Childrobics announce signing of Termination Agreements with current officers and directors, the appointment of two new directors, and the intent to appoint a new CEO/president.FARMINGDALE, N.Y.--(BUSINESS WIRE)--July 10, 1996--Childrobics, Inc., announced today that it has entered into Agreements to terminate the Employment Agreements and Certain Option Agreements between the company and it's current officers and directors. Salvatore Casaccio, the company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and director; Joseph Melnick, the company's president, COO, and director; and Richard Bartlett, the company's executive vice president and director have agreed to terminate their employment agreements, resign as officers and directors, return certain options previously granted to them by the company, and relinquish current control of the company to the new directors that have been appointed. The company has taken the initial steps towards redirecting and redesigning the company's focus and image. First, the company has appointed Douglas B. Fox and Conrad J. Gunther Jr. to serve as members of the board. Fox is the former vice president of marketing for Times Mirror, Inc., a newspaper group, is the former president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of 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 Newsday, is the former chief operating officer and president of publishing and video games See video game console. of Landmark Communications Landmark Communications is a privately held media company headquartered in Norfolk, Virginia and specializing in cable television, broadcast television, print publishing, and internet publishing. Inc., a multi-divisional media company, and is still currently employed at Landmark. Gunther is the former chief operating officer and executive vice president of North Fork North Fork, river, c.100 mi (160 km) long, rising in the Ozarks, S Mo., and flowing S, into N Ark., to the White River. Near its mouth is Norfolk Dam (completed 1944), which impounds Norfolk Lake and has a power plant. Bancorporation, a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , and is currently a business development manager and financial advisory for the Allied Group, a privately-owned insurance brokerage firm. The second step for the company was to eliminate certain playcenter locations that have proven to be a negative cash flow on the company's balance sheet. As part of Casaccio's agreement, he has agreed to take the stock of the company's subsidiaries which operate playcenters in Bayside, Brooklyn, and Manhattan. In addition to the assets, Casaccio will assume any and all outside liabilities of those locations. Next, Casaccio and Bartlett will take the stock of the company's subsidiary which operates the playcenter in Staten Island, N.Y. Once again, in addition to the assets, Casaccio and Bartlett will assume any and all outside liabilities of the location, but in this case the company will retain the right to operate all the video and vending machines at this location, which has proven to be a profit center for the company. Next, the company has completed the terms of the letter of intent for the acquisition of Just Kiddie Rides Inc., pursuant to which the company will acquire all of Just Kiddie's common stock. Pursuant to the agreement Gerard A. Reda, the president of Just Kiddie kid·die or kid·dy n. pl. kid·dies Slang A small child. kiddie Noun Informal a child , will enter into an employment agreement with the company and as a result will become the new president, chief executive officer, and director of the company. Reda has stated that, "the joining of these two companies, the elimination of the negative assets of Childrobics, while keeping the assets that have proven to be a strong positive cash flow for the company and the addition of new management and directors will position this company for a strong financial position in the relative near future." CONTACT: Michael Sable sable, species of marten, Martes zibellina, found in Siberia, N European Russia, and N Finland. This carnivorous mammal is highly valued for its thick, soft fur, which is dark brown or black, sometimes with white underparts and sometimes flecked with silver. , 516/694-0999 516/694-1062 (fax) |
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