Charles Lesser is Chief Financial Officer of Panglobal Brands Inc.
May 16 2008 - 6:00AM
Business Wire
Panglobal Brands, Inc. (OTCBB:PNGB) has appointed Charles Lesser as
Chief Financial Officer. From September 2003 to September, 2007,
Charles Lesser was the Chief Financial Officer and a consultant to
True Religion Apparel, Inc. and its wholly-owned subsidiary, Guru
Denim Inc. While at True Religion Apparel, Inc., he helped grow the
premium jeans manufacturer from a start-up venture to $140 million
in sales revenue and a $500 million market capitalization. Mr.
Lesser was CFO for True Religion from its initial merger with a
public shell company through to a NASDAQ national market listing.
He assisted True Religion to establish an independent board of
directors and implement required corporate governance standards. By
the time he left True Religion, Mr. Lesser had created an investor
relations program, organized extensive road shows, both in the U.S.
and in Europe, and presented at investor conferences resulting in
over one hundred institutional shareholders and a series of Wall
Street firm�s analysts providing research coverage on the company.
Prior to True Religion Apparel, Mr.�Lesser was Acting President and
a Director of Alpha Virtual Inc., a software development company
listed on the OTCBB and Chief Financial Officer and a Director of
CBCom, Inc., an internet service provider listed on the OTCBB. Mr.
Lesser noted, �I have been at PNGB for six months and believe that
our strategy of having a series of diversified apparel brands is
beginning to create revenue opportunities for us within each of our
product lines. Initially, our brands consist mainly of women�s
apparel, but we have expertise to be able to grow into men�s and
kid�s apparel.� �Charles has terrific experience helping True
Religion Apparel grow from a start-up apparel venture into a
highly-successful Nasdaq company. We are excited to have him as a
part of our management team at Panglobal Brands, Inc.�, said
Stephen Soller, Chief Executive Officer. About Panglobal Brands
Inc. Panglobal Brands, Inc. is committed to building a diverse
stable of apparel brands, capitalizing on opportunities to
participate in the hottest fashion trends as they happen. Our
business strategy is to create a balance with dynamic branded
products and the traditionally more stable private label apparel
business by selling branded products through specialty retailers
and by running a private label division catering to department
store chains. Our current brands include: Mynk, a high-end,
high-fashion denim brand selling at specialty retailers and Saks
5th Avenue; Nela, an upscale contemporary print dress label; Tea
& Honey, a casual ladies wear collection that�s ready to burst
onto the scene later this year; and, So Sik, which represents
affordable fashions for the burgeoning junior market. This strategy
plus a management team with significant apparel industry
experience, enables Panglobal Brands to bring eye-popping product
lines to market at competitive price points. Forward-Looking
Statements This news release contains �forward-looking statements.�
Statements in this press release, which are not purely historical,
are forward-looking statements and include statements concerning
the Company�s business outlook or future economic performance,
anticipated revenues, expenses or other financial items; product
introductions and plans and objectives related thereto; and
assumptions or expectations relating to any future events,
conditions, performance or other matters. Such forward-looking
statements include, among others, that: we are building a diverse
stable of apparel brands, capitalizing on opportunities to
participate in the hottest fashion trends as they happen; that we
can create a balance with dynamic branded products and the
traditionally more stable private label apparel business through
specialty retailers and by running a private label division
catering to department store chains; and that we will be able to
grow into men�s and kid�s apparel. Forward-looking statements are
subject to risks, uncertainties and factors include, but are not
limited to, the nature of the apparel industry, including changing
customer demand and tastes, seasonality, customer acceptance of new
products, the impact of competitive products and pricing,
dependence on existing management, general economic condition. We
may not be able to offer fashion that sells to intended customers;
we may not be able to access sufficient capital to carry out our
business plan; we may not be able to grow into men�s and kid�s
apparel; we may not be able to attract and retain key employees;
and our industry is extremely competitive and can change at any
time. Readers should also refer to the risk disclosures outlined in
the Company�s quarterly reports on Form 10-QSB, annual reports on
Form 10-KSB and the Company�s other disclosure documents filed from
time-to-time with the Securities and Exchange Commission available
at www.sec.gov. The Company assumes no obligation to update the
information in this release.
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