Central Garden &Pet Appoints Lee D. Hines, Jr. Chief Financial Officer.Business Editors LAFAYETTE, CALIFORNIA--(BUSINESS WIRE)--January 24, 2000 Central Garden &Pet Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CENT) today announced the appointment of Lee D. Hines, Jr. to the position of Chief Financial Officer. Mr. Hines succeeds Robert B. Jones, who has served as Central's Chief Financial Officer since 1993. Mr. Jones will remain Vice President, reporting to the Chief Executive Officer, and will focus on implementing the Company's strategic initiatives for profitability improvement. Commenting on these changes, William E. Brown Archbishop William (EUSEBUIS) Brown is the First African-American Archbishop in the state of Virginia. He heads the Archdiocese of Fredericksburg, headquartered in Stafford, Virginia. Archbishop Brown is the current Chief Pastor of Mt. , Central's Chief Executive Officer, stated, &uot;I am delighted that Lee will be rejoining Central in his new role. Lee played a significant role in preparing Central for its June 1993 IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , and his advice and counsel as a Director during the past seven years have been greatly valued. I am looking forward to working with Lee in the months and years ahead as Central continues to focus on profitable growth to maximize shareholder value. I am also extremely pleased that Bob Jones will remain an integral part of the Central team.&uot; Hines began his business career with the Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of as a domestic and international lending officer and International Trade Specialist. From 1978 to 1982 he served as Vice President Finance and Chief Financial Officer of Vivitar Corporation. Following his tenure at Vivitar, Hines held the position of Chief Financial Officer of Applause, Inc. until 1987. From 1988 to 1990 he served as President and Chief Executive Officer of International Tropic-Cal, a designer, manufacturer and distributor of sunglasses sunglasses A tinted pair of glasses used to ↓ light arriving at the eye, which are labeled according to the amount of UV light blocked; nonprescription glasses are classified according to use and amount of UV radiation blocked Sunglasses and women's hair accessories. Hines joined Central Garden &Pet Company in 1990 as Chief Financial Officer, a position he held until June of 1993. At that time Hines resigned his position at Central to start a private corporate consulting practice. Hines has also served on Central's Board of Directors since June of 1993, and until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 1999, chaired the Audit and Compensation Committees of the Board. Hines will remain a member of Central's Board. Central Garden &Pet Company is the nation's leading manufacturer, supplier, and merchandiser of consumer lawn and garden and pet supply products. Central's proprietary branded products include Pennington Seed(R), Kaytee(R), TFH TFH Technische Fachhochschule (German: Engeneering College/University) TFH 24 Hours (Movie) TFH Thread from Hell (newsgroups) TFH Tinfoil Hat TFH Thanks For Helping (R), Nylabone(R), Zodiac(R), and Four Paws(R) pet products, Island(R) aquariums, Matthews(R) Four Seasons products and Grant's(R) ant control products. Central offers its retail and branded manufacturing partners a wide array of value-added services proven to increase sales and profitability, including logistics and distribution support, inventory management, advertising and promotional programs, in-store merchandising service, and sales program development. For additional information on Central Garden &Pet, including access to the Company's SEC filings, please visit the Company's website at http://www.centralgardenandpet.com. &uot;Safe Harbor&uot; Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in the Company's Securities and Exchange Commission filings, including, without limitation, the final accounting for all issues between the Company and Monsanto under the Solaris Agreement, such as the amounts receivable from Monsanto for cost reimbursements, payments for cost reductions and payments for services; the amounts payable to Monsanto for inventory; responsibility for obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. and for non-payment by Solaris' direct sales accounts; and costs associated with the realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of the Company's lawn and garden distribution operations to reflect anticipated business levels for the fiscal year 2000. |
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