Care Concepts I, Inc. Names Charles Prast as CEO.
Before joining Care Concepts, Mr. Prast, 38, was President and CEO of Private Media Group (NASDAQ:PRVT), a leading public adult entertainment company founded in 1965. Mr. Prast has also held senior positions in the US and Europe at leading investment banks, including Commerzbank and ING Barings, where he specialized in structured finance and M&A advisory work for small to mid-sized media companies. He has worked closely with interactive entertainment companies placing capital and enhancing shareholder value. Mr. Prast received a B.A. degree from Bates College in 1987. In October 2003, Arena magazine named Mr. Prast the fifth most influential executive in the adult entertainment industry worldwide.
Mr. Prast said, "I expect to focus on enhancing cooperation with our customers to enhance the value of their on-line brands while working to maximize the value of our 40% stake in Penthouse Media Group. Lastly, I plan to increase the company's profile among institutional and retail investors who wish to participate in our growth.
"Care Concept's assets represented by long-term client relationships and strategic holdings are both valuable in themselves and create real opportunities for cross promotion. I look forward to maximizing the value of these assets for our shareholders," said Prast.
As previously announced, IBD completed a $16.475 million private placement of its securities. IBD also completed the acquisition of approximately 40% of Penthouse Media Group on October 21, 2004.
Subject to a shareholder meeting, IBD will be changing its name to Interactive Brand Development to better reflect is business. Mr. Prast's employment is subject to a definitive employment agreement.
Mr. Prast fills the positions previously held by Steve Markley as CEO, who has agreed to remain active in the strategic development of the company as COO.
About Care Concepts I, Inc.
Care Concepts I, Inc. (AMEX:IBD) is a media and marketing holding company with assets including Forster Sports, Inc., a sports-oriented, multi-media company that produces sports radio talk shows; and iBidUSA.com, a popular website which showcases products and services in an auction format. The company also owns a 40% interest in Penthouse Media Group, publisher of Penthouse Magazine.
This release contains statements relating to future results of the Company that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of various risks and uncertainties. In July 2004, the Company entered into an agreement to acquire iBill from PHSL in exchange for Company securities convertible into 49.9% of the Company's fully-diluted common stock. As previously disclosed, the American Stock Exchange objected to the closing of the iBill transaction for, among other factors cited, public interest issues and has required the Company to supply additional information. Management believes that iBill is fully compliant with all applicable laws and is hopeful that it will be able to satisfy the inquiries of the AMEX so as to be able to consummate the iBill acquisition and retain its AMEX listing.
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|Date:||Oct 28, 2004|
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