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Craftmaster Promotes Roy R. Calcagne to CEO

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Craftmaster Furniture Inc. announced that Roy R. Calcagne has been promoted to CEO. He was named President of the company after Craftmaster was acquired by Lacquer Craft in May 2006. Calcagne will now report to Samuel Kuo, Laquer Craft’s Chairman. Steven Lackey, the current CEO and previous owner, will remain with the company in a consulting and advisory capacity and will work on various Lacquercraft projects. “With Steve’s extensive background in upholstery manufacturing we are excited to have his input and guidance on future projects,” Mr. Kuo said. “I am excited for the future of Craftmaster with the positive changes that have taken place since we were acquired by Lacquer Craft last year and look forward to helping them in achieving their goals for 2007 and beyond,” said Mr. Lackey. “Lacquer Craft purchased Craftmaster last year to expand its upholstery business,” said Mr. Kuo. “Craftmaster is a fine company with a long standing history of quality and service, and we are looking forward to growing the business significantly in the near future.” Craftmaster’s relationship with Lacquer Craft will allow it to offer domestically produced upholstery, while taking advantage of its sourcing capabilities within China. This will further enhance the value of the Craftmaster product line which offers 140 sofa styles in the $699 to $999 retail price range with a full custom order program with over 1000 fabrics to choose from. Craftmaster will also produce the Universal Furniture, Better Homes and Gardens upholstery collection, which was successfully launched at this past spring market in High Point. “With the addition of Craftmaster to the Lacquer Craft group, which includes Universal Furniture and Legacy Classic Furniture, we now have the capability to produce products for all categories in residential furniture,” Mr. Kuo added. Craftmaster has a very loyal customer base made up of strong independent accounts primarily in the eastern United States. The growth of the company will come from these fine dealers plus the addition of a number of larger furniture retailers added since the October 2006 market. Craftmaster is now showing at the Las Vegas market to further expand its distribution to the western U.S. and has leased a 50,000 square foot warehouse locally to support the fast growing import program. “I believe a blended strategy of domestic upholstery production and sourcing from China is what is required to survive and grow in the current business environment,” said Mr. Calcagne. “Craftmaster is adding value to their products through off shore sourcing. We’ve introduced a strong cut-and-sew fabric program along with imported leather sofas and recliners last October, which are doing very well at retail. Those categories were expanded at this past spring market and we introduced a well-received assortment of contemporary products which was a new direction for the company.” “In the past year we have expanded our dealer base, entered new businesses – such as stationary leather and recliners – and have entered previously untapped U.S. markets. We are currently expanding the capacity of the factory by 40% to handle the aggressive growth plans for 2007 and beyond,” added Mr. Calcagne. Roy Calcagne has spent 26 years in the furniture business and joined Universal furniture in August 2003 as Senior VP of the upholstery division. Previously, Calcagne was VP of merchandising at Broyhill Furniture, VP of Sales for Joan fabrics and an upholstery buyer for Macys, New York. About Craftmaster: Craftmaster Furniture Inc. is a recognized leader in upholstered furniture, including over 140 fabric and leather sofa styles, chairs, recliners and unique accent pieces, plus a fully customized special order program – with over 1000 designer fabrics in varying patterns and colors. Founded in 1972, the company is located in Taylorsville, N.C.

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