CellStar Announces Key Management Changes and Establishes New CellStar Asia Board
May 02 2005 - 5:55PM
PR Newswire (US)
CellStar Announces Key Management Changes and Establishes New
CellStar Asia Board - Terry S. Parker resigns from Board of
CellStar Corporation and as Executive Chairman; assumes Chairman
role for new Asia Board - Robert A. Kaiser named to Board of
CellStar Corporation and named CEO and Chairman of the Board;
assumes responsibility for Asia Pacific Region - James Chan named
CFO of Asia Pacific Region CARROLLTON, Texas, May 2
/PRNewswire-FirstCall/ -- CellStar Corporation (NASDAQ:CLSTE), a
value-added wireless logistics and distribution services leader,
today announced key management changes primarily related to its
Asia Pacific operations and the establishment of a new board of
directors for CellStar International Corporation/Asia, a Delaware
subsidiary which acts as the U.S. holding company for the Asia
Pacific operations. The new Asia Board will be responsible for
setting the direction and overseeing the execution of the Company's
China strategy, and is a direct response to the recent decline in
financial performance of the Company's operations in China. The
Asia Board will report directly to Robert Kaiser, who was named to
the Board of CellStar Corporation to fill the vacancy created by
the resignation of Terry Parker. Mr. Kaiser will serve as Chairman
of CellStar Corporation's Board of Directors. Kaiser also assumes
responsibility for the Asia Pacific operations. In April of 2004,
Parker assumed the role of Executive Chairman but retained
responsibility for the Company's Asia Pacific operations pending
the completion of the proposed Greater China IPO. In September
2004, the Company announced that it would not proceed with the IPO
due to changes in the economy and the handset industry during the
first half of 2004 and the resulting negative impact of those
changes on its revenues and profits. Mr. Parker will serve as
Chairman of the Asia Board. As part of his duties as Chairman,
Parker will move to Shanghai for an indefinite period of time to
assist the Asia management team on a full time basis. He will
continue to work closely with Mr. A.S. Horng, the head of the Asia
Pacific Region, and his team, assisting them with the
implementation of the China strategy. Mr. Horng will report
directly to the Asia Board. In addition to Messrs. Kaiser, Parker
and Horng, the Asia Board will include CellStar Corporation Board
members Mr. John T. Kamm and Dr. Da Hsuan Feng, the Company's
newest Board member. Both of these individuals speak several
Chinese languages including Mandarin, Cantonese and Shanghainese,
and bring a wealth of cultural knowledge as well as Chinese
industry, economic, and market experience that will be valuable
assets to the Company as it restructures its business in the
region. Mr. Raymond L. Durham, Senior Vice President and CFO will
also serve on the Asia Board. The Company also announced that Mr.
James Chan has been named CFO of the Asia Pacific Region. Mr. Chan,
who is multilingual and speaks Mandarin & Cantonese, joins
CellStar Asia from Glanbia PLC, a manufacturer of dairy products in
the U.S. and Europe, where he served as Interim CFO in Shanghai,
China and was responsible for opening the company's Asia Pacific
sales office. Prior to that, Mr. Chan was Vice President of Finance
for Ocular LCD, Inc., a U.S. manufacturer with an office in Hong
Kong and factories in China. Mr. Chan also served as Vice
President, Finance for Promotional Partners Worldwide where he
spearheaded the restructuring of the North America office. Earlier
in his career, Chan held various senior level finance and
accounting positions. About CellStar Corporation CellStar
Corporation is a leading global provider of value added logistics
and distribution services to the wireless communications industry,
with operations in the North American, Latin American and
Asia-Pacific Regions. CellStar facilitates the effective and
efficient distribution of handsets, related accessories and other
wireless products from leading manufacturers to network operators,
agents, resellers, dealers and retailers. CellStar also provides
activation services in some of its markets that generate new
subscribers for its wireless carriers. For the year ended November
30, 2003, the Company reported revenues of $1.8 billion. Additional
information about CellStar may be found on its website at
http://www.cellstar.com/ . This news release contains
forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995. A variety of risk factors, including
the Company's ability to implement its business strategies, to
maintain its channels of distribution, continue to secure an
adequate supply of competitive products on a timely basis and on
commercially reasonable terms, improve its operating margins,
secure adequate financial resources, maintain an adequate system of
internal control, comply with debt covenants, and continually turn
its inventories and accounts receivable, as well as changes in
foreign laws, regulations and tariffs, new technologies, system
implementation difficulties, competition, handset shortages or
overages, terrorist acts, a decline in consumer confidence and
continued economic weakness in the U.S. and other countries in
which the Company does business and other risk factors, are
discussed in the Company's Annual Report on Form 10-K and most
recent Quarterly Report on Form 10-Q. Any one, or a combination of
these risk factors could cause CellStar's actual results to vary
materially from anticipated results or other expectations expressed
in the Company's forward-looking statements. DATASOURCE: CellStar
Corporation CONTACT: Sherrian Gunn of CellStar Corporation,
+1-972-466-5031 Web site: http://www.cellstar.com/
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