Collegiate Pacific Completes Management and Board Transition
14 Juin 2007 - 10:01PM
Business Wire
Collegiate Pacific (AMEX:BOO) today announced that Adam Blumenfeld,
the Company�s Chief Executive Officer, will succeed Michael J.
Blumenfeld as the Chairman of the Board, effective July 1, 2007.
Michael J. Blumenfeld will be stepping down from the Board as
previously planned, but will continue to participate with the
Company as Director of Corporate Development. In addition to the
conclusion of Mr. Blumenfeld�s service on the Board, the Company
received notice today that funds controlled by Carlson Capital,
L.P., a $3 billion multi-strategy investment firm based in Dallas,
TX, have entered into a binding agreement to purchase the entirety
of Mr. Blumenfeld�s common stock ownership position in Collegiate
Pacific � approximately 1.467 million shares � for $9.25 per share.
Outgoing Chairman Mr. Michael Blumenfeld commented: �I am extremely
proud of the organization we have built over the last 10 years at
Collegiate Pacific, and I believe the Company has a very bright
future ahead of itself. As the founder of this Company, and having
worked in the industry for nearly 35 years, stepping down is never
easy, but I believe it is best to make a clean financial break as I
close the book on this chapter of my life. In selling my shares, I
considered not only the absolute price but as importantly the
quality and character of the buyer. In the end I believe Carlson
Capital will be a terrific, stable, and committed shareholder to
the Company.� William M. Lockhart, Principal and Portfolio Manager
of Carlson Capital L.P., stated: �We are excited to have purchased
Michael�s shares in Collegiate Pacific and wish him well in his
future endeavors. Our firm has followed the activities and growth
of the Company for a long time, and Michael�s departure represents
a rare opportunity for our funds to establish a meaningful stake in
the business. We believe the next several years will demonstrate
the revenue and profit opportunities available from continuing the
merger integration work at Collegiate Pacific, and driving organic
revenue growth over an increasingly streamlined, customer-focused
and efficient organization. We have great faith in Management�s
ability to execute its operating plans and look forward to the
years ahead.� The Company also stated today that it had hired Mr.
John Pitts, effective July 2, 2007, to join Collegiate Pacific as
Senior Vice President - Finance, with the anticipation that Mr.
Pitts will succeed Mr. William Estill as Chief Financial Officer
upon his currently expected retirement from the Company on or about
September 30, 2007. Mr. Pitts was formerly the Chief Financial
Officer of Horizon Healthcare (NASDAQ:HORC). Adam Blumenfeld, CEO,
stated: �We appreciate and thank Bill for his many years of
contribution and loyal service to the Company and look forward to a
smooth transition between now and September 30, 2007. We welcome
John Pitts to the organization and look to benefit from his proven
track record of success both internally, as it relates to strategic
planning and operational improvements, and externally as it relates
to communication with existing and potential investors.� Finally,
the Company said today that Robert W. Hampton, a Director of the
Company, informed the Board he does not currently plan to stand for
re-election to the Board of Directors at the Annual Meeting of
Shareholders in December of 2007. Mr. Hampton stated: �I have
greatly enjoyed my time and involvement with Michael, Adam and the
Company as a Board member over the years, and am happy to leave the
Company in the competent hands of the existing management team and
Board of Directors.� This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements relating to Collegiate Pacific's anticipated financial
performance, business prospects, new developments and similar
matters, and/or statements preceded by, followed by or that include
the words "believes," "could," "expects," "anticipates,"
"estimates," "intends," "plans," or similar expressions. These
forward-looking statements are based on management's current
expectations and assumptions, which are inherently subject to
uncertainties, risks and changes in circumstances that are
difficult to predict. Actual results may differ materially from
those suggested by the forward-looking statements due to a variety
of factors, including changes in business, political, and economic
conditions due to the threat of future terrorist activity or
otherwise, the ability to successfully complete integration related
activities, actions and initiatives by current and potential
competitors, and certain other additional factors described in
Collegiate Pacific's filings with the Securities and Exchange
Commission. Other unknown or unpredictable factors also could have
material adverse effects on Collegiate Pacific's future results,
performance or achievements. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events
discussed in this press release may not occur. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date stated, or if no date is stated, as
of the date of this press release. Collegiate Pacific is not under
any obligation and does not intend to make publicly available any
update or other revisions to any of the forward-looking statements
contained in this press release to reflect circumstances existing
after the date of this press release or to reflect the occurrence
of future events even if experience or future events make it clear
that any expected results expressed or implied by those
forward-looking statements will not be realized.
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