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Celebrate Express to review its strategic alternatives
21 Aug '06
2 min read
Celebrate Express Inc announced that the Board of Directors has retained Cowen and Company, LLC to conduct, in conjunction with management, a thorough review of the Company's strategic alternatives to maximize shareholder value, including a potential sale of the Company.
After hearing from a number of the Company's shareholders, the Board has determined that now is an appropriate time to initiate an external process to explore strategic alternatives.
During this process, the Company will continue to move forward with its business plan in the ordinary course.
The Board noted that while it will review all options in consultation with its advisors, there can be no assurance of any particular outcome.
The Company does not plan to release additional information about the status of the review unless and until a definitive agreement is entered into, a definitive decision has been made on a course of action or the process is otherwise completed.
The Company also announced that Kenneth H. Shubin Stein, MD, CFA and Stephen Roseman, CFA joined the Company's Board of Directors. In connection with their appointment, the group of shareholders led by these individuals agreed to terminate their proxy solicitation efforts.
Kevin Green, the Company's Chief Executive Officer, said, "I look forward to working with Ken and Stephen as Board members and discussing their views on enhancing shareholder value."
Celebrate Express is a leading e-commerce provider of celebration products.
The Company currently operates three business to consumer brands: Birthday Express, which markets children's party products; Costume Express, which markets costumes and matching accessories; and Storybook Heirlooms, which offers girls' special occasion and specialty apparel.
The Company's goal is to help families celebrate the special moments in their lives.
After hearing from a number of the Company's shareholders, the Board has determined that now is an appropriate time to initiate an external process to explore strategic alternatives.
During this process, the Company will continue to move forward with its business plan in the ordinary course.
The Board noted that while it will review all options in consultation with its advisors, there can be no assurance of any particular outcome.
The Company does not plan to release additional information about the status of the review unless and until a definitive agreement is entered into, a definitive decision has been made on a course of action or the process is otherwise completed.
The Company also announced that Kenneth H. Shubin Stein, MD, CFA and Stephen Roseman, CFA joined the Company's Board of Directors. In connection with their appointment, the group of shareholders led by these individuals agreed to terminate their proxy solicitation efforts.
Kevin Green, the Company's Chief Executive Officer, said, "I look forward to working with Ken and Stephen as Board members and discussing their views on enhancing shareholder value."
Celebrate Express is a leading e-commerce provider of celebration products.
The Company currently operates three business to consumer brands: Birthday Express, which markets children's party products; Costume Express, which markets costumes and matching accessories; and Storybook Heirlooms, which offers girls' special occasion and specialty apparel.
The Company's goal is to help families celebrate the special moments in their lives.
Celebrate Express Inc
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