Friday, August 09, 2002

President and CFO acquire equity positions in previously family owned office furniture planning and flooring dealership.

ELIZABETH, NJ - (8/9/2002) - On July 31, 2002 Daniel F. Morley, President and John Trotter, CFO acquired equity positions in bfi Business Furniture, Inc., a 56-year-old contract furniture and flooring dealership headquartered in Elizabeth, NJ. bfi had been a closely held family business before Messrs. Morley and Trotter purchased shares of newly issued common stock from the company. Mr. Paul Gold is the Chief Executive Officer of bfi and his family continues to own the majority of the stock.

With additional branch offices in Manhattan, Princeton, Parsippany and Melville, Long Island, bfi is one of the metropolitan areas largest office furniture planning and flooring dealerships. Mr. Morley joined the firm in 1984 and became President in 1997. Mr. Trotter joined the firm as Controller in 1985 and became Treasurer and CFO in 1990.

About bfi
bfi is one of the nation’s largest Herman Miller dealerships and is an Aligned dealership of Shaw Industries. In recent years, bfi has been the furniture provider to such clients as Global Crossings, RCN Cable, Chase Bank, Underwriters Laboratory, The City of New York, The Bergen County Administration Building, Princeton University, The Federal Reserve Bank and Dow Jones. Recently, bfi has been awarded the furniture contracts for Organon Pharmaceuticals and The County of Morris Department of Social Services. The planning division does work for such commercial real estate firms such as Insignia/ESG, C&W, CB Richard Ellis and Newmark Real Estate Services. The flooring and planning divisions have done work for real estate developers such as The Gale Companies, The Kushner Companies, Ivy Equities and Mack-Cali.

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