September 16, 1999 15:23
Grand Toys Names Ken Cieply Chief Financial Officer, to
Succeed Ronald M. Goldenberg
MONTREAL, Sept. 16 /PRNewswire/ -- Grand Toys International, Inc. (Nasdaq: GRIN) today announced the appointment of Ken Cieply, C.A. to the position of Chief Financial Officer, effective September 20, 1999. Mr. Cieply succeeds Ronald M. Goldenberg, who has resigned to spend more time with his family and pursue other opportunities outside the toy industry. Mr. Cieply will report to Steve Altro, the Company's Chairman and President.
Mr. Cieply, age 44, joins Grand Toys from Gildan Activewear Inc., a manufacturer of branded activewear based in Montreal, Quebec. Mr. Cieply joined Gildan in 1994 as Vice President of Finance and Administration. During his five-year tenure, he was responsible for all financial and administrative activities, including financial reporting, risk management, treasury functions and audit and legal compliance and was heavily involved in the company's strategic direction as well as its 1998 IPO and recent secondary offering. Mr. Cieply was also instrumental in the company's acquisition program and helped manage Gildan through a period of rapid growth which saw annual
volume grow from C$45 million to over C$300 million.
From 1988 to 1994, Mr. Cieply was the Vice President of Finance at Rosilco International, Ltd., a manufacturer and importer of textiles based in Montreal. In addition to finance and administrative activities, he spearheaded the implementation of a new computer system that led to improved financial and operational controls. Prior to 1988, Mr. Cieply held several controller positions and was also a Chartered Accountant with Peat, Marwick, Mitchell & Co. in Montreal from 1977 to 1981.
"We are very excited that Ken Cieply will be joining our team at Grand Toys," said Mr. Altro. "Mr. Cieply's wealth of experience working in the public arena with a New York Stock Exchange listed company and his proven ability to manage rapid sales growth will serve Grand Toys well as we seek to move to a new level in the industry. With ample capital resources, we plan to continue to pursue our active growth and acquisition strategy, focused on opportunities in the U.S. toy market."
Regarding Mr. Goldenberg's resignation, Mr. Altro added, "Ron has been a very valuable employee who has made substantial contributions to our growth during his thirteen year tenure with Grand. We understand his reasons for departing and wish him good fortune in the future."
Mr. Goldenberg added, "This is a natural transition point for myself and Grand. I believe I leave the Company in a stronger financial position than it has ever before enjoyed, with ample and flexible
new credit resources. Thirteen years is a long time and I am looking forward to time with my family before pursuing a new challenge in another industry."
Founded in 1960, Grand Toys International is a premier licensee and distributor of a wide variety of toys and ancillary items in Canada and since January 1, 1999, a manufacturer and distributor in the
U.S.
This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and is subject to risk and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those related to business conditions and the financial strength of the retail industry, particularly for toy
and toy-related products; the level of consumer spending for such products; the effect of currency translations; the ability of the Company to successfully obtain its products from suppliers; and the
success of advertising, marketing and promotional campaigns.
Note: Further information on Grand Toys International, Inc. is available through the Company's website on the World Wide Web at grand.com .
To receive additional information on Grand Toys International, Inc., via fax, at no charge, dial 1-800-PRO-INFO and enter code GRIN.
SOURCE Grand Toys International, Inc.
/CONTACT: Steve Altro, Chairman and President of Grand Toys
International, Inc., 514-685-2180; or General Info., Alison Ziegler, Analysts,
Vanessa Schwartz, or Media Info., Deanne Eagle, of The Financial Relations
Board, 212-661-8030/
/Web site: grand.com / |
