Salton, Inc. Announces Changes to its Board of Directors
03 June 2006 - 7:20AM
Business Wire
Salton, Inc. (NYSE: SFP) announced today that the Board of
Directors has appointed David Maura as a director. David Maura is a
consultant to Harbinger Capital Partners Master Fund I, Ltd.
Harbinger Capital Partners today purchased 30,000 shares of
Salton's Series A Voting Convertible Preferred Stock, which is
currently convertible into approximately 2,647,067 shares of Salton
common stock, from certain affiliates of Centre Partners Management
LLC. In connection with that transaction, Robert A. Bergmann and
Bruce G. Pollack, directors designated by Centre Partners, resigned
from the Board of Directors. Centre Partners and its affiliates
continue to own 544,852 shares of common stock and 10,000 shares of
Series A Voting Convertible Preferred Stock. Prior to his
consultancy with Harbinger Capital Partners, Mr. Maura was a
Managing Director at First Albany Capital, where he focused on
distressed debt and special situations in the consumer products
& retail sectors of the high yield market. Prior to working at
First Albany, Mr. Maura was a Director in the Global High Yield
Research department of Merrill Lynch & Co. Previously, Mr.
Maura was a Vice President and Senior Analyst with Wachovia
Securities. Mr. Maura earned his Bachelor of Science degree in
Business from Stetson University and is a Chartered Financial
Analyst. Leon Dreimann, Chief Executive Officer, commented "We are
very pleased to have David Maura join our board of Directors. His
knowledge and experience will contribute to our Board as we strive
to enhance stockholder value." Mr. Maura said "I am very pleased to
join Salton's board. Harbinger Capital Partners understands the
dynamics of the small appliance industry and recognizes the
strength of Salton's portfolio of products and well recognized
brand names. I am committed to working with the Company to
capitalize on these strengths and enhance stockholder value." About
Salton, Inc. Salton, Inc. is a leading designer, marketer and
distributor of branded, high quality small appliances, electronics,
home decor and personal care products. Its product mix includes a
broad range of small kitchen and home appliances, electronics for
the home, time products, lighting products, picture frames and
personal care and wellness products. The Company sells its products
under a portfolio of well recognized brand names such as Salton(R),
George Foreman(R), Westinghouse(TM), Toastmaster(R), Melitta(R),
Russell Hobbs(R), Farberware(R), Ingraham(R) and Stiffel(R). It
believes its strong market position results from its well-known
brand names, high quality and innovative products, strong
relationships with its customer base and its focused outsourcing
strategy. About Harbinger Capital Partners Harbinger Capital
Partners is focused on restructurings, liquidations, event-driven
situations, turnarounds and capital structure arbitrage, including
both long and short positions in highly leveraged and financially
distressed companies.
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