Lason emerges from chapter 11, approves plan to reorganize

Today, Aug 2002

Data capture and integrated information management services provider Lason (800-- 497-9527 / www.lason.com) has approved its Plan of Reorganization less than five months after the company filed for Chapter 11 protection. Under the plan lenders have agreed to write-off more than $170 million in debt, the Company's current outstanding common stock will be canceled, and new shares in the Reorganized Lason will be issued. Approximately 87.5% of the new shares will be issued to the senior secured lenders and unsecured creditors and 12.5% of the new shares will be issued to Lason management, as part of a new incentive plan.

"This is a bright new day for Lason; the past can finally be put behind us," said Ronald Riskier, Lason CEO. "This solidifies our balance sheet and makes Lason a viable entity. We have all worked extremely hard through this process and are tremendously proud of what we have accomplished in such a short period of time."