| [October 25, 2007] |
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Commerce Planet's Board Positions Company for next Phase of Growth by Enhancing Management Team
GOLETA, Calif. --(Business Wire)-- Commerce Planet, Inc. (OTCBB:CPNE) announced today a series of management enhancements designed to best position the Company to achieve its long-term strategic growth initiatives. These initiatives include the ability to capitalize on its recent acquisition of Iventa and the Company's expanded focus on technology.
Mr. Roth stated, "Commerce Planet has developed a leading and profitable platform that provides its client partners with innovative tools and solutions. I am very excited to join such a dynamic Company that has tremendous growth opportunities ahead of it, including its recent acquisition of Iventa Corp. and its exciting online marketing and ecommerce solutions. We look forward to continuing to build Commerce Planet into a world-class market leader."
Tony Roth will serve as Chief Executive Officer and President. Mr. Roth brings some 20 years of experience that includes corporate finance and public company management experience in technology development companies, as well as sales and marketing organizations. Most recently Mr. Roth served as President and Chief Executive Officer of Utix Group, Inc. During his six-year tenure at Utix, he successfully recapitalized and transitioned the 18-year-old sports voucher company into an electronic payments system via the open credit payment network. He led Utix as an independent prepaid issuer, processor and provider of products serving B2B and B2C corporate marketing channels. Roth authored, patented and commercialized a revolutionary prepaid experience platform and system for marketing incentives, gifts, rewards, promotional card products and loyalty programs.
"We have worked with our Board of Directors to map out a succession strategy that augments the existing leadership within Commerce Planet, by bringing in the experience and skill sets necessary to take the Company to the next level," said Mr. Hill. "In our new capacities, both Charlie Gugliuzza and I will continue to be actively engaged in executing our strategic initiatives and developing new avenues of growth for Commerce Planet. We are very confident in Tony's abilities as we hand over the duties of CEO and President to him. He is a results-driven manager with experience leading companies through strategic transitions, including the integration of acquisitions. We are equally pleased to further announce our new CFO, Jaime Rovelo, who brings a wealth of financial management experience. His expertise in developing and implementing financial controls in high-growth companies will be crucial as we drive sustainable, long-term growth in a cost-effective manner. I look forward to working closely with them both."
Michael Hill, previously Chief Executive Officer, will now serve as Chief Strategy Officer in order to best focus his efforts on Commerce Planet's new technology-driven initiatives, including business development, product development, strategic planning, and driving growth of the Company's B2B business.
Charlie Gugliuzza, currently President, will revert back to his role as consultant, but remain on the Board of Directors, where he will focus on the public markets and maximizing shareholder value. In addition, Mr. Gugliuzza will continue to support the company's execution upon their technology and media based initiatives.
Commerce Planet has also appointed Jaime Rovelo as the Company's new Chief Financial Officer. Mr. Rovelo replaces David Foucar, Commerce Planet's Chief Financial Officer since June, 2006, who has resigned from the position. Mr. Rovelo has held a number of senior management positions in both public and private companies, bringing over 20 years of strategic planning, budgeting and forecasting, and financial reporting experience with both B2C and B2B rapid growth companies. Mr. Rovelo joins Commerce Planet from World Minerals, a publicly traded French company, where he served as Corporate Controller for North America. Mr. Rovelo began his career with PriceWaterhouseCoopers and received his M.B.A. from Pepperdine University in California and his B.A. in Accounting and Business Management from Bob Jones University. Mr. Rovelo is a Certified Public Accountant.
"The fact that we have recruited such high-caliber talent for our new CEO and CFO speaks to the strengths of Commerce Planet and the opportunities before us," Mr. Gugliuzza commented. "Tony brings a heightened professionalism to Commerce Planet and his experience will be instrumental as we integrate recently-acquired Iventa Corp., fully exploit our new intellectual property portfolio, and drive our new technology-focused initiatives. Additionally, safeguarding our solid financial position is of great importance and I believe Jaime's strong and varied background will help ensure the maintenance of this position. We also want to thank Dave for his valuable contributions over the past year during a time of rapid change for the Company."
Mr. Rovelo stated, "This is an exciting time for Commerce Planet as it grows both organically and through acquisitions, and I am honored to be in a position to help the Company manage its financial goals and continue its success."
Mr. Roth's start date is planned for November 5, 2007 and Mr. Rovelo will assume the role of CFO effective October 26, 2007. Michael Hill and Charlie Gugliuzza will remain as Board Directors, and in addition Tony Roth has been appointed a Director.
About Commerce Planet, Inc.
Commerce Planet, Inc. is an internet-based media company that offers online media products, lead generation services and direct marketing tools to its client partners. Commerce Planet offers an internet turnkey media solution through its network of wholly owned subsidiaries, which includes Consumer Loyalty Group, LLC, Legacy Media, LLC, and Iventa, LLC. In combination these services are designed to address the needs of client partners, including membership loyalty programs, direct response consumer marketing, affiliate list management, email deployment, live chat software-based services, direct phone sales and customer service, and printing services. To find out more about Commerce Planet (OTCBB:CPNE), visit our website at http://www.commerceplanet.com .
Commerce Planet, Inc. Safe Harbor Statement
Except for the historical information contained herein, the matters set forth in this press release, including statements as to management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements. Such statements typically include such words as "believes," "anticipates," "expects" and similar terms. These statements include, but are not limited to, the impact of Mr. Roth and Mr. Rovelo on the Company's business and market position. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products and services or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
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