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Bendon Publishing Completes Recapitalization and Stock Buyback;
Hadley Partners Serves as Financial Advisor to Significant Shareholder
Ashland, Ohio — July 2005

Bendon Publishing International, Inc., a leading publisher of children’s books, announced that it has completed a recapitalization and stock buyback. The Company repurchased all of the outstanding shares of one of its significant shareholders in a two-step transaction. Hadley Partners served as financial advisor to the selling shareholder, and worked closely with Bendon to ensure the successful completion of the transaction.

"We are very proud to provide one of our significant shareholders with the opportunity to monetize his investment in our company and its operations. Since our inception in 2002 we have made significant progress as a business, and we are grateful for the roles that all the members of our team have played to date," said Don Myers III, chief executive officer of Bendon.

“As Bendon’s portfolio of licenses and retail relationships continues to grow, we find ourselves as committed today to its success as we were when we started this business three years ago. In fact, we recently relocated to a 240,000 square foot distribution center, from which we can better serve our customers,” said Ben Ferguson, Bendon’s president. “Our goal is to continue to create value for our business partners and our owners.”

This recapitalization is the second transaction on which Hadley Partners has been of service to Bendon and its shareholders in less than two years. In December 2003, Hadley Partners served as Bendon’s private placement agent in connection with its Series A Convertible Preferred Stock offering.

This announcement is for informational purposes only, and does not represent either an offer to sell securities or a solicitation of offers to purchase securities.

About Bendon Publishing (www.bendonpub.com)

Bendon is rapidly emerging as a significant publisher of children’s books and related items in the United States. The Company specializes in the publication and retail distribution of licensed and non-licensed storybooks, pop-up storybooks, coloring and activity books, glitter books, educational workbooks, board books, game cards, flash cards and box puzzles targeting children and those who buy for children. Bendon’s products are sold in leading retail outlets throughout the United States. Its most recent full line catalog includes more than 1,000 products available to ship to its customers.

About Hadley Partners

Founded in 1999, Hadley Partners always seeks to provide the highest-quality merger & acquisition advisory, private placement and financial advisory services. We have a world-class team of veteran bankers that bring Wall Street experience to middle-market and emerging growth companies. Our goal is to develop relationships of trust with the leaders of these companies and with investors that pursue investment opportunities in such companies. We provide our services in a fair and flexible manner, and we always put our clients’ interests first. Hadley Partners is a registered broker-dealer, and a member of the National Association of Securities Dealers and the Securities Investor Protection Corporation.

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