Printer Friendly

ACTAVA GROUP ANNOUNCES ELECTION OF JOHN D. PHILLIPS AS CHIEF EXECUTIVE OFFICER

 ATLANTA, April 19 /PRNewswire/ -- The Actava Group Inc. (NYSE: ACT) announced today that John D. Phillips has been elected as Actava's president and chief executive officer. Mr. Phillips was also elected to the Board of Directors of Actava. Mr. Phillips succeeds Charles R. Scott, who had served as Actava's president and chief executive officer since 1991. Mr. Scott resigned as a director but will continue as a senior officer of Actava during a transition period.
 In connection with the election of Mr. Phillips, an investment partnership led by Mr. Phillips and Michael P. Marshall purchased from Actava 700,000 shares of Actava's common stock for $4,462,500, representing a price of $6.375 per share. This price represents the last sale price of Actava's common stock on the New York Stock Exchange on April 11, 1994, the day before Actava announced that it was having discussions with Mr. Phillips. Mr. Phillips also received an option to purchase 300,000 shares of Actava's common stock at a price of $6.375 per share.
 On April 12, 1994, Actava announced that it had received a proposal from Mr. Phillips which included an investment in a senior convertible preferred stock and certain other matters. The Board of Directors and Mr. Phillips agreed not to proceed with these matters at this time.
 Mr. Scott, who celebrated his 66th birthday last month, said, "Jack Phillips has my complete enthusiasm and support. He has an outstanding record for creating shareholder value, and I believe he will make a major contribution to Actava's future success. I will give him full cooperation and assistance during the transition period."
 Mr. Phillips said he has already begun an extensive review of Actava's operating companies. "I look forward to working with the existing management of each of these companies to improve operations, earnings, and build shareholder value. In addition, I will work to improve Actava's balance sheet and to take advantage of all future opportunities."
 Mr. Phillips is the former president and chief executive officer of Resurgens Communications Group, Inc. Resurgens was merged last year with Metromedia Communications Corporation and LDDS Communications, Inc. Prior to this merger, Resurgens was a non-facilities based long distance telecommunications company that processed and transmitted operator- assisted long distance calls from multi-telephone facilities such as hotels and hospitals and from pay phones. Prior to serving as chief executive officer of Resurgens, Mr. Phillips served as president and chief executive officer of Advanced Telecommunications Corporation, a long distance telecommunications company providing services in the southeastern and southwestern parts of the United States.
 The Actava Group provides high quality, brand-name consumer products through distribution channels in the areas of sports, fitness and recreation. Actava has five companies engaged in the leisure industry: DP(R) (fitness and recreation equipment); Qualex (photofinishing); Hutch Sports USA (sporting goods equipment); Nelson/Weather-Rite (camping and outdoor products); and Willow Hosiery (athletic and family hosiery). Another member of The Actava Group is Snapper, which manufactures and markets premium quality lawn care and garden products.
 -0- 4/19/94R
 /CONTACT: Frederick B. Beilstein, III, Senior Vice President, Treasurer, and Chief Financial Officer, or Bridget B. Sullivan, Manager, Investor Relations, The Actava Group, 404-658-9000/
 (ACT)


CO: The Actava Group ST: Georgia IN: HOU SU: PER

OP -- AT017R -- 7156 04/19/94 16:46 EDT
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 19, 1994
Words:549
Previous Article:MALLON RAISES $4 MILLION OF OPERATING CAPITAL
Next Article:TORCH ENERGY ADVISORS INCORPORATED ANNOUNCES PURCHASE FROM ENRON OIL & GAS COMPANY FOR $13.3 MILLION
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters