Physicians Formula Holdings, Inc. Announces Appointment of an Additional Independent Director to the Company's Board of Director
June 21 2011 - 8:30AM
Physicians Formula Holdings, Inc. (Nasdaq:FACE) ("Physicians
Formula" or the "Company") today announced that it has appointed
Bruce Kanter to join the Company's Board of Directors effective
July 1, 2011. Mr. Kanter will be filling a Board vacancy created by
the departure of Mr. Padraic Spence from the Company's Board on May
24, 2011. Mr. Kanter, whose election to the Board was recommended
by the Company's Nominating and Corporate Governance Committee,
will also join the Company's Audit Committee as of July 1, 2011,
and he has been determined by the Board to be independent under
applicable SEC and NASDAQ independence requirements.
Mr. Kanter was the Executive Vice President and Chief Financial
Officer of Westwood One, Inc. (WWON), a public company operating as
the leading radio program syndicator from December 1991 to February
1994. Before that, he was the Senior Vice President and CFO of
Neutrogena Corporation, a leading skincare and cosmetics company
from October 1980 until December 1991. Since retiring in 1994, Mr.
Kanter has been active on several Boards, including being a 13
year-long director and two-time Chairman of Discus Holdings, Inc.,
a private dental products company. He also served as a Director of
Westwood One, Inc. from 1991 to 1994, a Director of Infotec, a
private software and systems support company from 1994 to 1996, a
Director of Intermed Software, Inc., a private start-up company
developing software for a physicians medical record system from
1995 to 1999, and a Director and Chairperson of the Audit Committee
of Smtek International, an electronic manufacturing contractor from
1997 to 2000. With over 34 years of experience in the health,
beauty and medical industries, Mr. Kanter brings to the Company's
Board insightful perspectives on the opportunities and issues
facing Physicians Formula.
"Bruce's past experience at Neutrogena, a leading cosmetics and
skin care company, will be a tremendous asset in helping us realize
our growth plans for Physicians Formula," said Ingrid Jackel, Chief
Executive Officer. "Also, Bruce's financial skills will make
him a welcome addition to our Company's Audit Committee."
"I am excited to be joining the Board of Physicians
Formula. The Company has the opportunity to continue to
succeed in the marketplace by using its problem/solution approach
to the consumer's needs, and I look forward to using my experience
in the cosmetic and skin care industries to help execute its
strategy and expand its market position," stated Mr. Kanter.
About Physicians Formula Holdings, Inc.
Physicians Formula is an innovative cosmetics company operating
in the mass market prestige, or "masstige", market. Under its
Physicians Formula brand name, created in 1937, the Company
develops, markets and distributes innovative, premium-priced
products for the mass market channel. Physicians Formula
differentiates itself by addressing skin imperfections through a
problem-solving approach, rather than focusing on changing fashion
trends. Currently, Physicians Formula products are sold in 25,700
stores, including those operated by Wal-Mart, Target, CVS and Rite
Aid.
Safe Harbor
Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. In some cases, forward-looking statements can be
identified by words such as "anticipates," "estimates," "expects,"
"believes," "plans," "predicts," and similar terms. In particular,
this press release may include forward-looking statements about
management's expectations regarding the Company's refinancing,
strategy, liquidity, financial performance and outlook. These
forward-looking statements are based on current expectations,
estimates and projections about the Company's business and its
industry, based on management's beliefs and assumptions.
Forward-looking statements are not guarantees of future performance
and the Company's actual results may differ significantly from the
results discussed in the forward-looking statements. Factors that
might cause such differences include, but are not limited to: the
loss of any significant retailer customers or the degradation of
our relationship with our significant retailer customers; the
demand for the Company's products, including the new cosmeceutical
skin care line; the Company's ability to expand its product
offerings; the competitive environment in the Company's business,
including the larger competitors the Company will now face in the
skin care category; the Company's operations and ability to achieve
cost savings; the effect of technological and regulatory changes;
the Company's cash needs and financial performance; the Company's
ability to comply with the financial covenants in its debt
agreements; changes in general economic or market conditions; and
other factors discussed in the Company's filings with the
Securities and Exchange Commission (the "SEC"), including the Risk
Factors contained in the Company's filings with the SEC, and
available at www.physiciansformula.com and the SEC's website at
www.sec.gov. You are urged to consider these factors carefully in
evaluating the forward-looking statements in this release and are
cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by this
cautionary statement. Unless otherwise required by law, the Company
expressly disclaims any obligation to update publicly any
forward-looking statements, whether as result of new information,
future events or otherwise.
(FACE/F)
CONTACT: Anne Rakunas
ICR, Inc.
(310) 954-1100
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