SCHEDULE 14A
                                 (Rule 14a-101)

                     INFORMATION REQUIRED IN PROXY STATEMENT

                            SCHEDULE 14A INFORMATION

                    Proxy Statement Pursuant to Section 14(a)

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         / /      Preliminary Proxy Statement
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                  Rule 14a-6(e)(2))
         / /      Definitive Proxy Statement
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         / /      Soliciting  Material  Pursuant  to  Section  240.14a-11(c)  or
                  Section 240.14a-12


                               NASHUA CORPORATION
                (Name of Registrant as Specified In Its Charter)

                             THE NEWCASTLE PARTNERS'
                           VALUE REALIZATION COMMITTEE


                   (Name of Persons(s) Filing Proxy Statement)

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                                       -2-

CONTACTS:                                   Mary Ellen Goodall
Mark E. Schwarz                             D. F. King & Co., Inc.
(214) 559-7145                              (212) 269-5550
John A. (Pete) Bricker, Jr.
(214) 369-5004

FOR IMMEDIATE RELEASE

                   ISS RECOMMENDS NASHUA SHAREHOLDERS VOTE FOR
                                NEWCASTLE'S SLATE

            DALLAS,   TEXAS,  April  18,  2000.   Representatives  of  Newcastle
Partners' Value  Realization  Committee (the  "Committee")  today announced that
Institutional  Shareholder Services ("ISS"), the nation's leading investor proxy
voting  advisory  service,  has  issued  a  research  report  recommending  that
shareholders in Nashua  Corporation  reject  management's  nominees for board of
directors in favor of the Committee's  competing  slate.  The Committee has been
soliciting  shareholder support for its nominees who, if elected, would comprise
four of the current seven-member Nashua board.

            ISS said in its report:
                        "The  election of directors  is not a referendum  on the
            [Rittenhouse]  merger,  however.  Rather,  it is a vote to determine
            whether  or not the board has  adequately  discharged  its duties in
            terms of  stewardship  and aiding  management  in setting  long-term
            strategic  direction.  On the first  score,  the  board  has  failed



            miserably considering that excluding [Chairman and CEO] Mr. Garbacz,
            four of the remaining six incumbent  directors have sat on the board
            prior  to his  hiring  (three  for  greater  than  ten  years),  and
            therefore are  accountable  for the company's  sizable losses during
            that time period.

                        "On the second score,  stewardship and responsiveness to
            shareholder demands, the board has performed even worse."


            The Newcastle  Partners' Value Realization  Committee,  in its proxy
materials,  recounts Nashua's poor performance and indifference to shareholders.
Among the actions with which the Committee takes issue is the board's timing and
handling  of its  recently-announced  agreement  to purchase  Rittenhouse  Paper
Company.  Furthermore,  the  Committee  has stated that,  if elected,  it is not
committed   to  any   preconceived   action   and  seeks   only  to   conduct  a
shareholder-oriented  review of all  available  options to increase  shareholder
value.

            Also noted in the ISS report, early yesterday the Committee released
to the  media a letter  that had been  sent to  Nashua  management  outlining  a
compromise  resolution to the proxy  contest.  The  Committee  proposed that the
board postpone closing the Rittenhouse  acquisition  pending review,  remove the
company's poison pill, enable  shareholders to act by written consent and enable
shareholders to call special meetings;  in exchange the Committee would withdraw
two of its  nominees.  Within hours of the letter  becoming  public,  management
announced the closing of the Rittenhouse  transaction.  Today, Nashua officially
rejected the Committee's compromise proposals as "moot and unacceptable."


            If you have any questions  related to the Newcastle  Partners' Value
Realization   Committee   proxy,   please  call  D.  F.  King  &  Co.,  Inc.  at
1-800-488-8035.


Availability of Proxy Materials Including Participant Information

The  Newcastle  Partners  Value  Realization  Committee  has filed  with the SEC
definitive  proxy materials to be used to solicit proxies from the  stockholders
of Nashua  Corporation for use at Nashua's 2000 annual meeting of  stockholders,
which will be held on April 25, 2000. The Newcastle  Partners Value  Realization
Committee strongly advises all Nashua  shareholders to read these materials when
they receive them because they contain important information.

The  proxy  statement  included  in the  Newcastle  Partners  Value  Realization
Committee's  definitive proxy materials,  as supplemented,  are available for no
charge from the SEC's web site at Information  relating to the  participants  in
the Newcastle  Partners Value  Realization  Committee's  proxy  solicitation  is
contained in the definitive proxy statement.

Forward-Looking Statements

This press release contains  "forward-looking  statements" within the meaning of
the federal securities laws with respect to the Company's  financial results and
future operations and, as such,  concerns matters that are not historical facts.
These statements are subject to risks and uncertainties  that could cause actual
results to differ materially from those expressed in such statements. Such risks
and uncertainties  include,  but are not limited to the Company's future capital
needs, and resources,  fluctuations in customer demand, intensity of competition
from other vendors,  timing and acceptance of new product introductions,  delays
or  difficulties  in  programs  designed to  increase  sales and  profitability,
general economic and industry conditions,  the settlement of various tax issues,
and other  risks set forth in the  Company's  filings  with the  Securities  and
Exchange Commission.  The Newcastle Partners Value Realization Committee assumes
no obligation to update the information contained in this press release.

Newcastle Partners, L.P. is a private investment firm based in Dallas, Texas.

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