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Technology Stocks : SkyMall (SKYM) -- Ignore unavailable to you. Want to Upgrade?

To: Islander who wrote (714)	12/30/1998 5:04:00 PM
From: StockDung	Read Replies (1) \| Respond to of 987

SkyMall President and CEO Increases Equity Stake; Board Member and Co-Founder Alan C. Ashton Resigns PHOENIX--(BUSINESS WIRE)--Dec. 30, 1998--SkyMall Inc. (Nasdaq:SKYM) Wednesday reported that President and Chief Executive Officer Robert M. Worsley has increased his equity holdings in the company from 2.3 million shares to 4.6 million shares, representing 54 percent of SkyMall's total outstanding common stock. Worsley increased his equity stake by selling 675,000 shares of his SkyMall stock and using the proceeds to exercise his option to acquire the entire common-stock holdings of Karen and Alan C. Ashton, a director and co-founder of the company, and Bert A. Getz. Under an agreement signed on Oct. 15, 1996, Worsley acquired the option to purchase all of the Ashtons' common-stock holdings, totaling 2.4 million shares. Worsley signed a similar option agreement to acquire one-half of Getz's common-stock holdings, or 518,000 shares. The exercise prices of the options were $7.35 per share for the Ashton options and $6.75 per share for the Getz options. As a result of this planned exit strategy and in order to simplify his lifestyle, Ashton resigned his post as a board member. "We will miss Alan's presence at our board meetings and his close association with SkyMall. He and Karen have been incredible partners in our venture," said Worsley. SkyMall(R), the largest in-flight-catalog company in the United States, makes high-quality products and services available to more than 400 million airline passengers per year and to millions of online shoppers at www.skymall.com and through Internet alliances. The company markets and sells premium merchandise from participating merchants, including major catalog companies and specialty retailers. SkyMall's in-flight-catalog program and electronic-commerce initiatives are being leveraged through international expansion and incentive programs aimed at broadening the company's product lines and expanding its customer base. Through its subsidiary, Durham & Co., SkyMall offers high-quality logo merchandise to corporate America and other organizations. For further information and prior news releases, visit SkyMall's Web site. This news release includes statements that may constitute forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include but are not limited to those factors detailed by SkyMall Inc. in its filings with the Securities and Exchange Commission. CONTACT: SkyMall Inc., Phoenix Robert M. Worsley, 602/528-8620 Robert J. Digan, 602/528-8638 Marti A. Benfield, 602/528-3233 ir@skymall.com KEYWORD: ARIZONA BW0083 DEC 30,1998 13:44 PACIFIC 16:44 EASTERN