Charles Lesser Named Chief Executive Officer of Panglobal Brands, Inc.
20 August 2009 - 8:30PM
Business Wire
Panglobal Brands, Inc. (OTCBB: PNGB) has appointed Charles
Lesser as Chief Executive Officer effective August 17, 2009. Mr.
Lesser has been Chief Financial Officer since October 22, 2007 and
will retain that additional office. Previously, Mr. Lesser was the
Chief Financial Officer and a consultant to True Religion Apparel,
Inc. and its wholly-owned subsidiary, Guru Denim Inc. While at True
Religion Apparel, Inc., he helped grow the premium jeans
manufacturer from a start-up venture to $140 million in sales
revenue and to a $500 million market capitalization.
Stephen Soller has been the Chief Executive Officer of Panglobal
Brands, Inc. since February 12, 2007 soon after the Company became
an apparel business and he has overseen the growth of the Company
from its beginnings to the multi-brand apparel company that it is
today. Mr. Soller has resigned to pursue other business interests.
Mr. Soller has been a member of the Board of Directors since his
first involvement with Panglobal Brands, Inc and will continue to
remain on the Board.
Ms. Kelly Fountain joined Panglobal Brands, Inc. on June 8,
2009 as the new President for the Scrapbook product division, but
will also assume responsibility for the Sosik product division. Ms.
Fountain was previously Vice President with Koral Industries, Inc.
where she worked approximately 21 years and was responsible for
Design and Merchandising for this $160 million private apparel
company. Kelly attended the Fashion Institute of Technology in New
York and brings to Panglobal over 30 years of apparel experience in
design, sales and merchandising. Kelly's focus will be to
re-structure these divisions and to create opportunities across all
divisions to promote product and sales growth. Rounding out the
management team is Mr. Gary Bub, head of operations. Gary has 20
years of apparel company experience, primarily in production and
operations.
“The Board wishes Stephen Soller great success in his new
business venture and thanks him for his past and his future service
to the Board of Directors of Panglobal Brands, Inc. We welcome
Kelly, Gary and Charles in their new management roles and as part
of the newly-formed executive management committee,” said Dru
Narwani, Chairman of the Board of Directors of Panglobal Brands
Inc.
About Panglobal Brands Inc.
Panglobal Brands, Inc. is committed to building a diverse stable
of apparel brands, capitalizing on opportunities to participate in
the hottest fashion trends as they happen. Our business strategy is
to create a balance with dynamic branded products and the
traditionally more stable private label apparel business by selling
branded products through specialty retailers and by running a
private label division catering to department store chains. Our
current brands include: SoSik, which represents affordable fashions
for the burgeoning junior market; Scrapbook and Crafty Couture,
which are aimed at the teen and junior markets and features mix and
match knits; Tea & Honey, a casual ladies wear collection; and
Haven, a value oriented contemporary print dress label.
This strategy plus a management team with significant apparel
industry experience, enables Panglobal Brands to bring eye-popping
product lines to market at competitive price points.
Forward-Looking Statements
This news release contains “forward-looking statements.”
Statements in this press release, which are not purely historical,
are forward-looking statements and include statements concerning
the Company’s business outlook or future economic performance,
anticipated revenues, expenses or other financial items; product
introductions and plans and objectives related thereto; and
assumptions or expectations relating to any future events,
conditions, performance or other matters. Such forward-looking
statements include, among others, that:; (i) we can build brand
recognition by marketing our products to fashion conscious
consumers, (ii) we can re-structure, merchandise and promote
sales and product growth for the scrapbook division.
Forward-looking statements are subject to risks, uncertainties and
factors include, but are not limited to, the nature of the apparel
industry, including changing customer demand and tastes,
seasonality, customer acceptance of new products, the impact of
competitive products and pricing, dependence on existing
management, and general economic condition. In regards to our
company, the following are also risk factors: our ability to
finance operations and growth, our ability to attract and retain
employees and consultants, our ability to finance our operations,
competition from cheaper or more accepted products, and our ability
to keep control on costs. Increased sales do not necessarily result
in increased profit or any profit. Readers should also refer to the
risk disclosures outlined in the Company’s quarterly reports on
Form 10-Q, annual reports on Form 10-K and the Company’s other
disclosure documents filed from time-to-time with the Securities
and Exchange Commission available at www.sec.gov.
The Company assumes no obligation to update the information in
this release.
Panglobal Brands (CE) (USOTC:PNGB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Panglobal Brands (CE) (USOTC:PNGB)
Historical Stock Chart
From Jul 2023 to Jul 2024
