Media Arts Group, Inc. Announces Chairman, Ken Raasch Signs Consulting Agreement.
Media Arts Group, Inc. (NYSE: MDA) today announced that Chairman Ken Raasch has recently modified his relationship with the Company and will now be working under a consulting agreement through December 31, 2000, whereby Mr. Raasch will continue to give strategic and overall business development counsel to the Company. Mr. Raasch is currently planning a new Internet venture focused on serving families, which may provide further opportunities to partner with Media Arts.
Mr. Raasch, 39, co-founded the Company with Thomas Kinkade in 1990 and served as CEO and President from the Company's inception through 1997. He has been actively transitioning out of his role as CEO and President, with Bud Peterson assuming those responsibilities.
"I believe that Media Arts Group has a wonderfully rich set of core competencies and assets that serve as a strong foundation for the business, as well as offering great future growth potential," said Ken Raasch, Chairman. Raasch added, "As Media Arts continues to become a significant lifestyle branded home products company, I look forward to continued participation in defining strategy and driving shareholder value. As a significant stockholder in the Company, I am motivated to see the business and the Thomas Kinkade brand continue to be successful financially as well as positively impacting the lives of employees, dealers and customers."
Media Arts Group, Inc. is a leading designer, manufacturer, marketer and branded retailer of canvas and paper lithographs, art-based home decorative accessories, collectibles and gift products based on the works of artist Thomas Kinkade, Painter of Light, which feature Mr. Kinkade's unique use of light and his peaceful and inspiring themes.
The foregoing comments include forward-looking statements and actual results may vary. Such statements are indicated by words or phrases such as "believe," "intend," "expect," "seek", "plan" and similar words or phrases. Such statements are based on current expectations and are subject to certain risks, uncertainties and assumptions, including product development efforts, consumer acceptance of Thomas Kinkade's artwork and of the Company's products based on his work, expansion of distribution channels for the Company's products and, in particular, the successful implementation of the Signature Galleries program, successful third party manufacturing relationships and the continued control of operating expenses. Media Arts Group, Inc. expressly disclaims any obligation to release publicly any updates or revisions to such forward-looking statements to reflect any change in its expectations with regard thereto or any change in events or circumstances on which any such statement is based.
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|Date:||Jun 28, 1999|
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