Calloway's Nursery, Inc. and 3K Limited Partnership announced the results of the previously announced joint tender offer to purchase up to 4,000,000 shares of Calloway's common stock at a purchase price of $2.52 per share. As a result of the Recapitalization, 3K and its affiliates have become a large holder of Calloway's common stock, holding approximately 56.7% of the total number of outstanding shares. In addition, pursuant to the terms of the Recapitalization Agreement, Mr. Estill resigned as the Chief Executive Officer and Chairman of the Board of Directors of Calloway's at the closing of the Recapitalization, and Marce Ward, the President and Chief Operating Officer of Calloway's prior to the Recapitalization, was appointed as President and Chief Executive Officer.

Furthermore, pursuant to the Recapitalization Agreement, five members of the Calloway's Board of Directors, consisting of Mr. Estill, Dan Feehan, Alan Howe, Daniel Reynolds and David Straus, resigned from the board. The post-Recapitalization Board of Directors consists of continuing directors Peter Kamin, David Alexander and Mr. Ward, as well as two designees appointed by 3K, David Schneider and Terry Shaver.