February 17, 1999 10:23
MegaWorld, Inc. Announces New Management, Move to Houston
HOUSTON--(BUSINESS WIRE)--February 17, 1999--MegaWorld, Inc. (OTC: MEGW) today announced a new senior management team, the company's move to Houston, and the resignations of most of the company's previous directors and management team.
Charles D. McPhail, 56, has been elected chairman, president and chief executive officer. Mr. McPhail was formerly chairman and chief executive officer of Total Building Systems, Inc., a Houston-based company that merged with MegaWorld in November. Mr. McPhail is an executive and entrepreneur who has previously managed a number of successful enterprises. The company also announced the appointments of Charles F. Hicks as vice president of financial affairs and chief financial officer and of Douglas D. Smith as general counsel.
In related developments, the company has accepted the resignations of George Levy as chairman and a director, Irwin Roll as president and a director, David Mahy as chief operating officer and a director, and Nathan Berkowitz as chief financial officer and a director.
Mr. McPhail, the chief executive officer, commented: "This opens a new chapter in the history of MegaWorld. We will be growth- and profit-oriented, and we will be entrepreneurial. That requires upgrading every aspect of the company's business operations. We have already started that process, and we are actively developing the management team we need to move the company forward.
"Growth starts with management credibility and an honest, open approach to dealing with shareholders, the investment community and business clients and associates. The additions of Charles Hicks and Doug Smith to MegaWorld's management team should make every shareholder and investor feel good about the company's future prospects."
Charles F. Hicks, 50, has been named vice president of financial affairs and chief financial officer. Mr. Hicks, a certified public accountant, has been the chief executive officer of two financial institutions, a senior internal auditor at a major oil company, director of budgeting at an oil-services company, a bank examiner and a consultant. He is a graduate of Texas A&M University. "Charles Hicks brings instant credibility to the company's financial operations," Mr. McPhail said. "We will become a reporting company, and we want our financial reporting to be of the highest possible caliber. Charles Hicks' background and ability give the shareholders the benefits of sophisticated financial management of cash, revenues and assets."
Douglas D. Smith has been named general counsel. Mr. Smith, 48, has engaged in corporate and business law domestically and internationally for several major corporations. He has a J.D. degree from Tulane School of Law. Mr. McPhail commented: "MegaWorld has several outstanding new market opportunities, both domestically and internationally. Doug Smith's knowledge and experience will be instrumental in helping us develop the proper business policies in all of our markets. And of course he and Charles Hicks will help us meet our goal of providing shareholders with a first-class public-company attitude toward accounting and legal affairs."
The company's new headquarters are at 6250 North Houston Rossyln Road, Houston, TX 77091-3410, and its telephone number is (713) 462-6906. The new headquarters location is also the headquarters of the company's engineering and manufacturing division. The company's former New York City headquarters will remain the headquarters of MegaWorld's real estate division. The company's communications division is headquartered in New Jersey.
MegaWorld, Inc. is a diversified company with interests in engineering, manufacturing, real estate, and communications.
CONTACT: MegaWorld Inc.
Lori McPhail, 713/462-6906
or
Mark Perlgut
at Lobsenz Stevens, Inc.
212/684-6300, Ext. 309
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