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Technology Stocks : K-Tel (KTEL) Have the cheesy '70s records come to an end? -- Ignore unavailable to you. Want to Upgrade?

To: Glenn D. Rudolph who wrote (2653)	11/13/1998 11:06:00 PM
From: Tom Hua	Read Replies (1) \| Respond to of 3203

Dow Jones Newswires -- November 3, 1998 NEW YORK (Dow Jones)--K-Tel International Inc. (KTEL) President David Weiner has resigned to pursue other interests, a company spokesman said. The spokesman said Weiner will be replaced by Larry Kives. He would not comment on whether Kives is currently with the company or whether he is related to Philip Kives, K-Tel's chairman and chief executive. The spokesman also would not elaborate on Weiner's departure and said the company is currently preparing a press release on the resignation. A spokeswoman for K-Tel said Weiner resigned as president in September and no longer works at the company. She had no comment on why K-Tel did not release the news at that time, but did say she believes the news became public Tuesday because the company has received a lot of attention after announcing an alliance with Playboy Enterprises Inc. (PLA) earlier. In a proxy statement filed with the Securities & Exchange Commission on Oct. 29, K-Tel listed Lawrence Kieves as the company president. The filing stated that Kieves is the first cousin once removed of Chairman Philip Kives and that Kieves joined the company in October 1998. Before joining K-Tel, Kieves was managing director of EWK Associates, a private company engaged in real-estate development, the filing said. Kieves is one of three directors to be elected at K-Tel's annual shareholders meeting, which will be held on Feb. 16, 1999. K-Tel's new president, Kieves, told Dow Jones that the company had been planning to issue a press release announcing his predecessor's departure as well as his own appointment, but had not gotten around to it yet. "We should have put it out... but we weren't trying to hide anything," he said, stressing that he joined the company only three weeks ago. "It just took a little bit of time to get it out." The company plans to issue the release later Tuesday since the news became public earlier after K-Tel's shares soared on the company's announced plans to develop a co-branded online music store with Playboy. Kieves would not comment on why Weiner left K-Tel.