Sees Growing Demand for New Products
Tuesday May 2, 8:03 am ET
Announces Appointment of New Board Member
HONG KONG--(BUSINESS WIRE)--May 2, 2006--Corgi International Limited (NASDAQ:CRGI - News) announced a private placement of convertible subordinated notes and warrants with gross proceeds to the company of $5.65 million. According to George Volanakis, CEO, "The additional funds enable the Company to reduce its reliance on debt financing and upon conversion, it dramatically strengthens the balance sheet. Most importantly, it allows us to fulfill our aggressive 2006 product development plan which includes our unique ICAR product, GO GO Rollerz, Streakerz, Twisterz, James Bond die-cast replicas and other new generation toy lines which are being enthusiastically welcomed by our customers. A combination of new products and a marked increase in the number of retailers carrying Corgi products bode well for a strong second half."
The Company specifically expects the ICAR product to turn into its biggest single-year seller in the history of the Company. The ICAR, available in July, comes in two versions depicting crafted replicas of the Cadillac Escalade and the Nissan 240SX each mounted on a designer speaker base. When an IPOD or any MP3 player is connected to the base, the vehicle will rock and roll to the speed of the music, wheels spinning and lights flashing in unison.
Corgi also announced today the appointment of Charles C. McGettigan as a non-executive director of the Board. Mr. McGettigan is a graduate of Georgetown University (1966) and received an MBA in Finance from the Wharton School at the University of Pennsylvania in 1969.
Having worked in corporate finance at Blyth Eastman Dillon in New York and San Francisco; Dillon, Read & Co. (San Francisco); Woodman, Kirkpatrick, & Gilbreath, and Hambrecht & Quist, Mr. McGettigan was a cofounder (1988) of McGettigan, Wick & Co. In 1991, Mr. McGettigan was a co-founder of Proactive Partners, L.P., a merchant banking fund which invested in small public companies. Mr. McGettigan was actively involved with the portfolio companies as director and advisor.
Mr. McGettigan has served on the Boards of Directors of numerous small companies, and currently serves on the Boards of Directors of Cuisine Solutions, Inc., Modtech, Inc., Onsite Energy Corporation and Tanknology, Inc. He serves as the chairman of Modtech, Onsite and Tanknology.
John Clough, Chairman of the Board, said, "We are very pleased to have Charles join us on the Corgi Board. We expect that his experience and breadth of knowledge will contribute to helping Corgi grow. We welcome his expertise at an exciting time for the Company." |
