Wyser-Pratte And IWKA (IWK GR) Incoming CEO Exchange Views

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 23, 2005--In constructive discussions, Wyser-Pratte Management Company and IWKA's incoming CEO have exchanged views on the future of IWKA as well as on the company's potential to improve its operations and increase its value. There is consensus that IWKA's operating strategy needs to be improved in order to attain increased efficiency and higher profitability and that the company must focus on its core competencies. All assets in IWKA's portfolio will be reviewed to determine whether they fit with the company's future targets and if their profit contribution is sufficient for them to stay within the company's portfolio. A well-developed strategy and a sharpened focus are expected to increase the effectiveness and success of the firm.

CONTACT:

Wyser-Pratte Management Co., Inc.

Adam Treanor, 646-735-5000