SPAR Group, Inc. (Nasdaq:SGRP), a leading supplier of retail
merchandising, business technology and other marketing services in
10 countries throughout North America, Latin America, Asia Pacific
and Africa, today announced that Fay DeVriese will join the
company as chief financial officer (CFO). Ms. DeVriese will
succeed Jim Segreto, who is retiring following a successful 23-year
career at SPAR Group. Ms. DeVriese will lead SPAR Group’s
financial operations and regional finance teams. Mr. Segreto will
continue to work with the Company as a consultant and assist
through the transition.
“I am very pleased to welcome Fay to the SPAR
Group family. She is a proven senior financial executive and
leader, and will play a vital role in our success,” commented
Arthur H. Baer, chairman of the board of directors of SPAR Group.
“On Behalf of the board and the rest of our team at SPAR, I
would also like to express our sincere appreciation for Jim’s
contribution and dedication to SPAR over the past 23 years. He has
been instrumental in building very strong financial functions to
support our business growth. We wish him all the best on his
well-deserved retirement.”
Ms. DeVriese joins SPAR with more than 25 years
of global experience in corporate and business accounting and
finance. Most recently she served as Chief Financial Officer
at Letica Corporation and has served in financial leadership roles
at DSM Engineering Plastics, Eaton Corporation, Continental
Automotive Systems and Motorola. Ms. DeVriese is a CPA,
licensed in the State of New York. She earned a BBA from the
State University of New York.
Separately, the Company announced Arthur H.
Baer, has been appointed to chairman of the board of directors of
SPAR Group and that Igor Novgorodtsev, has been appointed to vice
chairman.
Mr. Baer joined the board on September 3, 2019
as an independent board member and continues to serve as chairman
of the Audit Committee and serves on the Governance
Committee. Prior to his retirement, he most recently served
as President of the $4 billion Europe/Middle East/Africa operations
for Arrow Electronics. He was also director and Audit
Committee Chair for Seneca Foods, Inc for 20 years, Dean of the
College of Business and Administration at Drexel University, and
Town Mayor and County Executive in Columbia County New
York.
Mr. Novgorodtsev was appointed as an independent
board member on May 28, 2020 and serves as chairman of the
Compensation Committee and serves on the Audit and Governance
Committees. He is the CEO and founder of FlashAlert, low-latency
market news service, and Managing Director of Lares Capital LLC, an
investment fund. He brings to the board extensive knowledge
and experience in international finance, capital markets and
technology.
About SPAR Group
SPAR Group, Inc. is a diversified international
merchandising and marketing services Company and provides a broad
array of services worldwide to help companies improve their sales,
operating efficiency and profits at retail locations. The Company
provides merchandising and other marketing services to
manufacturers, distributors and retailers worldwide and coordinates
the operations through the use of multi-lingual proprietary
technology which drives the logistics, communication and reporting
for global operations and customers. SPAR works primarily in
mass merchandiser, office supply, value, grocery, drug,
independent, convenience, home improvement and electronics stores;
as well as providing furniture and other product assembly services,
audit services, in-store events, technology services and marketing
research. The Company has supplied projects and product services in
the United States since certain of its predecessors were formed in
1979 and internationally since the Company acquired its first
international subsidiary in Japan, in May of 2001. Product services
include restocking and adding new products, removing spoiled or
outdated products, resetting categories "on the shelf" in
accordance with client or store schematics, confirming and
replacing shelf tags, setting new sale or promotional product
displays and advertising, replenishing kiosks, providing in-store
event staffing and providing assembly services in stores, homes and
offices. Audit services include price audits, point of sale audits,
out of stock audits, intercept surveys and planogram audits. Other
merchandising services include whole store or departmental product
sets or resets (including new store openings), new product
launches, in-store demonstrations, special seasonal or promotional
merchandising, focused product support and product recalls. The
Company currently does business in ten countries that encompass
approximately 50% of the total world population through its
operations in the United States, Canada, Japan, South Africa,
India, China, Australia, Mexico, Brazil and Turkey. For more
information, please visit the SPAR Group's website at
http://www.sparinc.com.
Forward Looking Statements
This Press Release contains "forward-looking
statements" within the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, made by, or respecting,
the Company and its subsidiaries, and this Press Release has
been filed by the Company with the SEC. "Forward-looking
statements" are defined in Section 27A of the Securities Act of
1933, as amended (the "Securities Act"), and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"),
and other applicable federal and state securities laws, rules and
regulations, as amended (together with the Securities Act and the
Exchange Act, "Securities Laws").
All statements (other than those that are purely
historical) are forward-looking statements. Words such as "may,"
"will," "expect," "intend," "believe," "estimate," "anticipate,"
"continue," "plan," "project," or the negative of these terms or
other similar expressions also identify forward-looking statements.
Forward-looking statements made by the Company in this Current
Report may include (without limitation) statements regarding:
risks, uncertainties, cautions, circumstances and other factors
("Risks"); and the potential negative effects of the novel
coronavirus and COVID-19 pandemic on the Company's business, the
Company's potential non-compliance with applicable Nasdaq director
independence, bid price or other rules, the departure of the
Company's CEO and CFO, the integration and suitability of the
Company's new CFO, the likely hood of finding and hiring a suitable
replacement CEO for the Company, the Company's cash flow or
financial condition, the Company's cash flow later this year, or
the pursuit or achievement of the Company's five corporate
objectives (growth, customer value, employee development, greater
productivity & efficiency, and increased earnings per share),
building upon the Company's strong foundation, leveraging
compatible global opportunities, growing the Company's client base
and contracts, continuing to strengthen its balance sheet, growing
revenues and improving profitability through organic growth, new
business development and strategic acquisitions, and continuing to
control costs.
You should carefully review and consider the
Company's forward-looking statements (including all risk factors
and other cautions and uncertainties) and other information made,
contained or noted in or incorporated by reference into this
Current Report, but you should not place undue reliance on any of
them. The results, actions, levels of activity, performance,
achievements or condition of the Company (including its affiliates,
assets, business, clients, capital, cash flow, credit, expenses,
financial condition, income, liabilities, liquidity, locations,
marketing, operations, performance, prospects, sales, strategies,
taxation or other achievement, results, Risks, trends or condition)
and other events and circumstances planned, intended, anticipated,
estimated or otherwise expected by the Company (collectively,
"Expectations"), and our forward-looking statements (including all
Risks) and other information reflect the Company's current views
about future events and circumstances. Although the Company
believes those Expectations and views are reasonable, the results,
actions, levels of activity, performance, achievements or condition
of the Company or other events and circumstances may differ
materially from our Expectations and views, and they cannot be
assured or guaranteed by the Company, since they are subject to
Risks and other assumptions, changes in circumstances and
unpredictable events (many of which are beyond the Company's
control). In addition, new Risks arise from time to time, and it is
impossible for the Company to predict these matters or how they may
arise or affect the Company. Accordingly, the Company cannot assure
you that its Expectations will be achieved in whole or in part,
that it has identified all potential Risks, or that it can
successfully avoid or mitigate such Risks in whole or in part, any
of which could be significant and materially adverse to the Company
and the value of your investment in the Company's common stock.
These forward-looking statements reflect the
Company's Expectations, views, Risks and assumptions only as of the
date of this Current Report, and the Company does not intend,
assume any obligation, or promise to publicly update or revise any
forward-looking statements (including any Risks or Expectations) or
other information (in whole or in part), whether as a result of new
information, new or worsening Risks or uncertainties, changed
circumstances, future events, recognition, or otherwise.
Company Contact
Clint Morrow
(248) 364-8412
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