Printer Friendly

Media Arts Group, Inc. Announces Chairman, Ken Raasch Signs Consulting Agreement.

SAN JOSE, Calif.--(BUSINESS WIRE)--June 28, 1999--

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.
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jun 28, 1999
Words:414
Previous Article:Completed Financing and Additional Medical Advisors.
Next Article:BB&T Prime Money Market Fund Rated 'AAAm' by S&P.


Related Articles
Media Arts Group Authorizes Increase in Stock Repurchase Plan to One Million Shares.
Media Arts Group Elects CEO Bud Peterson to Vice Chairman of the Board of Directors.
Media Arts Group, Inc. Appoints Its President and CEO to the Board of Directors.
OnVANTAGE Merges With Zstar.
OnVANTAGE Inc. Names New Board of Directors.
OnVANTAGE, Inc. Appoints New Director, Dennis F. Holt.
Media Arts Announces New Chairman.
Trammell Crow Company.
BRIEFLY.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters