Valley Media Names Garrett President.Business Editors WOODLAND, Calif.--(BUSINESS WIRE)--Aug. 16, 2001 Valley Media, Inc. (Nasdaq:VMIX), a recognized leader in the full-line distribution of music and video entertainment products, today announced that the Board of Directors has appointed Mr. Lewis Garrett as President. Additionally, the Board promoted Mr. John Kordic John "Rambo" Kordic (March 22, 1965 in Edmonton, Alberta - August 8, 1992 in Quebec City, Quebec) was a hockey player in the National Hockey League. He played for the Montreal Canadiens, Toronto Maple Leafs, Washington Capitals, and Quebec Nordiques. to Executive Vice President of Operations. Mr. Garrett, a highly respected professional in the retail and entertainment industries, came to Valley Media, Inc. from Camelot Music Camelot Music was a leading mall-based retailer of prerecorded music and accessories and was one of the largest music retailers in the United States based on store count. in June of 2000 to take on the position of Senior VP of Marketing and Purchasing. Mr. Garrett has served as a Chairman of NARM's Retail Advisory Committee and been a member Of Country Music Association's Board of Directors. In addition to his new responsibility as President, Mr. Garrett will also continue to maintain oversight of the Purchasing and Marketing Departments. Mr. John Kordic has served Valley Media, Inc. operations since 1993. He has led the operations team to become the most highly rated one-stop in the industry with the highest operational fill rate and distribution efficiencies in the nation. "I have complete confidence that Lew and John will provide the leadership necessary to bring significant value to our management team in their new roles," said Peter Berger, 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. . "Their insights, industry knowledge and abilities are key to returning Valley Media to profitability." About Valley Media, Inc. Valley Media, Inc. is a distributor of music, video and DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. product, offering full-line distribution, independent distribution and new media fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. services for e-commerce, in addition to publications and proprietary database products. Valley Media operates facilities in seven states with primary distribution facilities in Louisville, KY and Woodland, CA where its corporate headquarters are located. This press release contains statements that qualify as "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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, including statements regarding the Company's expectations for the Company's future financial performance, and hopes for the future of its business. The company is subject to certain risk factors that may cause actual results to differ materially from anticipated results, including but not limited to, the following: our ability to achieve or sustain profitability; general economic and business conditions; the continued financial difficulties of our customers; the loss of one or more of our largest customers; and our ability to obtain sufficient financing for future operations. For additional information about risk factors, please see the reports filed by the company with the SEC, including our Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended March 31, 2001. The statements in this press release are made as of today, based on information currently known to management, and the company disclaims any duty to update such statements. |
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