHEETS: JRCO) today announced that it has appointed John O. Strek as its acting Chief Financial Officer, effective October 31, 2008. Mr. Strek replaces Julie A. Beck who resigned as the Company's Executive Vice President and Chief Financial Officer, effective as of October 31, 2008, to pursue another opportunity.

John O. Strek, age 47, is a Managing Director with Conway, Del Genio, Gries & Co., LLC ("CDG"), a financial and restructuring advisory firm. Mr. Strek has been employed by CDG since 2000, providing restructuring services to companies in a number of industries. Prior to joining CDG, Mr. Strek was as a Partner in Ernst & Young's Corporate Finance group focusing on financial restructuring and mergers and acquisitions.

The Company engaged CDG on July 23, 2008 as a financial advisor to the Company pursuant to a forbearance agreement with its lenders. As part of the engagement, the Company appointed Robert P. Conway, a Principal of CDG, as its Chief Restructuring Officer.

About Journal Register Company

Journal Register Company is a leading U.S. media company. Journal Register Company owns 22 daily newspapers and 298 non-daily publications. Journal Register Company currently operates 239 individual Web sites that are affiliated with the Company's daily newspapers, non-daily publications and its network of employment Web sites. These Web sites can be accessed at www.JournalRegister.com. All of the Company's operations are strategically clustered in six geographic areas: Greater Philadelphia; Michigan; Connecticut; Greater Cleveland; and the Capital-Saratoga and Mid-Hudson regions of New York. The Company owns JobsInTheUS, a network of 20 employment Web sites.

Safe-Harbor

This release contains forward-looking information about Journal Register Company that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, financial projections and estimates and their underlying assumptions, the extent or timing of cost savings, charges, the extent of employees impacted, and statements about the future performance, operations, products and services of the Company. These forward-looking statements involve a number of risks and uncertainties, which could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, the success of the Company's asset sales and divestiture activities, the ability of the Company to achieve cost reductions and integrate acquisitions, competitive pressures including competition from non-newspaper forms of media, general or regional economic conditions and advertising trends, the unavailability or a material increase in the price of newsprint and increases in interest rates, changes in performance that affect financial covenant compliance or funds available for borrowing, uncertainty whether trading in the common stock will continue on the Pink Sheets, whether the Company will realize significant savings from the termination of public reporting, technological changes and the adoption of new accounting standards or changes in accounting standards. These and additional risk factors are outlined in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact Information

  • For more information:
    Gary A. Struening
    Vice President, Finance
    Tel: (215) 504-4200

    Journal Register Company
    790 Township Line Road
    Yardley, PA 19067
    Fax: (215) 504-4201