Syntax-Brillian Announces Senior Management and Board Changes
June 05 2008 - 8:00AM
Business Wire
Syntax-Brillian Corporation (Nasdaq:BRLC), a leading manufacturer
and marketer of LCD HDTVs, digital cameras and consumer electronics
products, today announced a series of changes to its senior
management and Board of Directors. The Board of Directors has
appointed Greg Rayburn Interim Chief Executive Officer, effective
June 4, 2008. Mr. Rayburn will, on an interim basis, replace James
Ching Hua Li, who will take an indefinite leave of absence from the
Company to address personal issues. Under Board approval granted on
June 4, 2008, Mr. Li will be compensated according to the original
terms and conditions of his employment agreement during his leave
of absence and will continue to serve as a director of the Company.
Mr.�Rayburn, 49, was formally appointed Syntax-Brillian�s Interim
Chief Operating Officer on April 16, 2008 and is a Senior Managing
Director and the Practice Leader of FTI Palladium Partners, the
interim management practice of FTI Consulting, Inc. Mr.�Rayburn
previously served as Chief Executive Officer of International
Outsourcing Services, LLC from 2007 to 2008; Chief Executive
Officer of Muzak Holdings LLC from 2005 to 2006; Chief Operating
Officer of aaiPharma Inc. from 2004 to 2005; Chief Restructuring
Officer of WorldCom, Inc. from 2003 to 2004; and Chief Executive
Officer of Sunterra Corporation from 2000 to 2002. Mr.�Rayburn
received his Bachelor of Science degree in business and marketing
and his Master of Accounting degree from the University of Alabama.
The terms of the Engagement Letter the Company entered into on
April�8, 2008 with FTI Consulting, Inc. providing for Mr.�Rayburn�s
services as Interim Chief Operating Officer remain unchanged except
for the change in his position. This Engagement Letter also
provides for the services of other temporary employees to support
Mr. Rayburn in his role and in the accomplishment of specific
objectives in support of the previously announced operational
turnaround plan. The Company will compensate FTI Consulting, Inc.
at its standard hourly rates for Mr. Rayburn�s services, and Mr.
Rayburn will report directly to the Board of Directors. The Company
also announced the resignation of Man Kit (Thomas) Chow as a
director of the Company, effective May 28, 2008, and the
resignation of Christopher C.L. Liu as a director of the Company,
effective May 30, 2008. The changes are part of Syntax-Brillian�s
efforts to refine its corporate governance structure, which
includes adjustments to the size of its Board of Directors. The
Board will now consist of two executive directors and six
independent directors. About Syntax-Brillian Syntax-Brillian
Corporation (www.syntaxbrillian.com) is one of the world's leading
manufacturers and marketers of LCD HDTVs, digital cameras, and
consumer electronics products. The Company's lead products include
its Olevia(TM) brand (www.Olevia.com) high-definition widescreen
LCD televisions -- one of the fastest growing global TV brands --
and Vivitar brand (www.vivitar.com) digital still and video
cameras. Syntax-Brillian has built an Asian supply chain coupled
with an international manufacturing and distribution network to
support worldwide retail sales channels and position the Company as
a market leader in consumer digital entertainment products.
Forward-looking Statements: Certain statements contained in this
press release may be deemed to be forward-looking statements under
federal securities laws, and Syntax-Brillian intends that such
forward-looking statements be subject to the safe harbor created
thereby. Syntax-Brillian cautions that these statements are
qualified by important factors that could cause actual results to
differ materially from those reflected by the forward-looking
statements contained herein. Such factors include changes in
markets for the Company's products; changes in the market for
customers' products; the failure of the Company's products to
deliver commercially acceptable performance; the ability of the
Company's management, individually or collectively, to guide the
Company in a successful manner; and other risks detailed in
Syntax-Brillian's Annual Report on Form 10-K for the fiscal year
ended June 30, 2007 and subsequent filings with the Securities and
Exchange Commission. Brillian and Vivitar are trademarks or
registered trademarks of Syntax-Brillian Corporation. All other
trademarks are the property of their respective owners.
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