A new name for Escala, soon to be followed by a new stock symbol:
Escala Group, Inc. Announces Name Change
-- Irving Kagan Retires from Board of Directors; Appointed as Special Consultant
-- Jeffrey D. Benjamin Joins Board of Directors
On Friday May 22, 2009, 9:00 am EDT
IRVINE, Calif.--(BUSINESS WIRE)--Escala Group, Inc. (ESCL.PK) today announced that the Company has changed its corporate name to Spectrum Group International, Inc., effective immediately.
Spectrum Group also announced that Irving Kagan, age 73 and a member of the Board of Directors since July 2006, has retired from the Board of Directors and has been named as a special consultant to the Company, in each case effective May 19, 2009. Mr. Kagan, a former senior executive and general counsel of two major international companies, is an expert on corporate governance issues and the author of several treatises on the subject.
The Company also announced that Jeffrey D. Benjamin has joined its Board of Directors, effective May 19, 2009. Mr. Benjamin, age 47, is currently a Senior Advisor to Cyrus Capital Partners, L.P. Mr. Benjamin is a member of the Board of Directors of Harrah’s Entertainment, Inc., Exco Resources, Inc. and Virgin Media Inc., and is a trustee of the American Numismatic Society. He holds an MBA from the Sloan School of Management at M.I.T. and a BA from Tufts University.
Executive Chairman Antonio Arenas stated, “The Board of Directors greatly appreciates Irv’s dedicated service and invaluable assistance to the Company. It is a privilege to have worked with him as a colleague and an advisor, and we are confident that we will continue to call on his expertise going forward.”
“Spectrum Group is fortunate to have someone of Jeff’s caliber join our Board of Directors at this important point in the Company’s development,” said Greg Roberts, President and CEO. “With his financial experience and deep understanding of our business through his personal interest in collecting, he will be a valuable addition to our Board.”
Mr. Roberts continued, “The Company has undergone significant changes in the past few years, and our new name reflects those developments. Spectrum Group offers nearly 20 years of brand recognition as the name of our key rare coin wholesale subsidiary, and also conveys the breadth and scope of our collectibles and trading businesses, which now encompass precious metals, wine, rare U.S. and foreign coins, U.S. and foreign currency, U.S. and foreign stamps, and arms and armor.”
In connection with its name change, the Company’s trading symbol will also be changed, which is expected to occur within two to four weeks. The Company does not currently know what its new trading symbol will be.
Spectrum Group also announced that it is moving its stamp operations from Bethel, Connecticut to its expanded headquarters in Orange County, California. Mr. Roberts said, “With this move, all of our U.S. collectibles operations will be centralized in one location under a management team led by Ian Russell, who was recently appointed as Chief Operating Officer of our U.S. and Asian Collectibles Division. We believe that this consolidation, which is expected to be completed by July of this year, will create synergies among all of our divisions, provide for greater collaboration and innovation, and ultimately enable us to improve our level of service to our customers across all areas of their collecting interest.”
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