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Summer Infant Appoints New Chief Financial Officer and Head of Product Development(Marketwire Via Acquire Media NewsEdge) WOONSOCKET, RI -- (Marketwired) -- 11/06/14 -- Summer Infant, Inc. (NASDAQ: SUMR), a global leader in premium juvenile products, today announced that William E. Mote, Jr. has been appointed as the Company's new Chief Financial Officer effective November 10, and that Annamaria Dooley has been appointed as Senior Vice President of Product Development effective immediately. Mote will replace Paul Francese, who will be leaving the Company after a transition period. "Bill's deep experience in global financial operations at diversified multinational organizations will be a valuable asset as we grow our business in key markets," said President and Chief Executive Officer Carol Bramson. "We look forward to leveraging Bill's consumer goods industry experience, financial acumen and strategic planning expertise as we strive to accelerate sales and improve profitability." "On behalf of the Company, I would like to thank Paul for his service to Summer Infant during a critical time of transition for the Company, and wish him the best in his future endeavors," said Bramson. "Anna comes to Summer Infant with 25 years of experience launching new brands as well as managing legacy brands," said Bramson. "Her significant experience in the juvenile products space will be a tremendous asset. Developing innovative products is core to our growth strategy, and we're excited to benefit from Anna's experience." About William Mote Prior to joining Summer Infant, Mr. Mote was Chief Financial Officer for The Poarch Band of Creek Indians, the largest hospitality and gaming operator in Alabama, where he was responsible for all financial operations of a $1 billion Sovereign Nation. From 2010 to 2012, he was Executive Vice President of Finance at JAKKS Pacific, Inc., a diversified children's entertainment company, where he was a key member of the executive team in charge of worldwide financial operations. Before that, he was Vice President and Corporate Controller at Easton-Bell Sports, where he was responsible for worldwide financial planning and analysis and strategic planning from 2005 to 2010. Mr. Mote spent five years working in various global finance positions with increasing responsibility at Hewlett-Packard Company beginning in 2000. He is a Certified Public Accountant and received an M.B.A. and a B.S. in Accounting from Louisiana State University. About Annamaria Dooley Prior to joining Summer Infant, Annamaria Dooley was Chief Idea Officer of Anna Dooley Consulting, L.L.C., providing product development and marketing services for clients from large-scale multibillion-dollar corporations to medium-sized and small entrepreneurial start-ups. From 1989 through 1998, Dooley worked in marketing and product development positions of increasing responsibility for Hasbro, culminating in her serving as EVP, Global Category Manager Infant & Preschool. In this position, she was responsible for global marketing and product development for all infant and preschool brands within the $250 million Playskool Division. Prior to Hasbro, Dooley spent five years at Stride Rite. She holds a Bachelor of Arts from Harvard University. In connection with the employment of Mr. Mote and Ms. Dooley, (i) Mr. Mote was granted an option to purchase 40,000 shares of the Company's common stock, with an exercise price equal to the closing price of the Company's common stock on the date of grant, and 20,000 shares of restricted stock, and (ii) Ms. Dooley was granted an option to purchase 20,000 shares of the Company's common stock, with an exercise price equal to the closing price of the Company's common stock on the date of grant, and 10,000 shares of restricted stock. Subject to each of Mr. Mote's and Ms. Dooley's continued service with the Company, their respective options and restricted stock awards will vest in equal annual installments over a four year period beginning on the first anniversary of the respective date of grant. The Compensation Committee of the Company's Board of Directors granted these awards as an inducement material to Mr. Mote's and Ms. Dooley's acceptance of employment in accordance with NASDAQ Listing Rule 5635(c)(4). About Summer Infant, Inc. Based in Woonsocket, Rhode Island, the Company is a global leader of premium juvenile products for ages 0-3 years, which are sold principally to large North American and international retailers. The Company currently sells proprietary products in a number of different categories, including nursery audio/video monitors, safety gates, durable bath products, bed rails, nursery products, strollers, booster and potty seats, swaddling blankets, bouncers, travel accessories, highchairs, swings, nursery furniture, and infant feeding products. For more information about the Company, please visit www.summerinfant.com. Forward-Looking Statements Certain statements in this release that are not historical fact may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believes," "estimate" and similar expressions, and include statements regarding the Company's expectations relating to growing in key markets and accelerating sales and improving profitability. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include the concentration of the Company's business with retail customers; the ability of the Company to compete in its industry; the Company's ability to continue to control costs and expenses; the Company's dependence on key personnel; the Company's reliance on foreign suppliers; the Company's ability to develop, market and launch new products; the Company's ability to grow sales with existing and new customers; the Company's ability to meet required financial covenants under its loan agreements; and other risks as detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as amended, and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this release. Contact: David Calusdian Sharon Merrill Associates, Inc. [email protected] 617-542-5300 Source: Summer Infant, Inc. |