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Celebrate Express announces enhanced corporate governance practices

16
Mar '07
Celebrate Express Inc reported that following a comprehensive review of strategic alternatives, the Board of Directors concluded that it is in the best interests of the Company and its shareholders at this time to continue operating as a stand-alone entity. As such, the Company announced the completion of its strategic alternatives review undertaken with its financial advisor, Cowen and Company LLC.

The Company also announced that its Board of Directors has declared a special one-time cash dividend of $1.25 per share payable on April 26, 2007 to shareholders of record on April 12, 2007. The dividend payout will total approximately $10 million based on the current shares outstanding.

Celebrate Express Chief Executive Officer Kevin Green stated, "The Board of Directors considered a number of alternatives aimed at enhancing shareholder value. We've concluded that the best path to maximize shareholder value is to pay the special one-time dividend and to focus on building the business. We believe that the cash remaining after the dividend payment will provide us the financial flexibility for further investments in our business and to continue to fund our growth initiatives."

The Company also announced that its Board of Directors has adopted three measures intended to enhance the Company's corporate governance practices:
• The Board of Directors amended the Company's bylaws so that shareholders may alter, amend and repeal the Company's bylaws or adoptnew bylaws by a majority vote of the shareholders.


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