Decorize, Inc. Announces New CEO and Financing
SPRINGFIELD, Mo., Dec. 17 /PRNewswire-FirstCall/ -- Decorize, Inc. announced
today that it has agreed that upon completion of associated financing it will
appoint Steve Crowder as President and Chief Executive Officer of the Company.
Mr. Crowder is currently Executive Vice President of SRC Holdings Corporation
("SRC") and President of ReGen Technologies, an affiliate of SRC. In connection
with this decision, SRC has agreed in principle to invest $500,000 to acquire
shares of Decorize Cumulative Convertible Preferred Stock, on final terms to be
agreed. Mr. Crowder and Steve Fox, Managing Director of Quest Capital Alliance,
L.L.C. ("Quest"), have agreed to serve as Directors of the Company upon closing
of the transaction.
Jim Parsons, who will continue to lead the Company's product development
activities, said, "I look forward to working with Steve Crowder to achieve the
goals that our team has developed over the last four years since we formed
Decorize. The Company is committed to developing trend setting products while
setting new standards for quality and overall value." Kevin Bohren, who will continue to serve as the Chairman of the Board, said, "We
are excited to have a veteran executive like Steve Crowder join Decorize. With
his years of operational experience, and with the financial support of SRC and
Quest, we look forward to Steve leading Decorize to realize its full potential
in the home furnishings industry." Steve Crowder has extensive experience as a senior executive in leading early
stage companies to obtain significant growth and profitability. In his most
recent position as President of ReGen Technologies, a joint venture between SRC
and Deere & Company, he has substantially increased revenues and profits during
his tenure. He has previously held positions as President of ATS Custom
Solutions, and executive positions with TechForce Corporation, and McDonnell
Aircraft Company, among others. Mr. Crowder serves on the board of SRC and
several other private companies. He received a BS degree from Southwest Missouri
State University.
Decorize, Inc. has developed a sourcing and logistics model that reduces various
costs that have traditionally been channeled into the home furnishings category. The company delivers products directly from the Far East to its retail customers
and reduces or eliminates handling and storage costs, which results in
substantial cost savings. Decorize has served more than 2,000 small and large
retail accounts, including national brand names such as Dillard's, Rooms To Go,
and Sears -- The Great Indoors.
Additional information on the company and its products can be found at
http://www.decorize.com/ .
Forward-Looking Statements Statements about the future performance of Decorize, economic trends, and other
forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including and without limitation, continued acceptance of
Decorize's products, increased levels of competition for the company, new
products and technological changes, Decorize's dependence on third-party
suppliers, and other risks detailed from time to time in Decorize's periodic
reports filed with the Securities and Exchange Commission. Decorize provides no
assurance regarding the actual outcome of the events contemplated by any
forward-looking statements included in this release.
CONTACT: Alex Budzinsky, , or Gaylen Ball, , both of Decorize, Inc.,
+1-417-879-3326 DATASOURCE: Decorize, Inc.
CONTACT: Alex Budzinsky, , or Gaylen Ball, , both of Decorize, Inc., +1-417-879-3326 Web site: http://www.decorize.com/
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