Attached files
| file | filename |
|---|---|
| 8-K - Enable Holdings, Inc. | v174177_8k.htm |
| EX-10.1 - Enable Holdings, Inc. | v174177_ex10-1.htm |
| EX-99.2 - Enable Holdings, Inc. | v174177_ex99-2.htm |
Exhibit
99.1
Enable
Holdings, Inc. Names Patrick L. Neville Chief Executive Officer
Chicago,
February 11, 2010 – Enable Holdings, Inc (OTCB: ENAB.OB), (the “Company”), one
of the leading asset recovery solution providers for products of the world’s
most trusted brands, with operating subsidiaries uBid, Inc., Red.Tag.com,
RedTagLive!, Dibu Trading Corporation and Commerce Innovators, announced today
Patrick L. Neville, has been named its Chief Executive Officer. Mr.
Neville is a proven leader and turn-around specialist in the areas of
merchandising and apparel. Mr. Neville will also join Enable
Holdings’ Board of Directors. Mr. Neville will join the Company effective March
1, 2010 and replace Timothy E. Takesue, who has been serving as the Company’s
Interim Chief Executive Officer since December 22, 2009. Mr. Takesue
will return to his position of Executive Vice President of Asset Management,
effective February 11, 2010.
Mr.
Neville is a successful entrepreneurial leader who has developed, re-engineered
and rolled out revised business models in merchandising companies, and is
particularly skilled in developing and managing the implementation of
turn-around and growth strategies. He successfully participated in
the sale of numerous businesses, under his leadership, after having steered them
to achieve profitable growth.
Prior to
joining the Company, from 1997 to 2008, Mr. Neville was President, Chief
Executive Officer and Vice Chairman of Beautyfirst/Purebeauty of Wichita,
Kansas. At Beautyfirst/Purebeauty, Mr. Neville spear-headed strategic
planning and had management responsibility for approximately 2,200 employees,
operating more than 120 stores, across the United States, with annual sales
exceeding $120,000,000. He successfully oversaw the sale of
Beautyfirst/Purebeauty. Since 2008, Mr. Neville has been the
President and Chief Executive Officer of Paradigm Advisory Group LLC in Wichita,
Kansas. Paradigm provides advisory services with emphasis on crisis
management, executive office coaching and restructurings to E-commerce,
wholesale, retail and manufacturing companies ranging from start-ups to those
with revenues exceeding $500,000,000.
“I am
excited to be a part of the management team of Enable Holdings as I believe its
existing management has successfully steered the Company through challenging
times and has adopted several measures that have positioned the Company for
attractive growth potential,” Mr. Neville stated. “The Company has
well-established corporate and consumer relationships demonstrated by the
activity in both its online and offline channels of distribution, despite the
current economic slowdown. The Company has successfully restructured many
aspects of its operations and I look forward to being part of the team to
continue to drive profitable growth.”
According
to Steve Sjoblad, Chairman of the Board of Directors of Enable Holdings, Inc,
“Mr. Neville has extensive hands-on operational and turn-around experience in
the field of merchandising which complements the existing
management. We are pleased to have him accept the position of Chief
Executive Officer of the Company.”
Mr.
Neville has also served as a member of the Board of Directors to the Chicago
Apparel Center, Men’s Retail Association, National Retail Federation, L.B.A.
National Buying Group, and he is currently serving on the Board of Directors of
the International Salon Spa Business Network.
About
Enable Holdings, Inc and its subsidiaries
The
Company, through its operating subsidiaries uBid, Inc., Red.Tag.com, RedTagLive,
Dibu Trading Corporation and Commerce Innovators, offers business-to-consumer
and business-to-business online and offline marketplaces in the United States.
The Company connects companies, with excess inventory solution needs, with
products that include brand names to corporate and consumer
customers. It provides multi-channel asset recovery solutions that
includes online auction platform uBid.com, fixed-price online commerce solution
RedTag.com, offline excess inventory solution RedTag Live!, business-to-business
solution Dibu Trading Corporation, and upcoming private auction software
solution Commerce Innovations.
The
Company’s comprehensive solution set efficiently matches corporate sellers and
buyers (that are both corporate and consumers) through its various commerce
solutions. The Company has helped thousands of businesses sell over $2 billion
of excess inventory over the past ten years and has saved consumers hundreds of
millions of dollars in the process. Through its diverse, and
complementary, channels of distribution, the Company’s marketplace employs a
combination of auction style and fixed price formats which offers its sellers a
comprehensive asset recovery solution.
SEC
Filings and Forward-Looking Statements
Additional
information about the “Company is available in the Company’s annual report in
Form 10-K and latest quarterly financial report in Form 10-Q, filed with the
Securities and Exchange Commission. Certain statements made in this
release are forward-looking statements. Forward-looking statements
are based on the then-current expectations, beliefs, assumptions, estimates and
forecasts about the business of the Company and markets in which the Company
operates. These statements are not guarantees of future performance
and involve risks, uncertainties and assumptions, which are difficult to
predict. Therefore, actual outcomes and results may differ materially
from what is expressed or implied by these forward-looking
statements. Factors which may affect the forward looking statements
identified above and the Company’s business, financial condition and operating
results generally include the effects of adverse changes in the economy,
reductions in consumer spending, declines in the financial markets and the
industries in which the Company and its partners operate, adverse changes
affecting the Internet and e-commerce, the ability of the Company to develop and
maintain relationships with strategic partners and suppliers and the timing of
its establishment or extension of its relationships with strategic partners, the
ability of the Company to timely and successfully develop, maintain and protect
its technology and product and service offerings and execute operationally and
the ability of the Company to attract and retain qualified personnel. The
Company expressly disclaims any intent or obligation to update these
forward-looking statements, except as otherwise specifically stated by the
Company.