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Non-Tech : SATH - Shop At Home -- Ignore unavailable to you. Want to Upgrade?

To: Robert Romero who wrote (1314)	5/5/2001 12:07:58 PM
From: Paul Lee	Respond to of 1329

no test, this is for real Shop At Home Board Announces the Termination of the Employment of President and CEO Kent Lillie NASHVILLE, Tenn.--(BUSINESS WIRE)--May 5, 2001--Shop At Home, Inc. (Nasdaq:SATH), announced that its Board of Directors had voted to terminate the employment of its President and Chief Executive Officer, Kent E. Lillie, effective immediately. The Company's Chairman, J.D. Clinton, said, "Kent Lillie took over the management of Shop At Home in 1993 and through his hard work, tenacity and vision grew the Company from $20 million to $200 million in revenues. He moved the Company to its state of the art facilities in Nashville, led its acquisition of six television stations and built it into a nationally distributed television home shopping network. The Board, however, decided that, despite Mr. Lillie's efforts and in light of the operating losses sustained by the Company over the last several years, it is in the best interests of the Company and its future success to bring in a new chief executive officer." He added, "We will immediately initiate a search for the best qualified CEO we can find to lead the Company and enhance the value of our shareholders' investment - through sound fundamental operations, cash flow and profitability." The Company also announced that Mr. Clinton has agreed to create and head up an Office of the Chairman to be responsible for the executive leadership of the Company on an interim basis while the Company conducts a search for Mr. Lillie's replacement. Mr. Clinton said that he would ask other members of the Board of Directors to assist him in working with the Company's executive management team during this transition period. He also said, "The remaining members of the team at Shop At Home are good, hard-working people. The Board has confidence in the officers and employees. They will do a good job in working together with the Board to improve the performance of the Company." Mr. Clinton has served on the Shop At Home Board since 1993 and is the chief executive officer of Independent Southern Bancshares, Inc., a bank holding company. About Shop At Home Shop At Home, Inc., a leader in converged technology, is a premier retailer of specialty consumer products through the use of interactive electronic media including broadcast, cable and satellite television and the Company's Internet site, www.ShopAtHomeTV.com. Shop At Home Network reaches over 61 million unique cable and satellite households and owns full power television stations in San Francisco, Boston, Cleveland, Raleigh and Bridgeport, which is licensed to cover a portion of the New York market. The Company recently sold its Houston TV station.