Stanley Announces CEO Transition, Election of Three Vice Presidents for Sales and Director Resignations
08 Dicembre 2017 - 1:45PM
Stanley Furniture Company, Inc. (Nasdaq:STLY) announced today that
Glenn Prillaman, President and Chief Executive Officer, has
resigned pursuant to a separation agreement entered into between
the Company and Mr. Prillaman in connection with the previously
announced proposed sale of substantially all the Company’s
assets. Matthew W. Smith has been elected Interim Chief
Executive Officer. Mr. Smith is a managing director with The
Finley Group, Inc., an advisory firm providing various services to
corporations including interim management support. The
Company’s Board of Directors engaged the Finley Group in October
2017 to assist with a potential sale transaction and with working
capital management.
The Company also announced that three sales representatives have
been elected as Vice Presidents of the Company. Josh
Carter has been promoted to Vice President of Sales – Brick &
Mortar, John Pigg has been promoted to Vice President of Sales –
Interior Design, and Landon Smith has been promoted to Vice
President of Sales – E-Commerce.
The Company also announced that Michael P. Haley and Justyn R.
Putnam have informed the Company that they plan to resign as
directors. Mr. Putnam’s resignation as a director is pursuant
to the terms of a share purchase agreement under which the Talanta
Fund, L.P. will sell its 740,896 shares of Stanley common stock to
the Hale Partnership Fund, L.P. Mr. Putnam serves as
investment manager of the general partner of the Talanta Fund, L.P.
Steven A. Hale II is the sole manager of the investment manager for
the Hale Partnership Fund, L.P. Mr. Putnam’s resignation will be
effective upon the closing of the share purchase. Mr. Haley’s
resignation will be effective concurrently with Mr. Putnam’s
resignation.
Steven A. Hale II, Chairman of the Board, stated “On behalf of
the Board, I want to thank Glenn and Mike for their many
contributions to Stanley over their long tenure with the Company.
We are pleased to have Matt Smith serve as Interim Chief Executive
Officer as we move forward with the previously announced proposed
sale of substantially all the Company’s assets.”
About the CompanyEstablished in 1924, Stanley
Furniture Company, Inc. is a leading design, marketing and overseas
sourcing resource in the upscale segment of the wood residential
market. The Company offers a diversified product line supported by
an overseas sourcing model and markets its brands through the
wholesale trade’s network of brick-and-mortar furniture retailers,
online retailers and interior designers worldwide, as well as
through direct sales to the consumer online. The Company’s
common stock is traded on the NASDAQ stock market under the symbol
STLY.
Forward-Looking
StatementsCertain statements made in this news release are
not based on historical facts, but are forward-looking statements.
These statements can be identified by the use of forward-looking
terminology such as “believes,” “estimates,” “expects,” “may,”
“will,” “should,” “could,” or “anticipates,” or the negative
thereof or other variations thereon or comparable terminology.
These statements reflect our reasonable judgment with respect to
future events and are subject to risks and uncertainties that could
cause actual results or outcomes to differ materially from those in
the forward-looking statements. Such risks and uncertainties
include the occurrence of any event, change or other circumstance
that could give rise to the termination of the asset purchase
agreement, an inability to complete the proposed transaction due to
a failure to obtain the approval of the Company’s stockholders or a
failure by Buyer to obtain sufficient financing to fund the cash
consideration, the occurrence of events that negatively impact the
Company’s liquidity in such a way as to limit or eliminate the
Company’s ability to use proceeds from the transaction to fund a
repurchase program or pay a special dividend, or an inability on
the part of the Company to identify a suitable business to acquire
or develop with the proceeds of the transaction, as well as the
other risks and uncertainties identified in filings by the Company
with the Securities and Exchange Commission (“SEC”), including its
periodic reports on Form 10-K and Form 10-Q. Any
forward-looking statement speaks only as of the date of this news
release and the Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
developments or otherwise.
Additional Information and Where to Find
ItIn connection with the proposed sale of substantially
all of the Company’s assets, the Company intends to file with the
SEC and furnish to the Company’s stockholders a proxy statement, in
both preliminary and definitive form, and other relevant documents
pertaining to the proposed transaction. Stockholders of the
Company are urged to read the definitive proxy statement and other
relevant documents carefully and in their entirety when they become
available because they will contain important information about the
proposed transaction. Stockholders of the Company may obtain
the proxy statement and other relevant materials (once they are
available) free of charge at the SEC’s website at www.sec.gov or by
directing a request to Stanley Furniture Company, Inc., 200 North
Hamilton Street, No. 200, High Point, North Carolina 27260, Attn:
Anita W. Wimmer.
Participants in the
SolicitationThe directors, executive officers and certain
other members of management and employees of the Company may be
deemed “participants” in the solicitation of proxies from
stockholders of the Company in favor of the proposed transaction.
Information regarding the persons who may, under the rules of the
SEC, be considered participants in the solicitation of the
stockholders of the Company in connection with the proposed
transaction will be set forth in the proxy statement and the other
relevant documents to be filed by the Company with the SEC. You can
find information about the Company’s executive officers and
directors in its Annual Report on Form 10-K for the fiscal year
ended December 31, 2016, as amended, and in its definitive proxy
statement filed with the SEC on Schedule 14A on April 13, 2017.
Stanley Furniture Company, Inc.Investor
Contact: Anita W. Wimmer(336)
884-7698
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