Englewood, Colorado, May 12, 2003 – Pak Mail Centers of America, Inc. (“Pak Mail”) and Pak Mail Acquisition Corp. (“PMAC”) announced today that PMAC’s acquisition of all the outstanding shares of Pak Mail has been completed. Duff & Phelps, LLC rendered a fairness opinion in connection with the merger and acted as financial advisor to Pak Mail on the transaction.

The acquisition was accomplished through a merger whereby PMAC was merged with and into Pak Mail. The corporate existence of PMAC has ceased and Pak Mail has continued as the surviving corporation. Holders of common stock of Pak Mail, other than PMAC, received $0.0516 per share of common stock. Each share of Pak Mail common stock that was held by PMAC has been cancelled and extinguished. Each share of PMAC common stock has been converted into one share of common stock of the surviving corporation. The merger qualifies as a going-private transaction under federal securities law.

“The completion of this merger is a significant milestone for Pak Mail,” said Evan Lasky, President and CEO of Pak Mail. “The costs associated with public ownership, such as accounting and legal fees, as well as the significant administrative costs, were detrimental to the continued success of Pak Mail. As a private company, we are now in a much better position to focus on our primary goals of providing exceptional service for our franchises and expanding our core business.”

Following the completion of the merger, two shareholders of Pak Mail, Pak Mail Investment Partnership L.P. and D.P. Kelly & Associates, L.P. now share ownership of Pak Mail.

Duff & Phelps, LLC, a Chicago-based investment banking and financial advisory firm, provides independent financial analysis and advice, including fairness opinions, for both public and privately-held companies in transactions involving corporate acquisitions and divestitures, ESOPs, going private transactions, related party transactions, recapitalizations and restructurings, and exchange offers.