Kesselring Holding Corporation Moves Forward -- Appoints CEO/CFO -- Evaluating Strategic Alternatives
17 Settembre 2009 - 10:59PM
Marketwired
Kesselring Holding Corporation (OTCBB: KSSH) announced today that
it has filed a Form 8-K with the Securities and Exchange
Commission.
The Company is required to file a Form 8-K with the Securities
and Exchange Commission upon departure or appointment of certain
principal officers or directors.
In conjunction with ongoing restructuring and the liquidation of
the assets of Kesselring Restoration Corporation, and in support of
continuing efforts to preserve and increase shareholder value, the
board of directors of Kesselring Holding Corporation has announced
the following changes:
On August 31, 2009, Clifford H. Wildes, Chairman of the Board of
Directors, resigned.
On September 3, 2009, Charles B. Rockwood, Chief Executive
Officer, resigned. On September 4, 2009, Mr. Rockwood also resigned
as a Director.
On September 3, 2009, V.L. Sandifer, a Director, was appointed
Chairman of the Board.
On September 11, 2009, Ben Bond, a Director, resigned.
On September 11, 2009, Joseph A. Silva was appointed to the
positions of both Chief Executive Officer and Chief Financial
Officer.
On September 14, 2009, Gary King, President of King Brothers
Woodworking, and a Director, resigned his position as a
Director.
The Company has engaged Searchlight Partners, LLC, an investment
banking and consulting firm, to assist it in evaluating strategic
alternatives, restructuring, and general business advisory services
for the Company. Todd A. Ellsworth and Mr. Wildes are co-founders
and managing members of Searchlight Partners, LLC. Mr. Rockwood has
also recently become affiliated with Searchlight Partners, LLC.
Chairman of the Board V.L. Sandifer stated: "I want to thank Mr.
Wildes, Mr. Bond and Mr. King for their many years of service to
the Board. I would also like to thank Mr. Rockwood for his
leadership in improving operating results from a loss of over $1.3
million in Q-1, 2008 to a profit of $159 thousand in Q-2, 2009. Mr.
Wildes and Mr. Rockwood have been instrumental in making the most
of a very difficult situation while attempting to preserve
shareholder value and adhering to the SEC reporting and disclosure
requirements in this very difficult economic environment. I am
grateful for their assistance as we move forward. I am also pleased
to announce the appointment of Joe Silva as Chief Executive Officer
and Chief Financial Officer. Mr. Silva brings more than 25 years of
experience to the company. His leadership will be critical to our
future success."
Mr. Silva stated: "I look forward to working with Mr. King, in
his role as President of King Brothers Woodworking, Mr. Sandifer as
Chairman of the Board, and the Searchlight team to ensure the best
possible results for our shareholders, vendor partners, and our
hard working and dedicated employees."
"Safe Harbor" Statement under Private Securities Litigation
Reform Act of 1995
Statements about the expected future prospects of our business,
statements about our outlook for internal revenue growth, and all
other statements in this release other than historical facts,
constitute forward-looking statements. You can identify
forward-looking statements because they contain words such as
"believes," "expects," "may," "will," "would," "should," "seeks,"
"approximately," "intends," "plans," "estimates," or "anticipates"
or similar expressions which concern our strategy, plans or
intentions. All statements we make relating to estimated and
projected earnings, margins, costs, expenditures, cash flows,
growth rates and financial results are forward-looking statements.
In addition, we, through our senior management, from time to time
make forward-looking public statements concerning our expected
future operations and performance and other developments. All of
these forward-looking statements are subject to risks and
uncertainties that may change at any time, and, therefore, our
actual results may differ materially from those we expected. We
derive most of our forward-looking statements from our operating
budgets and forecasts, which are based upon many detailed
assumptions. While we believe that our assumptions are reasonable,
we caution that it is very difficult to predict the impact of known
factors, and, of course, it is impossible for us to anticipate all
factors that could affect our actual results. Some of the factors
that we believe could affect our results include: the impact of the
difficult economic climate on our customers and their ability to
pay on time and engage us for new products and services, the
difficult conditions in the building products industries, changes
in interest rates, the effect of governmental regulation on the
Company and other factors described from time to time in our
filings with the Securities and Exchange Commission. The factors
described in this paragraph and other factors may affect our
business or future financial results. We assume no obligation to
update any written or oral forward-looking statement made by us or
on our behalf as a result of new information, future events or
other factors.
Contact: Joe Silva Kesselring Holding Corporation (702) 499-2564
Email: Email Contact
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