SHANGHAI, Aug. 24, 2018 /PRNewswire/ -- Acorn
International, Inc. (NYSE: ATV) ("Acorn" or the "Company"), today
announced the departure of Vice President and CFO Mr. Geoffrey Gao Weiji for personal reasons.
Effective immediately, Acorn has appointed Mr. Martin Oneal Key, as Acting CFO of Acorn.
"Geoffrey has left Acorn due to
personal reasons and to spend more time with his family. We thank
him for his services and efforts over the past seven years and wish
him all the best in the future," said Mr. Jacob A. Fisch, CEO and President of
Acorn.
Mr. Key has held a variety of finance leadership roles in both
China and the U.S. He is engaged
by Roche Enterprises, Inc. and currently also serves as CFO of
Cachet Hotel Group (Cachet), an international hospitality branding
and management company which is also part of the Roche Enterprises,
Inc. group of companies, and he holds shares of Cachet. Roche
Enterprises, Inc. is owned by Acorn's Executive Chairman,
Mr. Robert Roche and Mr. Roche is the Executive Chairman
and the majority shareholder of Cachet. Mr. Fisch is a
shareholder and member of the Board of Directors of Cachet. The
Company has brought Mr. Key on board as part of the establishment
of the Roche Enterprises, Inc. (RE) Shared Services Center with the
objective of providing superior back office support service to
Acorn while reducing costs. Mr. Key will provide services as CFO to
both Acorn and Cachet Hotel Group and will be supported by Mr.
Aspen Bai, who is also engaged by
Roche Enterprises, Inc. and has been appointed as Acting Financial
Controller for Acorn in addition to his role as Financial
Controller at Cachet.
"I am thrilled to bring Martin on as our Acting CFO and I am
confident that he will serve Acorn well," Mr. Fisch continued.
"Through the RE Shared Services Center, we are able to leverage the
strength of our affiliate connections and obtain top quality CFO
talent while managing our costs. The teams will be collocated in
Shanghai, creating an opportunity
for tighter collaboration. For example, housing the teams together
will allow Acorn to leverage Roche Enterprises Inc.'s business
development and financial analysis resources, something Acorn is in
need of as it continues to grow its businesses profitably. Overall
our aim of collocation is to increase productivity and decrease
costs though reduction of redundancy and inefficiency."
Acorn's Executive Chairman Mr. Robert
Roche commented, "At Acorn we have continued to
significantly upgrade the quality of our team to the point where
now we have an impressive lineup of executives. The addition of
Martin, given his professional background and experience, brings a
new level of expertise to Acorn. I look forward to working with
Martin in his new role and I am confident he will be a strong
addition to the Acorn management team."
Before joining Cachet, Mr. Key served as executive director for
ARC China, a Shanghai-based
private-equity firm focused on investments in consumer-oriented
Chinese companies. Martin began his career as an investment
banker in debt capital markets at J.P. Morgan Securities in
New York, where he executed
credit-facility, term-loan and corporate-bond
transactions. Martin earned a bachelor's degree in Accounting
and a Master of Science in Finance from Boston
College, as well as an MBA from the UCLA Anderson School of
Management.
In accordance with the Company's corporate governance guidelines
and its audit committee charter, Acorn's appointment of Mr. Key and
Mr. Bai, was reviewed and approved by Acorn's audit committee as
well as the full board of directors.
About Acorn International, Inc.
Previously the leading TV infomercial company in China, Acorn International today sells its
branded products primarily through e-commerce channels in
China. Today's Acorn leverages its twenty-year TV direct
marketing history to promote its brands as well as distribute
its products direct-to-consumer, through China's major e-commerce platforms as well as
other niche digital platforms. Acorn's business comprises two main
divisions: its Brand Division and New Business Division. Under
the Brand Division, Acorn continues to sell its best-known brands,
including Babaka posture correction products and Youngleda at-home,
medical device products. Launched in 2018, the New Business
Division includes Acorn Fresh, which brings the world's best fresh,
and safe food directly to the Chinese consumer, as well Acorn
Entertainment, which brings, through the creation of digital
content, the best U.S. celebrity talent and brands to China, representing their in-country digital
presence. For more information
visit www.acorninternationalir.com.
Safe Harbor
Statement
This news release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "anticipates," "am confident
that," "believes," "estimates," "expects," "future," "going
forward," "intends," "outlook," "plans," "target," "will,"
"potential," and similar statements. Such statements are based on
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties, and other factors, all of which are difficult
to predict and many of which are beyond the Company's control,
which may cause the Company's actual results, performance, or
achievements to differ materially from those in the forward-looking
statements. Further information regarding these and other risks,
uncertainties, or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. The Company does not
undertake any obligation to update any forward-looking statement as
a result of new information, future events, or otherwise, except as
required by law.
Contact:
|
|
Acorn International,
Inc.
|
Compass Investor
Relations
|
Ms. Margaret
Zhao
|
Ms. Elaine Ketchmere,
CFA
|
Phone:
+86-21-5151888
|
Phone:
+1-310-528-3031
|
Email:
Zhaoxiaojie@chinadrtv.com
|
Email:
Eketchmere@compass-ir.com
|
www.chinadrtv.com
|
www.compassinvestorrelations.com
|
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SOURCE Acorn International, Inc.