EX-99.1 3 exh830.txt PRESS RELEASE ISSUED AUGUST 29, 2002 Exhibit 99.1 COMPANY CONTACT: Checkpoint Systems, Inc. Craig Burns Chief Financial Officer (856) 848-1800 INVESTOR RELATIONS CONTACTS: Marco Lima, Lindsay Hatton FD Morgen-Walke (212) 850-5600 PRESS CONTACT: Scot Hoffman FOR IMMEDIATE RELEASE FD Morgen-Walke --------------------- (212) 850-5600 CHECKPOINT SYSTEMS, INC. ORGANIZES MANAGEMENT TEAM - Assigns new responsibilities aimed at positioning the Company for growth - Thorofare, NJ, August 29, 2002 - Checkpoint Systems, Inc. (NYSE: CKP) today announced the assignment of new responsibilities at the senior management level aimed at positioning the Company for growth. John E. Davies, Jr., Executive Vice President, will be responsible for sales and marketing for the United States, International Americas and Asia Pacific. Per Levin, Vice President and General Manager of Europe, will continue to lead the European Organization. Craig Burns, Chief Financial Officer and Treasurer, will assume the responsibilities related to operations, manufacturing, supply chain and product development. All three senior managers will report directly to George Off, Chairman of the Board of Directors and Chief Executive Officer. Mr. Off commented, "As we position Checkpoint for growth, I am excited by the opportunity to build on a talented management team from within. These senior managers are proven performers and are ready to take on additional responsibilities." Mr. Burns and Mr. Davies are assuming the responsibilities previously assigned to Bill Reilly, who is retiring from his position as Chief Operating Officer, effective September 27, 2002. Mr. Reilly will remain a consultant to the Company. In the third quarter 2002, Checkpoint will incur a one-time charge of approximately $1.5 million related to post-employment benefits in connection with Mr. Reilly's retirement. Mr. Off concluded, "Bill has been a key member of the management team for 14 years. During this tenure, he has helped develop our domestic and international business, while establishing countless relationships on behalf of Checkpoint. It is with many thanks that we acknowledge his contributions to the Company." Checkpoint Systems, Inc. is a multinational company that manufactures and markets labeling systems designed to improve efficiency, reduce costs and provide value-added label solutions for customers across many markets and industries. Checkpoint is a leading provider of EAS and RFID systems, source tagging, barcode labeling systems, hand-held labeling systems, and retail merchandising systems. Applications include automatic identification, retail security, and pricing and promotional labels. Operating directly in 30 countries, Checkpoint has a global network of subsidiaries and provides professional customer service and technical support around the world. Checkpoint Systems, Inc.'s web site is located at www.checkpointsystems.com. Safe Harbor Statement This press release may include information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company's Security and Exchange Commission filings. # # #