Chromcraft Revington Reduces Size of Company’s Board of Directors
16 Octubre 2009 - 4:07PM
Business Wire
Chromcraft Revington, Inc. (NYSE Amex:CRC) announced today that
its Board of Directors has determined to reduce the size of the
Company’s board effective December 31, 2009. The number of
directors will be decreased from seven to five.
Two independent directors, Jack Hesse and Craig Stokely, have
elected to retire from the board at the end of the 2009 fiscal
year.
Commenting on the change, Chairman Ron Butler said, “The board
believed that it was appropriate to decrease the number of
directors of the Company given the Company’s current size, as well
as to reduce costs. The entire board wishes to thank Jack and Craig
for their years of service to the board and the company, and for
their insight and guidance, especially during this global
recession.”
Chromcraft Revington™ businesses design residential and
commercial furniture marketed primarily in the United States. The
Company wholesales its residential furniture products under
Chromcraft™, Cochrane™, and Peters-Revington™, as primary brand
names. It sells commercial furniture under the Chromcraft™ brand
name. The Company sources furniture from overseas, with domestic
contract specialty facilities, and operates one U.S. manufacturing
facility for its commercial furniture and motion based casual
dining furniture in Mississippi.
This release contains forward-looking statements that are based
on current expectations and assumptions. These forward-looking
statements can be generally identified as such because they include
future tense or dates, or are not historical or current facts, or
include words such as “believe,” “may,” “expect,” “anticipate,” or
words of similar import. Forward-looking statements are not
guarantees of performance or outcomes and are subject to certain
risks and uncertainties that could cause actual results or outcomes
to differ materially from those reported, expected, or anticipated
as of the date of this release.
Among such risks and uncertainties that could cause actual
results or outcomes to differ materially from those reported,
expected or anticipated are general economic conditions, including
the impact of the current global recession; import and domestic
competition in the furniture industry; ability of the Company to
execute its business strategies, implement its new business model
and successfully complete its business transition; ability to grow
sales and reduce expenses to eliminate its operating loss; supply
disruptions with products manufactured in China; continued
availability under the Company’s bank credit facility; market
interest rates; consumer confidence levels; cyclical nature of the
furniture industry; consumer and business spending; changes in
relationships with customers; customer acceptance of existing and
new products; new and existing home sales; financial viability of
the Company’s customers and their ability to continue or increase
product orders; loss of key management; other factors that
generally affect business; and certain risks as set forth in the
Company’s annual report on Form 10-K for the year ended December
31, 2008.
The Company does not undertake any obligation to update or
revise publicly any forward-looking statements to reflect
information, events or circumstances after the date of such
statements or to reflect the occurrence of anticipated or
unanticipated events or circumstances.
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