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PriceSmart, Inc. Announces New Chief Financial OfficerSAN DIEGO, April 6, 2018 /PRNewswire/ -- PriceSmart Inc. (NASDAQ: PSMT) today announced the appointment of Maarten Jager as Executive Vice President and Chief Financial Officer effective April 24, 2018. Mr. Jager will replace John M. Heffner who has served in that role since January 2004 and had previously announced his plans to retire from the Company. Mr. Jager currently serves as Senior Vice President of Walmart International, a segment of Walmart Inc., where he has worked since 2014. During his tenure at Walmart, he served as Senior Vice President and Chief Financial Officer of Sam's Club from 2015 to 2018 and as Senior Vice President and Chief Financial Officer of its Asia division from 2014 to 2015. Prior to Walmart, from 2013 to 2014, Mr. Jager worked as a consultant to public and private companies and their executives providing guidance on growth, turnaround and organizational effectiveness. Mr. Jager worked 14 years at Booz Allen Hamilton Inc. in varying management and technology consulting positions before devoting six more years to Diageo North America Inc. to oversee many different financial responsibilities. Mr. Jager received his Bachelor of Science in Engineering degree from the University of Michigan in 1987, and a Master of Science in Engineering from Stanford University a year later. In 1994, Mr. Jager received his Master of Business Administration degree from the University of Chicago, majoring in Business Strategy, Economics and Finance. Mr. Jager is 52 years old. About PriceSmart PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise at low prices to PriceSmart members. PriceSmart now operates 40 warehouse clubs in 12 countries and one U.S. territory (seven each in Colombia and Costa Rica; five in Panama; four in Trinidad; three each in Guatemala, the Dominican Republic and Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands). Additionally, riceSmart through its Aeropost subsidiary provides logistics, payment and ecommerce services in Latin America and the Caribbean. Aeropost serves customers in 38 countries with Costa Rica, Trinidad and Jamaica as its largest markets. This press release may contain forward-looking statements concerning the Company's anticipated future revenues and earnings, adequacy of future cash flow, proposed warehouse club openings, the Company's performance relative to competitors, the outcome of tax proceedings and related matters. These forward-looking statements include, but are not limited to, statements containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "anticipated," "scheduled," and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to, the following external and internal risks: External Risks
Internal Risks:
The risks described above as well as the other risks detailed in the Company's U.S. Securities and Exchange Commission ("SEC") reports, including the Company's Annual Report on Form 10-K filed for the fiscal year ended August 31, 2017 filed on October 26, 2017, pursuant to the Securities Exchange Act of 1934, see "Part I - Item 1A - Risk Factors," could materially and adversely affect our business, financial condition and results of operations. These risks are not the only risks that the Company faces. The Company could also be affected by additional factors that apply to all companies operating globally and in the U.S., as well as other risks that are not presently known to the Company or that the Company currently considers to be immaterial. For further information, please contact John M. Heffner, Principal Financial Officer and Principal Accounting Officer (858) 404-8826.
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