OCEANSIDE, N.Y., March 2, 2011 /PRNewswire/ -- Xsovt Brands, Inc.
(OTC Bulletin Board: XSVT), an exciting new lifestyle brand and
footwear company, today announced that it filled a key senior
executive position with the hiring of Stephen R. Brown as Executive Vice President,
Chief Financial Officer, Treasurer and Secretary.
Xsovt Brands, Inc. was created on January
26, 2011 when the company acquired Oceanside, New York-based Xsovt, LLC.
Mr. Brown joins a growing senior executive management team at
Xsovt, which now includes Mr. Brown, Arte
Nathan as Executive Vice President and Chief People Officer
and Avi Koschitzki, Xsovt's founder,
President and Chief Executive Officer. Xsovt's other key
managerial hires have included Jeanne
McPhillips Dolan as Vice President of Strategy and
Planning.
Mr. Brown's near term goals will include the establishment of
Xsovt's public company accounting and finance functions,
implementation of corporate governance programs and assisting the
entire Xsovt team with the development and anticipated August 2011 launch of Xsovt's new footwear line,
as well as, the general rollout of Xsovt's brand, operations and
information technology systems.
Mr. Brown brings a wealth of relevant accounting, finance,
strategic and senior management experience to Xsovt. He spent
the majority of his career with IDT Corporation (NYSE: IDT), mostly
serving as its CFO, where over 15 years he developed an extensive
and diversified background, from playing a significant role in
IDT's initial public offering in 1996 to helping grow IDT from a
$10 million annual run-rate to an
annual run-rate in excess of $1.5
billion. Mr. Brown led a team that conducted multiple
securities offerings consisting of both equity and debt and was
instrumental in the process of moving IDT from NASDAQ to the New
York Stock Exchange. During his tenure, Mr. Brown also served
on IDT's Executive Committee as well as IDT's Board of Directors,
and also founded an IDT venture that was ultimately sold to Liberty
Media for a large profit in a transaction valued in excess of
$450 million.
Importantly, while with IDT, Mr. Brown was widely respected by
senior management, colleagues and staff for creating teamwork
environment and fostering a professionally enjoyable work
atmosphere. These qualities are highly complimentary to
Xsovt's philosophy of emphasizing employee satisfaction through the
creation of a culture of excellence that is aimed at driving
exceptional customer satisfaction and loyalty.
"We once again find ourselves very fortunate to be able to
attract an outstanding senior management talent in Steve, which we
believe speaks volumes of everything we are trying to build at
Xsovt," stated Mr. Koschitzki. "Steve's hiring adds an
extremely important piece to our senior management team, as having
a high quality, experienced public company CFO is of upmost
importance for any public company, but especially one like ours
that has so much promise but is still at an early stage of
development. We are confident that under Steve's proven
leadership, many of our critical public company functions, from
accounting and finance to the development of our strategic plan,
will be in very good hands. Equally as important, we believe
Steve's sense of entrepreneurship and achievements of working with
growing companies will serve our company well."
Commenting on his appointment, Mr. Brown stated, "I am excited
to work with the talented group of executives, managers and staff
that Xsovt is assembling. I look forward to utilizing my
financial and executive experience and applying these skill sets to
the growth of the company as well as the entrepreneurial culture
that Xsovt has facilitated."
About Xsovt
Xsovt Brands, Inc. is an exciting new company that has developed
a new footwear paradigm in the multi-billion dollar footwear
industry. Xsovt was formed in October
2010, and the founders of Xsovt have worked since the fall
of 2008 toward the development of the Xsovt™ brand and refining
several innovative footwear concepts including lines for men, women
and children.
Xsovt has adopted a novel approach to the design, comfort, and
construction of shoes and slippers, as well as the packaging in
which the products are sold. Technology and comfort are
incorporated in every stage of the design process to make fashion
fun and comfortable. In its initial product launch, scheduled
for August 2011, Xsovt will
synthesize elements of style, quality and comfort comparable to
high end footwear at a competitive price point. The design
impetus for Xsovt's debut product line is what we call our
"Crossover line," incorporating the benefits a casual shoe and a
comfortable slipper, designed for both lounging at home or for a
casual evening out. This design innovation epitomizes Xsovt's
maxim: "Freedom to Move and Strength to Stand™."
Xsovt's ethos has evolved from an overarching commitment to
customer service and the creation of a corporate culture for its
employees consistent with the company's goals. Xsovt's
management and senior consultants have direct expertise in superior
product development, facilitating award winning service, delivering
a high end retail experience and building a dedicated staff.
Several salient examples of their professional work
experience include premier hotels and resorts and luxury retailers
in the United States and
Asia including the Bellagio, Wynn
Resorts and Neiman Marcus. The
prior engagements with the management of those companies helped
shape Xsovt's core business and branding philosophy to imbue its
corporate culture with uncompromising service and dedication to
excellence.
Cautionary Note Regarding Forward Looking Statements
This press release and the statements of representatives of
Xsovt Brands, Inc. (the "Company") related thereto contain, or may
contain, among other things, "forward-looking statements".
All statements, other than statements of historical fact
included herein are "forward-looking statements," including any
other statements of non-historical information. These
forward-looking statements are subject to significant known and
unknown risks and uncertainties and are often identified by the use
of forward-looking terminology such as "guidance," "projects,"
"may," "could," "would," "should," "believes," "expects,"
"anticipates," "estimates," "intends," "plans," "ultimately" or
similar expressions. All forward-looking statements involve
material assumptions, risks and uncertainties, and the expectations
contained in such statements may prove to be incorrect.
Investors should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company's actual results (including,
without limitation, the performance of Xsovt's executives as well
as Xsovt's ability to advance its business, generate revenue and
profit and operate as a public company) could differ materially
from those stated or anticipated in these forward-looking
statements as a result of a variety of factors, including factors
and risks discussed in the periodic reports that the Company files
with the Securities and Exchange Commission (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these factors. The Company undertakes no duty to
update these forward-looking statements except as required by
law.
SOURCE Xsovt Brands, Inc.
