Chromcraft Revington, Inc. Names New Chief Executive Officer.DELPHI Delphi (dĕl`fī), locality in Phocis, Greece, near the foot of the south slope of Mt. Parnassós, c.6 mi (10 km) northeast of the port of Cirrha. It was the seat of the Delphic oracle, the most famous and most powerful of ancient Greece. , Ind. -- Chromcraft Revington, Inc. (AMEX AMEX See: American Stock Exchange :CRC (Cyclical Redundancy Checking) An error checking technique used to ensure the accuracy of transmitting digital data. The transmitted messages are divided into predetermined lengths which, used as dividends, are divided by a fixed divisor. ) announced today that Benjamin M. Anderson-Ray has been named Chief Executive Officer of the Company and has been appointed to the Company's board of directors. Mr. Anderson-Ray, age 50, is currently a Managing Partner of Spring Garden Corporate Advisors, an investment advisory firm focused on the horticultural industry. He is also a co-founder and member of the board of directors of PALCO PALCO Pacific Lumber Company Systems, a medical equipment developer. Previously, he served as the Chief Executive Officer of Gravograph New Hermes Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a manufacturer and marketer of equipment, software, consumables and related services in the durable marking industry. Prior to Gravograph, Mr. Anderson-Ray held various senior management positions, including President of the Global Business Group, at Sunrise Medical, Inc, a durable medical equipment Durable medical equipment is a term of art used to describe certain Medicare benefits, that is, whether Medicare may pay for the item. The item is defined by Title XVIII the Social Security Act: Ronald H. Butler, Chromcraft Revington's interim Chairman of the Board, said, "We are very pleased to have attracted an executive of Ben's caliber. I know I am speaking for our entire board when saying we are looking forward to working with Ben as he begins the process of rebuilding Chromcraft Revington. We believe Ben is the right person to lead this Company." Shortly after Michael E. Thomas announced in December that he would retire as the Company's Chairman, President and Chief Executive Officer following the 2005 annual meeting of stockholders, the board of directors formed a Search Committee comprised of the Company's independent directors. The Search Committee, which is co-chaired by David L. Kolb and Larry P. Kunz, conducted a national search for a new 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. . Mr. Kunz stated, "The Search Committee members were unanimously impressed by Ben's leadership skills combined with his substantial experience in consumer durable products marketing and sales. Additionally, Ben has a proven track record of delivering top and bottom line results in diverse settings." "We also were looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. someone who has significant knowledge and experience in dealing with global markets, particularly Asia - we found that person in Ben," added Mr. Kolb. Mr. Anderson-Ray commented, "I was attracted to Chromcraft Revington for a number of reasons. Perhaps most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , I believe there is opportunity for growth at the Company even with the tremendous competitive pressures in the industry. The Company has high quality products, solid brand names, efficient operations and a strong financial position on which to build its future. These elements form the foundation for providing retailers and consumers with the value, design and delivery options they desire. I look forward to leading the revitalization of the Company." Chromcraft Revington designs, manufactures and sells residential and commercial furniture throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. under the "Chromcraft," "Peters-Revington," "Silver Furniture," "Cochrane Furniture" and "Sumter Cabinet" brand names. This news release may contain certain information and statements that are forward-looking statements within the meaning of 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. These forward-looking statements can be generally identified as such because they include future tense or dates, are not historical or current facts or include words such as "believe," "may" or "looking forward," or words of similar import. Forward-looking statements are not guarantees of performance or outcomes and are subject to certain risks and uncertainties that could cause actual results or outcomes to differ materially from those stated, expected or anticipated as of the date of this news release. Among the risks and uncertainties that could cause actual results or outcomes to differ materially from those stated, expected or anticipated are general economic conditions; import and domestic competition in the furniture industry; market interest rates; consumer confidence levels; cyclical nature of the furniture industry; consumer and business spending; changes in relationships with customers; customer acceptance of existing and new products; new and existing home sales Existing Home Sales An economic indicator of both the number and prices of existing single family houses, condos and co-op sales over a one-month period. Released monthly by the U.S. ; and other factors that generally affect business. The Company does not undertake any obligation to update or revise publicly any forward-looking statements to reflect information, events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or circumstances. |
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