August 18, 1999 16:32
ValueVision Interactive, the Wholly Owned E-Commerce Subsidiary of ValueVision International Inc., Strengthens Management Team
-- Kevin Hanson Named Vice President, Chief Technology Officer
-- Craig Evans Named Vice President, Sales and Marketing
-- Jon Thom Named Vice President, Content Development
-- Steve Sedahl Named Director, Webcasting Services
MINNEAPOLIS, Aug. 18 /PRNewswire/ -- ValueVision International, Inc. (Nasdaq: VVTV) today announced it has further strengthened its management team with four executive appointments to spearhead its recently launched wholly-owned e-commerce subsidiary, ValueVision Interactive, Inc.
"We have assembled a strong, well-balanced and talented management group that will help shape and guide our e-commerce strategies. Our mission is to develop a branded, entertaining and educational transactional company with innovative programming delivered live via the Internet and television interactively. ValueVision Interactive will enable us to effectively pursue this mission as we begin to make a series of strategic investments and alliances in growing Internet ventures while aggressively leveraging our core business' operational competencies," said Cary Deacon, President of ValueVision Interactive.
"ValueVision's minority stakes in Internet shopping site WhatsHotNow.com and Internet wine retailer VirtualVineyard.com are the first steps of our strategy of investing in Internet companies which offer distinctive products and services that could benefit tremendously from ValueVision's rapidly growing subscriber base and e-commerce and entertainment programming initiatives. We look forward to continuing to support their growth and expansion," concluded Mr. Deacon.
As previously announced, the subsidiary expects to take a series of equity positions in both the technology enabling arena and "first to market," transactional e-commerce businesses with products or services that could substantially benefit from the expansive television, cable and technological resources the ValueVision/NBC/GE Equity alliance
offers. In addition to pursuing new investments, ValueVision
interactive will also work closely with the e-commerce portfolio companies of NBC and GE Equity.
"With over $250 million in cash, virtually zero debt and full support from NBC and GE Equity, ValueVision is positioned to be a leading investor and partner of choice for successful existing and emerging Internet-based ventures," said Gene McCaffery, Chairman and Chief Executive Officer of ValueVision. "We intend to capitalize on this position as we continue to focus on rapidly expanding our subscriber base, growing our core home shopping business and introducing a series of e-commerce and programming projects that, we believe, will produce breakthrough results in the retail and e-commerce sectors," concluded Mr. McCaffery.
Kevin Hanson Appointed to Vice President, Chief Technology Officer of ValueVision Interactive
Kevin Hanson has been appointed to the newly-created position of Vice President, Chief Technology Officer of ValueVision Interactive. Mr. Hanson brings over 15 years of experience in the technology arena, holding various executive-level positions at US Internet, MISI (a wholly owned subsidiary of NTT Data) and Share Data. During his career, Mr. Hanson developed a significant IBM Business Partner relationship for NTT Data, while implementing system rollouts for several Fortune 500 clients, including Packard Bell and All-American Gourmet. As Vice President of Share Data, he oversaw the software
programming for Wheel of Fortune, Jeopardy, and Family Feud, which was successfully distributed in over 6,500 retail outlets. Most recently, while at US Internet, a national Internet Service Provider, Mr. Hanson designed and implemented a redirection of the company's technical infrastructure focus from consumer to business high-speed connectivity and e-commerce solutions.
Craig Evans Appointed to Vice President Sales and Marketing of ValueVision Interactive
Craig Evans has been appointed to the newly-created position of Vice President of Sales and Marketing for ValueVision Interactive. Mr. Evans brings over 20 years of strategic planning and business development experience in the technology, communications and
marketing sectors. He most recently served as Vice President of Interactive Media with Periscope Communications. He also has served as a Vice President with The Home Shopping Network. Craig is an accomplished author and journalist in the communications field and holds an MBA in Marketing from the University of Minnesota.
Jon Thom Appointed to Vice President Content Development of ValueVision Interactive
Jon Thom has been promoted to the newly-created position of Vice President, Content Development of ValueVision Interactive. Mr. Thom, former Vice President General Merchandise Manager of ValueVision, has been instrumental in the company's growth over the last year. Jon brings over 20 years of experience in the merchandising and marketing
arena, holding key positions at Fingerhut Companies including Vice President E-commerce, Vice President Marketing and Vice President Merchandising. His abilities in transactional selling and direct marketing coupled with his solid understanding of ValueVision's core home shopping business will be a valuable asset to the Company's
e-commerce initiatives.
Steve Sedahl Appointed to Director Webcasting Services of ValueVision Interactive
Steve Sedahl has been promoted to the newly created position of Director, Webcasting Services of ValueVision Interactive. Mr. Sedahl is a founding associate of ValueVision was an on-air host for over 5 years and has more than 20 years broadcast experience in television news, production and radio. He managed the initial launch of ValueVision's web site ( www.vvtv.com ) in May of 1997 and has been overseeing day to day operations of the web site since then. Prior to ValueVision, Steve taught television production and technology
at a private school in Minneapolis in addition to operating his own video production business. He first became involved in the home shopping business in 1986 as one of the original on-air hosts of the Cable Value Network.
About ValueVision
ValueVision International, Inc. is an integrated electronic and print media direct marketing company, and operates a television home-shopping network and multi-book catalog operation. The Company offers live programming 24 hours per day, 7 days a week. As of
July 31, 1999, approximately 29 million homes were able to receive ValueVision's programming. In addition, the Company operates several direct mail operations and an Internet shopping Web site (www.vvtv.com). The Company's shares are traded on the Nasdaq Stock Market under the symbol VVTV.
For additional information on ValueVision please visit the Company's web site at vvtv.com or by fax, at no cost, dial 1-800-PRO-INFO, and enter code VVTV.
Note: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this news release contains statements that are forward-looking, such as statements relating to increased distribution of the Company's programming, the Company's future profitability, entrance into e-commerce, and the continuing success in developing and implementing new strategic alliances (including the GE Equity and NBC alliance). There are certain important factors, such as consumer spending and debt levels, interest rates, competitive pressure on sales and pricing, the maintenance of distribution of the Company's programming that could cause results to differ materially from those forward-looking statements. Investors are cautioned that all forward- looking statements involve risks and uncertainty, including the possibility that revenues and distribution will not continue to increase, that e-commerce will not be successful, that other strategic alliances (including the GE Equity and NBC alliance) may not result in increased revenues, earnings and subscribers. For more information on the potential factors that could affect the Company's financial results, investors should refer to the Company's filings with the Securities and Exchange Commission.
SOURCE ValueVision International, Inc.
/CONTACT: Gene McCaffery, Chairman, President and CEO of ValueVision
International, Inc., 612-947-5207; or General, Haris Tajyar, 310-442-0599,
Investors, Tracy Gutwillig, 312-266-7800, or Media, Marjorie Ornston,
310-442-0599, all of The Financial Relations Board/
/Web site: whatshotnow.com /
/Web site: virtualvineyard.com /
/Web site: vvtv.com / |
