Citi Trends, Inc. Shares Statement from Former CEO Jason Mazzola
April 18 2017 - 6:45AM
Business Wire
Citi Trends, Inc. (NASDAQ:CTRN) (the “Company”) today shared the
following statement made by former Company Chief Executive Officer
and director Jason Mazzola, who left the Company in late March to
pursue another opportunity.
“Having been made aware of conflicting narratives and
speculation regarding my departure from Citi Trends, I feel
compelled to set the record straight. I have full confidence in
Citi Trends’ long-term strategy to enhance stockholder value, which
I helped develop with Bruce Smith, Ed Anderson and the rest of the
Citi Trends board.
This strategy is yielding positive results, as evidenced by Citi
Trends’ improving sales and gross margins. I remain a significant
Citi Trends stockholder, and as such, I have a vested interest in
the Company’s success. Accordingly, I plan to vote all my shares in
favor of the Citi Trends board as I believe it is best suited to
drive stockholder value.
My decision to leave Citi Trends was a difficult one, which is a
testament to my terrific experience working alongside Ed, who is a
mentor to me and the rest of the team. This personal choice was
driven not by conflict or unhappiness, but rather by the unique
opportunity in private equity to build out another successful
retail platform.
Had I been asked about my reasons for leaving the Company, I
would have gladly communicated that my departure was not
acrimonious and that I unequivocally support the Citi Trends board
and management team.”
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion
apparel and accessories for the entire family. The Company operates
538 stores located in 31 states. Citi Trends' website address is
www.cititrends.com. CTRN-G
Forward-Looking
Statements
All statements other than historical facts contained in this
news release, including statements regarding our future financial
results and position, business policy and plans, objectives of
management for future operations and our intentions and ability to
pay dividends and complete any share repurchases, are
forward-looking statements that are subject to material risks and
uncertainties. The words "believe," "may," "could," "plans,"
"estimate," "continue," "anticipate," "intend," "expect" and
similar expressions, as they relate to Citi Trends, are intended to
identify forward-looking statements. Investors are cautioned that
any such forward-looking statements are not guarantees of future
performance or results and are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.
Actual results or developments may differ materially from those
included in the forward-looking statements as a result of various
factors which are discussed in Citi Trends filings with the
Securities and Exchange Commission. These risks and uncertainties
include, but are not limited to, uncertainties relating to economic
conditions, growth risks, consumer spending patterns, competition
within the industry, competition in our markets, the ability to
anticipate and respond to fashion trends and the outcome of our
current proxy fight and any other actions of activist stockholders.
Any forward-looking statements by the Company with respect to the
Company’s intention to declare and pay dividends, repurchase shares
pursuant to the share repurchase program, or otherwise, are
intended to speak only as of the date such statements are made.
Except as required by applicable law, including the securities laws
of the United States and the rules and regulations of the
Securities and Exchange Commission, Citi Trends does not undertake
to publicly update any forward-looking statements in this news
release or with respect to matters described herein, whether as a
result of any new information, future events or otherwise.
Important Additional
Information
Citi Trends, its directors and certain of its executive officers
may be deemed to be participants in the solicitation of proxies
from Citi Trends stockholders in connection with the matters to be
considered at Citi Trends' 2017 Annual Meeting to be held on May
24, 2017. On April 3, 2017, Citi Trends filed a definitive proxy
statement (the “Proxy Statement”) with the U.S. Securities and
Exchange Commission (the "SEC") in connection with any such
solicitation of proxies from Citi Trends stockholders. INVESTORS
AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY
STATEMENT AND ACCOMPANYING BLUE PROXY CARD WITH RESPECT TO THE 2017
ANNUAL MEETING, AND OTHER DOCUMENTS FILED WITH THE SEC, CAREFULLY
AND IN THEIR ENTIRETY AS THEY CONTAIN IMPORTANT INFORMATION.
Detailed information regarding the identity of potential
participants, and their direct or indirect interests, by security
holdings or otherwise, is set forth in the Proxy Statement and
other materials to be filed with the SEC in connection with Citi
Trends' 2017 Annual Meeting. Stockholders may obtain the Proxy
Statement, any amendments or supplements to the Proxy Statement and
other documents filed by Citi Trends with the SEC for no charge at
the SEC's website at www.sec.gov. Copies will also be available at
no charge at the Investor Relations section of our corporate
website at www.cititrends.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170418005731/en/
Media:ICRPhil Denning,
646-277-1258phil.denning@icrinc.comorInvestors:Okapi
PartnersBruce Goldfarb, Chuck Garske and Teresa Huang,
212-297-0720
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