CLEVELAND, Nov. 28, 2012 /PRNewswire/ -- American
Greetings Corporation (NYSE: AM) today announced that it is
delaying its plans to develop a new world headquarters facility in
Westlake, Ohio. The Company's
board of directors believes it is advisable to temporarily delay
the project in light of the proposal from Zev Weiss, company CEO, Jeffrey Weiss, president and COO, and other
members of the Weiss family to take the Company private.
American Greetings still intends to develop its new world
headquarters in the Crocker Park development located in the
City of Westlake. American
Greetings believes that the delay will be short and will have no
material adverse impact on the Company.
About American Greetings Corporation
For more
than 100 years, American Greetings Corporation (NYSE: AM) has been
a creator and manufacturer of innovative social expression products
that assist consumers in enhancing their relationships to create
happiness, laughter and love. The Company's major greeting card
lines are American Greetings, Carlton Cards, Gibson, Recycled Paper
Greetings and Papyrus, and other paper product offerings include
DesignWare party goods and American Greetings and Plus Mark
gift-packaging and boxed cards. The Company also has one of the
largest collections of greetings on the Web, including greeting
cards available at Cardstore.com and electronic greeting cards
available at AmericanGreetings.com. In addition to its product
lines, the Company creates and licenses popular character brands
through the American Greetings Properties group. Headquartered in
Cleveland, Ohio, the Company
generates annual revenue of approximately $1.7 billion, and its products can be found in
retail outlets worldwide. For more information on the Company,
visit http://corporate.americangreetings.com.
Forward Looking Statement Disclosure
The
statements contained in this release that are not historical facts,
including statements relating to the delay in the world
headquarters project and the impact of that delay, may be deemed to
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Actual future
results might differ materially from those projected in such
statements due to a number of factors. These factors include the
possibility of further delays in the world headquarters project and
uncertainties regarding the impact on the Company of such delays.
The forward looking statements contained herein are also subject to
other risks and uncertainties that are described in the Company's
reports filed with the Securities and Exchange Commission,
including without limitation the risk factors described in the
Company's most recent annual report on Form 10-K and in each of its
subsequent quarterly reports on Form 10-Q.
SOURCE American Greetings Corporation