Paper Warehouse, Inc. Common Stock Begins Trading on One-for-Three Reverse Split Basis; Company Symbol to be PWHSD for 20 Trading Days

Apr 17, 2001, 01:00 ET from Paper Warehouse, Inc.

    MINNEAPOLIS, April 17 /PRNewswire/ --
     Paper Warehouse, Inc. (Nasdaq: PWHS), as previously announced, said that
 its common stock has begun trading on a one-for-three reverse stock split
 basis today.  In conjunction with this, the Company's common stock will trade
 on the Nasdaq under the symbol PWHSD for 20 business days.
     The Company anticipates that following the reverse stock split, its common
 stock will trade at a price that is higher than the $1.00 per share minimum
 bid price thereby satisfying Nasdaq's continued listing requirements.
 However, there can be no assurance that, after the consummation of the reverse
 stock split, the common stock will trade at three times the market price prior
 to the reverse stock split or above the $1.00 per share minimum bid price.  In
 addition, there can also be no assurance that the Company will be able to
 satisfy the Nasdaq SmallCap Market's maintenance requirements on a continuing
 basis.
     Paper Warehouse specializes in party supplies and paper goods and operates
 under the names Paper Warehouse, Party Universe, and www.PartySmart.com.
 PartySmart.com can be accessed at http://www.PartySmart.com .  Paper Warehouse
 stores offer an extensive assortment of special occasion, seasonal and
 everyday party and entertainment supplies, including paper supplies, gift
 wrap, greeting cards and catering supplies at everyday low prices.  As of
 February 2, 2001, the Company had 147 retail locations (98 company-owned
 stores and 49 franchise stores) conveniently located in major retail trade
 areas to provide customers with easy access to its stores.  Paper Warehouse's
 headquarters are in Minneapolis.
     Forward-looking statements contained in this press release are made under
 the Safe Harbor Provision of the Private Securities Litigation Reform Act of
 1995.  Any such statements are subject to risks and uncertainties that could
 cause actual results to differ materially from those anticipated.  Such
 factors are described from time to time in the company's Annual Report on Form
 10-K and other reports filed with the Securities and Exchange Commission.
 
 

SOURCE Paper Warehouse, Inc.
    MINNEAPOLIS, April 17 /PRNewswire/ --
     Paper Warehouse, Inc. (Nasdaq: PWHS), as previously announced, said that
 its common stock has begun trading on a one-for-three reverse stock split
 basis today.  In conjunction with this, the Company's common stock will trade
 on the Nasdaq under the symbol PWHSD for 20 business days.
     The Company anticipates that following the reverse stock split, its common
 stock will trade at a price that is higher than the $1.00 per share minimum
 bid price thereby satisfying Nasdaq's continued listing requirements.
 However, there can be no assurance that, after the consummation of the reverse
 stock split, the common stock will trade at three times the market price prior
 to the reverse stock split or above the $1.00 per share minimum bid price.  In
 addition, there can also be no assurance that the Company will be able to
 satisfy the Nasdaq SmallCap Market's maintenance requirements on a continuing
 basis.
     Paper Warehouse specializes in party supplies and paper goods and operates
 under the names Paper Warehouse, Party Universe, and www.PartySmart.com.
 PartySmart.com can be accessed at http://www.PartySmart.com .  Paper Warehouse
 stores offer an extensive assortment of special occasion, seasonal and
 everyday party and entertainment supplies, including paper supplies, gift
 wrap, greeting cards and catering supplies at everyday low prices.  As of
 February 2, 2001, the Company had 147 retail locations (98 company-owned
 stores and 49 franchise stores) conveniently located in major retail trade
 areas to provide customers with easy access to its stores.  Paper Warehouse's
 headquarters are in Minneapolis.
     Forward-looking statements contained in this press release are made under
 the Safe Harbor Provision of the Private Securities Litigation Reform Act of
 1995.  Any such statements are subject to risks and uncertainties that could
 cause actual results to differ materially from those anticipated.  Such
 factors are described from time to time in the company's Annual Report on Form
 10-K and other reports filed with the Securities and Exchange Commission.
 
 SOURCE  Paper Warehouse, Inc.