April 08, 1999 10:38
1st Miracle Group, Inc. Names Tony Cataldo as CEO
Jump to first matched term
NEW YORK--(BUSINESS WIRE)--April 8, 1999--
John Salley Joins Board; Menahem Golan Appointed Co-Chairman of
Magic Entertainment Subsidiary
1st Miracle Group, Inc. (OTCBB:MVEE), today announced that it has named Tony Cataldo as Chief Executive Officer.
During his career, Cataldo has held management positions with a number of emerging growth, Nasdaq-traded companies, including Chairman and CEO of MTI Inc., a leading manufacturer and seller of trading systems software, and Senetek, a biotechnology company involved in aging-related therapies; and Executive Vice President and co-founder of Hogan Systems, a banking software manufacturer and retailer. Cataldo also served as President of Internet Systems, a pioneer in the Internet banking arena, and was responsible for growing the business from approximately $7 million to in excess of $70 million in revenues during his tenure.
The Company also announced today the addition of John Salley, three time NBA champion, to the Company's Board of Directors. Through his production company, UJAMMA Entertainment, Salley has several music and film projects currently underway, including: A production deal with Warner Brothers Records; pending recording contracts for various artists with Hollywood Records and Capitol Records; the production of "A Fare to Remember" starring Malcolm Jamal Warner (Star of UPN's "Malcolm & Eddie"), John Ratzenberger (formerly star of "Cheers") and Tracee Ross (daughter of Diana Ross); and production of "Book of Love" featuring Robin Givens.
The Company subsequently announced the departure of Yoram Globus, formerly, Co-Chairman of Magic Entertainment, a wholly-owned subsidiary of 1st Miracle Group. Menahem Golan will remain with the Company as Co-Chairman of Magic Entertainment and will work closely on the development of additional film projects with Cataldo, who will take over Globus' role as Co-Chairman. A 35-year film industry veteran, Golan is an Oscar winner and four time Oscar nominee. His credits include Bo Derek's "Bolero", "Missing in Action" and "Delta Force" starring Chuck Norris, "Cobra" starring Sylvester Stallone, "Bloodsport" with Jean Claude Van Damme and "Breakin'", a $1.6 million production which grossed in excess of $63 million.
Golan stated, "I am delighted to have this opportunity to team with Cataldo on the production of various film projects, and to continue my prosperous career with such a promising group of individuals. As an industry outsider, Cataldo brings a fresh approach to the business and although our relationship is still in its infancy, I am already seeing positive results from his negotiating abilities and business savvy."
Commenting on the appointments, Peter Benz, Chairman of the 1st Miracle Group, commented, "We believe Cataldo will prove to be a valuable addition to our management team, especially given his vast experience in running public companies and successful orchestration of numerous turn-around situations. In fact, during his career, Cataldo has grown the market cap value of several firms by 300 to 1,200 percent. With the sale of our first major product, "Speedway Junky", nearing completion and a number of exciting film projects in the pipeline - including "Escape to Grizzly Mountain" which recently commenced production - 1st Miracle has reached a pivotal point in its development and we believe that today's additions are instrumental as we look to take the Company to the next level."
Cataldo added, "Considered by most to be the most successful individual in the independent film industry, Golan's ability to produce highly profitable films is a tremendous asset to our Company and I look forward to working closely with him on current and future projects. Additionally, we are delighted to have Salley join our board, an individual who has proven himself a leader not only on the basketball court but in the entertainment arena, as well. In addition to bringing a number of exciting film projects to the table, Salley's expertise and extensive contacts in the television and music industry should allow us to extend our capabilities to include these lucrative businesses. Following the recent successful completion of "Speedway Junky" with the hot new production duo - George Furla and Randall Emmett - we look forward to a long and successful relationship with them."
Concluded Salley, "Having worked with Cataldo previously and being a long time fan of Golan's films, I am delighted to have this opportunity to work with them and the rest of the management team on what is certain to be a significant force in the independent film arena. Given the Company's already impressive list of core assets, coupled with the numerous projects myself and my colleagues are developing, I believe that we have a tremendous growth opportunity, especially under the direction of Cataldo."
CONTACT: Rubenstein Public Relations, New York
Clint Cantwell, 212/843-8051 |
