HouseHold Direct Expands Management Team with Appointment of Interim COO and CFO
NEW YORK--(BUSINESS WIRE)--April 16, 2001--HouseHold Direct.com, Inc. (OTCBB: BYIT - news). HouseHold Direct announced today that, through Hartsfield Capital Group, Inc., two positions have been appointed in the transition process to expand the Management Team. Gary Melick has been named as Interim Chief Financial Officer, and John H. Banzhaf as Interim Chief Operating Officer.
Both men currently hold senior management positions with Hartsfield, and will be working closely with HouseHold Direct for the next six months. Their roles will be to provide strategic operating and financial guidance into the many complexities related to a series of anticipated acquisitions in the Company's Business Plan and to consolidate elements within the private wholesale buying club industry. Hartsfield is expected to assess the progress made after the transition period and recommend highly qualified permanent replacements to these positions.
Mr. Melick has extensive senior corporate level experience in managing large, multi-location franchise and retail organizations such as Pizza Hut, Advantica and AFC. He served as Director of Corporate Planning for Advantica, a $2.5 billion restaurant company, where he led all financial, operational, capital, and strategic planning, achieving a restructuring which created $1 billion in debt reduction. He also served as Vice President of Finance and CFO for the Bakery Cafe Division at AFC Enterprises. During his tenure, Mr. Melick was instrumental in the acquisition and integration of the Cinnabon brand, which helped his division become the fastest growing AFC division with system-wide sales of $200 million.
In addition to his duties as Interim CFO with HouseHold Direct, Mr. Melick is Vice President of Corporate Finance for Hartsfield Capital Group. Since joining Hartsfield Capital, Mr. Melick has assisted developing companies and existing corporations through business planning and development, financial planning, and operations management, in addition to serving as interim CFO for a client. Mr. Melick received his MBA from the Wharton School of Business.
Mr. Banzhaf is an accomplished executive who brings broad operating experience to the management team. Prior to becoming an investment banker, Mr. Banzhaf was engaged in marketing and retail management with regional and national chains headquartered in the Midwest and Southeast. As senior officer in charge of marketing and sales for the NYSE companies ShopKo Stores and Montgomery Ward, Mr. Banzhaf created and led these organizations to dominant positions within their markets.
In addition to his duties as Interim COO with HouseHold Direct, Mr. Banzhaf is Executive Vice President of Hartsfield Capital Group and President of Hartsfield Capital Securities, Inc., a NADS member broker-dealer, specializing in the private placement and trading of securities. Mr. Banzhaf is a graduate of the University of Michigan School of Business Administration.
John Folger will continue as President and Director of HouseHold Direct, concentrating upon Business Plan development and implementation. Ann Jameson will continue as Vice President, Secretary/Treasurer and Director of HouseHold Direct, concentrating her efforts with SEC filing requirements and all corporate functions. Mr. Folger and Mrs. Jameson will be assisted by the combined capabilities of Messrs. Banzhaf and Melick, and Hartsfield Capital Group.
According to John Folger: ``The expertise and guidance, obtained through Hartsfield Capital Group, and the interim CFO and COO appointments, will enable the Company to properly channel resources and talent into completing anticipated acquisitions which will position the Company for an aggressive move into the operational stage.''
About HouseHold Direct
The mission of HouseHold Direct is to empower consumers by creating the largest private, and most efficient, wholesale shopping network in the world. The Company is pursuing a consolidation and expansion initiative through the acquisition of regionally strategic buying clubs and distribution channels, to create a unified national network under the corporate banner. This network will be connected through a web platform to centralize administrative functions and enhance the flow of goods and services. Front end and recurring membership and transactional fees will form the growing revenue base behind the enterprise. Central to the success of this initiative is the ability to offer each member a deeply discounted manufacturer direct pricing model, extensive product information, convenient order fulfillment, in-home delivery and quality customer support. This superior personalized shopping environment and consumer experience creates the compelling incentive to join the network and underscores the company slogan ``live much better for much less.''
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
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Contact:
HouseHold Direct
infohhd@HouseHoldDirect.com
householddirect.com
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Hartsfield Capital Group, Inc.
Rick Morgan, 770/408-9000
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