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Celebrate Express announces enhanced corporate governance practices

16 Mar '07
3 min read

• The Board of Directors will recommend to shareholders at the 2007 annual meeting of shareholders that the Company's articles of incorporation and bylaws be amended to permit one or more members of the Board of Directors (including the entire Board) to be removed, without cause, at a meeting of shareholders called for that purpose.
• The Board of Directors will recommend to shareholders at the 2007 annual meeting of shareholders that the Company's articles of incorporation be amended to remove the classification of the Board of Directors.

Mr. Green continued, "The decision to continue operating as a stand-alone entity, the special dividend and the enhancements to our corporate governance practices should be viewed as a sign of confidence in the continued success of our business. I am now more encouraged about the long term opportunities at Celebrate Express than I was ten months ago when I first joined the company."

"We have just one remaining role on the senior management team to fill, the Vice President of Marketing position. With the review of strategic alternatives behind us, I am confident we are now in a better position to fill that role and complete a senior leadership group that is dedicated to the future success of the Company."

In addition to the foregoing, the Company announced that its Board of Directors has adopted modifications to the Company's shareholder communications policies. Under the new policy, the Company will be discontinuing the practice of providing financial guidance going forward and will be using Securities and Exchange Commission filings, press releases, quarterly results conference calls and annual shareholders meetings as the exclusive venues in which to communicate with its shareholders and prospective shareholders.

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Celebrate Express Inc

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