Accomplished CFO Joins Planet Zanett Management Team
Extensive Background Adds Depth and Breadth to Company's Management
NEW YORK, May 2, 2001 (BUSINESS WIRE) -- Planet Zanett, Inc. (NASDAQ: INCU chart, msgs), a corporate business developer, today announced that Jack M. Rapport has joined the management team of Planet Zanett as Chief Financial Officer.
In his various roles in banking and finance, Mr. Rapport was instrumental in securing over $500 million in debt and equity capital from the public and private markets using a variety of both conventional and innovative financial techniques and structures. He has also managed debt and equity investment portfolios of over $150 Million and was responsible for establishing financial policies, controls and systems for several development stage ventures as well as established operating companies.
Mr. Rapport has over twenty six years of financial and business experience in both public and private banks and corporations including: Bank of America (NYSE: BAC chart, msgs); Manufacturers Hanover Trust Co. (now, J.P. Morgan Chase (NYSE:JPM), where he rose to the position of Vice President in international corporate banking and Executive Director in the merchant banking group; Blue Cross and Blue Shield of Maryland, where he served both as Treasurer and subsequently as Vice President - Corporate Development; and The Pharmacy Fund, Inc., where he was Executive Vice President and Chief Financial Officer.
At Planet Zanett, in addition to overseeing the financial management and reporting functions, Mr. Rapport will mentor the financial staffs of Planet Zanett's affiliate companies. He will also focus on adding shareholder value by seeking targeted acquisitions of old economy companies that can be enhanced by adopting internet technology in their mainstream operations.
Claudio Guazzoni, Planet Zanett's President said, "After considering hundreds of candidates, we find Jack to be the perfect match for Planet Zanett. He has the highly polished financial skills needed by a rapidly growing public company like ours, and the entrepreneurial talent to make a substantial impact on our affiliate companies."
In his years with Bank of America and Manufacturers Hanover Trust Co. Mr. Rapport structured financial accommodations in the capital and debt markets for customers such as Occidental Petroleum Corporation, McDonnell Douglas, Parsons Engineering Corporation and a number of other Fortune 1000 multinationals.
At Blue Cross and Blue Shield of Maryland (now Carefirst Blue Cross Blue Shield, a $5 billion healthcare insurer covering over 3 million lives), Mr. Rapport managed all treasury functions, commercial and investment banking relationships, the company's investment portfolio, credit and pension fund activities and was instrumental in the creation of several new business ventures. These ventures include, MedCash, a consumer credit facility exclusively for health care expenditures, and, Continuum, a healthcare delivery program for treating high-end, chronic-progressive illnesses.
At The Pharmacy Fund, a healthcare accounts receivable financing and management company serving the pharmaceutical industry which is jointly owned by a group of private investors including Johnson & Johnson Development Corporation, Bergen Brunswig Corporation and Centre Re (a division of Zurich Reinsurance), he successfully arranged a $200 million rated credit facility for the company, and raised more than $15 million in privately placed equity.
After receiving his undergraduate training in Economics at Dartmouth College Mr. Rapport also earned an MBA from Golden Gate University. He resides with his wife and three children in Pound Ridge, NY.
About Planet Zanett, Inc.
www.planetzanett.com
Planet Zanett is a corporate business developer led by a group of investment professionals who, since 1991, have formed companies around cutting-edge internet, wireless, optical, and telecom technologies. Planet Zanett employs an Asset Based Internet,(TM) strategy. This strategy starts by partnering with the owners of the physical and intellectual assets of the old economy in an effort to identify distribution bottlenecks and solutions created to address each problem. An Internet platform developed for one company can later be marketed to create an industry standard. Planet Zanett's management team has been instrumental in the success of a number of young technology companies including Robotic Vision Systems, Inc (NASDAQ: ROBV chart, msgs), SmartServ Online (NASDAQ: SSOL chart, msgs), YouthStream Media Networks, Inc (NASDAQ: NETS chart, msgs), and FiberNet Telecom Group, Inc (NASDAQ: FTGX chart, msgs)
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include the risk of obtaining financing, risks associated with start-up or early stage enterprises, the effect of demand for public securities, activity in the secondary securities markets, general economic, political and market conditions, and other risks described in the Company's Securities and Exchange Commission filings. For a detailed discussion of these and other cautionary statements, please refer to Planet Zanett's filings with the Securities and Exchange Commission, including Planet Zanett's Annual Report on Form 10-KSB for the most recently ended fiscal year.
Contact:
Planet Zanett, Inc., New York
Claudio Guazzoni, President
David McCarthy, CEO
212/980-4600
corprelations@zanett.com |
