According to this latest PR, Worsley sold shares in order to exercise options, resulting in owning a large % of the company. The plot thickens:
December 30, 1998 16:44
SkyMall President and CEO Increases Equity Stake; Board Member and
Co-Founder Alan C. Ashton Resigns
PHOENIX--(BUSINESS WIRE)--Dec. 30, 1998--SkyMall Inc. (Nasdaq:SKYM) Wednesday reported that President
and Chief Executive Officer Robert M. Worsley has increased his equity holdings in the company from 2.3 million
shares to 4.6 million shares, representing 54 percent of SkyMall's total outstanding common stock.
Worsley increased his equity stake by selling 675,000 shares of his SkyMall stock and using the proceeds to
exercise his option to acquire the entire common-stock holdings of Karen and Alan C. Ashton, a director and
co-founder of the company, and Bert A. Getz.
Under an agreement signed on Oct. 15, 1996, Worsley acquired the option to purchase all of the Ashtons'
common-stock holdings, totaling 2.4 million shares. Worsley signed a similar option agreement to acquire
one-half of Getz's common-stock holdings, or 518,000 shares. The exercise prices of the options were $7.35
per share for the Ashton options and $6.75 per share for the Getz options.
As a result of this planned exit strategy and in order to simplify his lifestyle, Ashton resigned his post as a board
member.
"We will miss Alan's presence at our board meetings and his close association with SkyMall. He and Karen
have been incredible partners in our venture," said Worsley.
SkyMall(R), the largest in-flight-catalog company in the United States, makes high-quality products and services
available to more than 400 million airline passengers per year and to millions of online shoppers at
www.skymall.com and through Internet alliances. The company markets and sells premium merchandise from
participating merchants, including major catalog companies and specialty retailers.
SkyMall's in-flight-catalog program and electronic-commerce initiatives are being leveraged through
international expansion and incentive programs aimed at broadening the company's product lines and
expanding its customer base. Through its subsidiary, Durham & Co., SkyMall offers high-quality logo
merchandise to corporate America and other organizations.
For further information and prior news releases, visit SkyMall's Web site.
This news release includes statements that may constitute forward-looking statements made pursuant to the
safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. This information may involve risks
and uncertainties that could cause actual results to differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include but are not limited to those factors detailed by
SkyMall Inc. in its filings with the Securities and Exchange Commission.
CONTACT: SkyMall Inc., Phoenix
Robert M. Worsley, 602/528-8620
Robert J. Digan, 602/528-8638
Marti A. Benfield, 602/528-3233
ir@skymall.com
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