David Price Appointed Executive Vice President
and Chief Transformation Officer Welcomes Wayne Sadin as Chief Information Officer
SAN DIEGO, July 28, 2023 /PRNewswire/ -- PriceSmart, Inc.
(NASDAQ: PSMT) announced today that David
Price, formerly the Executive Vice President and Chief of
Staff to the Interim CEO, has been appointed as Executive Vice
President and Chief Transformation Officer, effective immediately.
The Company expects this organizational change will promote better
collaboration, alignment, and agility within the Company. Several
key areas will now report to Mr. Price including Information
Technology, PriceSmart.com, and the Project Management Office.
On July 1, 2023, PriceSmart
welcomed Wayne Sadin as Chief
Information Officer. Mr. Sadin is responsible for overseeing all
aspects of the Company's technology systems, data management,
cybersecurity, and digital innovation. His focus is on aligning our
information technology strategy with our business objectives while
fostering a culture of continuous improvement, improving
operational efficiencies, and enabling our organization to leverage
technology as a strategic advantage.
About PriceSmart
PriceSmart, headquartered in San
Diego, owns and operates U.S.-style membership shopping
warehouse clubs in Latin America
and the Caribbean, selling high
quality merchandise and services at low prices to PriceSmart
Members. PriceSmart operates 51 warehouse clubs in 12 countries and
one U.S. territory (nine in Colombia; eight in Costa Rica; seven in Panama; five in the Dominican Republic and Guatemala, four in Trinidad; three in Honduras and El
Salvador, two in Nicaragua
and Jamaica; and one each in
Aruba, Barbados and the United States Virgin Islands). In addition,
the Company plans to open a warehouse club in Medellín,
Colombia in August 2023, a club in Escuintla, Guatemala in the fall of 2023 and a warehouse
club in Santa Ana, El Salvador in early 2024. Once these three
new clubs are open, the Company will operate 54 warehouse
clubs.
This press release may contain forward-looking statements
concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we")
anticipated future revenues and earnings, adequacy of future cash
flows, omni-channel initiatives, proposed warehouse club openings,
the Company's performance relative to competitors and related
matters. These forward-looking statements include, but are not
limited to, statements containing the words "expect," "believe,"
"will," "may," "should," "project," "estimate," "anticipated,"
"scheduled," "intend," and like expressions, and the negative
thereof. These statements are subject to risks and uncertainties
that could cause actual results to differ materially including, but
not limited to: various political, economic and compliance risks
associated with our international operations, adverse changes in
economic conditions in our markets, natural disasters, volatility
in currency exchange rates and illiquidity of certain local
currencies in our markets, competition, consumer and small business
spending patterns, political instability, increased costs
associated with the integration of online commerce with our
traditional business, whether the Company can successfully execute
strategic initiatives, our reliance on third party service
providers, including those who support transaction and payment
processing, data security and other technology services,
cybersecurity breaches that could cause disruptions in our systems
or jeopardize the security of Member or business information, cost
increases from product and service providers, interruption of
supply chains, novel coronavirus (COVID-19) related factors and
challenges, exposure to product liability claims and product
recalls, recoverability of moneys owed to PriceSmart from
governments, risks associated with our leadership transition, and
other important factors discussed in the Risk Factors section of
the Company's most recent Annual Report on Form 10-K, and other
factors discussed from time to time in other filings with the SEC,
which are accessible on the SEC's website at www.sec.gov, including
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Forward-looking statements speak only as of the date that they are
made, and the Company does not undertake to update them, except as
required by law.
For further information, please contact Michael L. McCleary, EVP, Chief Financial
Officer and Principal Accounting Officer (858) 404-8826 or send an
email to ir@pricesmart.com.
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SOURCE PriceSmart, Inc.
