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
For further information: Gregory M. Steinberg, Treasurer and Executive Director of Investor Relations, American Greetings Corporation, +1-216-252-4864, firstname.lastname@example.org