CEO Announced!
( BW)(MN-NETRADIO)(NAVR) NetRadio Network
Announces the Appointment of Its Chief Executive Officer
Business Editors
MINNEAPOLIS, Minn.--(BUSINESS WIRE)--Jan. 14, 1999--NetRadio
Corporation today announced it has appointed Edward A. Tomechko as its
President and Chief Executive Officer. Eric Paulson, formerly NetRadio's
CEO, will continue to serve as Chairman of NetRadio's Board of Directors.
NetRadio is a majority owned subsidiary of Navarre Corporation
(NASDAQ:"NAVR"). Tomechko will also be a member of the NetRadio
Board of Directors.
Tomechko previously served as NetRadio's Chief Financial Officer and has
over 25 years of executive and management experience, including new
company startups. His responsibilities have included supervision of retail sales,
marketing and distribution as well as technology management. He also has
represented a number of Fortune 1000 corporations to financial institutions,
professional money managers and securities analysts. His professional career
has also incorporated strategic financial management, business acquisitions,
corporate treasury functions and IPO preparation and filing.
Tomechko directed the County Seat Stores, Inc IPO preparation activities,
the S-1 filings, SEC compliance, listing of the Company on the New York
Stock exchange and negotiated a $130 million working capital facility. During
his tenure, County Seat grew from a 328 store regional chain to a national
operation of 754 stores. He also has over 19 years of retail distribution and
financial management experience that includes direct mail, Internet and
traditional consumer marketing programs. While with Pickwick Distribution
Companies, he served as Senior Vice President and Chief Financial Officer
for the 6 strategic business units engaged in various aspects of the domestic
and international pre-recorded music industry.
Tomechko received his MBA in Marketing & Finance from the University
of Minnesota's Carlson School of Management and a BS/BA in Economics &
Accounting from Manhattan College.
Eric Paulson, CEO of Navarre Corporation and Chairman of the Board for
NetRadio Network, stated "We are ecstatic that Ed has accepted the
challenge as the NetRadio CEO. Ed is a high-level negotiator, skilled at
building business revenues and shareholder value through strategic marketing
and financial management. He adds a high level of expertise in preparing and
presenting companies for public financing and raising additional growth capital.
With the Board of Director additions of Jim Caparro, Marc Kalman and Ed
Tomechko, and our very strong management team, we are now positioned to
move aggressively forward."
Other NetRadio Executives include:
Donavan W. Pederson, Chief Technology Officer. Pederson has
experience extensive technology experience in international trade, venture
capital financing, marketing and systems integration for technology-oriented
companies. Prior to joining NetRadio, Mr. Pederson was President of
ComNet Research Corporation, a company that markets and integrates fibre
channel networks. He also served as the Chairman of the Interagency
Computer Advisory Group, which advises the US Secretary of Commerce on
export matters.
Jan K. Andersen, Senior Vice President - Sales and Marketing. Andersen's
career spans more than 20 years of sales and marketing experience in a
variety of industries. He has held senior management positions in sales, and
strategic planning with international companies including The East Asiatic
Company (Denmark), Carl Zeiss (Germany), The Beatrice Companies and
The TORO Company.
David Witzig, Vice President - Content Development and Commerce.
Witzig held key management positions during his 17 year tenure at EMI Music
and Capital Records. He was intimately involved in the marketing, sales and
promotion of numerous successful campaigns for artists that include The
Beatles, Garth Brooks, The Rolling Stones, Janet Jackson, Bonnie Raitt and
Tina Turner.
NetRadio Network (http://www.netradio.net) produces and delivers music,
information and original programming to the Internet community on a 24
hours-a-day, 7 days-a-week continuous basis. Launched on November 1, 1995
with multiple channels to choose from, NetRadio was the first Internet-only
"radio" network, and now has more than 120 unique channels of on-demand
music, news and information. CDPoint(tm) (www.cdpoint.com), NetRadio's
proprietary and fully integrated online music retail store, with more than
250,000 available titles, allows listeners to enjoy music and then simply click
their mouse to immediately buy what they are enjoying in real-time.
SoftwarePoint (www.softwarepoint.com) provides visitors the same
convenience in purchasing entertainment software products on-line. NetRadio
was the winner of RealNetworks' 1998 Streamers Award for "The Best
RealAudio(tm) Net-Only Radio" Web site.
Navarre Corporation's major business groups are: Computer Products
Division which publishes and distributes quality consumer software to retailers
nationwide; Independent Music Distribution which is the distributor of
independent music labels in the United States and now Canada; ARM which
distributes major label music to non-traditional retail outlets; DVD Home
Video distribution; and the majority-owned subsidiary NetRadio Network.
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created hereby. Statements in this release that
are not strictly historical are "forward looking" statements which are subject to
risk and uncertainty. Investors are cautioned that all "forward-looking"
statements contained herein may not be reasonable and assumptions could be
inaccurate, and should not be construed, considered or assumed as
guarantees. The inclusion of such information should not be regarded as a
representation or guarantee, by the Companies, or any other person, that the
objections and plans, stated herein, will be achieved. Unknown factors could
cause actual results to differ as well as other risks detailed in Navarre
Corporation's reports filed with the Securities and Exchange Commission,
including its prospectuses, 10K and 10Q filings.
--30--ajk/cgo*
CONTACT: Navarre Corporation
Terri Bonoff, 612/535-8333
tbonoff@navarre.com
or
Dresner Corporate Services, Inc
Spencer Maus, Director
Allison Gabrys, Manager, 312-726-3200
smaus@dresnerco.com
or
Ketchum (for NetRadio Network)
Ellen Leo, 310/444-1354
ellen.leo@ketchum.com
KEYWORD: MINNESOTA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
Boy I wish Datek would have given me that other 1000 shares yesterday. Sitting on 5k this morning - let's all say $20+ by todays close!!!!
|
