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Wednesday April 14, 7:03 am Eastern Time
Company Press Release
Pacer Technology Restructures Board and Reports Other Senior Management Changes
RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--April 14, 1999--Pacer Technology (Nasdaq:PTCH - news), owner of such branded consumer products as Super Glue, ZAP(r), PRO SEAL(r), Cook Bates(r), Diamond Deb(r)/Kurlash(r) and Gem(r), Wednesday announced the restructuring of its board of directors through an increase in the number of board seats, the appointment of two new independent outside directors and the resignation of two current members.
In a unified action, the Pacer board authorized increasing the current number of board seats from six to eight members and appointed Geoffrey Tirman of Talisman Capital and D. Jonathan Merriman of First Security Van Kasper to the board to fill the new seats.
Additionally, Pacer Technology reported that Joe Brock and DeVere McGuffin have resigned from its board of directors effective April 9, 1999. Pacer is grateful for the many years of service that both Brock and McGuffin have provided to Pacer.
Pacer is particularly excited about the skills, contacts and backgrounds each of the new directors brings to the company.
New Board Members
Geoffrey Tirman brings to Pacer a wealth of experience in corporate finance and in the investment advisory business, having analyzed and executed global investments in capital structure arbitrage, convertible securities, special situations and distress securities.
Tirman has more than 12 years of international investment experience and is currently president of Talisman Capital Inc., the Investment Manager of Talisman Capital International Ltd., a British Virgin Islands-based investment company.
Barron's magazine recently ranked Talisman as the fourth-best-performing money management firm on a global basis, generating net gains from investments of more than 87 percent for 1998. Talisman has assets in excess of $100 million under management. Tirman is also president of Talisman Capital Opportunity Inc., the Investment Manager of Talisman Capital Opportunity Fund Ltd., an investment company.
In addition, Tirman is a managing director of Resolution Advisory Corp., a private technology advisory firm; the founder and president of Globe-Port.com, a start-up global Internet roaming company; and the founder and president of Warberg-Saffra Holdings Inc., which is the general partner of Global Real Estate Funding LP, a U.S.-based real estate investment partnership.
Previously, from 1993 through 1997, Tirman held senior positions with Everest Capital Ltd. and, before that, held a number of positions doing direct equity investing and money management.
Tirman received a masters of business administration degree, with an emphasis in corporate finance and accounting, from the A.B. Freeman School of Business, Tulane University. Tirman was an A.B. Freeman Fellow, a member of the Tulane University Presidents Council and an elected representative to the Academic Integrity Committee. Tirman also holds a bachelor of business administration degree from the University of Arkansas.
Jonathan Merriman brings nearly 20 years of broad-based institutional investment experience. Merriman is presently an executive vice president at First Security Van Kasper, where he serves as managing director and head of the Equity Capital Markets Group. In this capacity, he oversees the research, institutional sales, equity trading, syndicate and derivatives trading.
Merriman also serves as a member of the Management Committee, the Executive Committee and the First Security Van Kasper Advisors Investment Committee. He is currently on the board of directors of First Security Van Kasper, Brio Industries and BigStar Entertainment, an Internet commerce company.
Prior to his current positions, Merriman was managing director and head of Capital Markets at the Seidler Companies in Los Angeles, where he also served on the firm's board of directors. Prior to Seidler, Merriman was director of equities for Dabney/Resnick/Imperial LLC.
Previously, Merriman held positions with Curhan Merriman Capital Management Inc.; Bear, Stearns, & Co.; and the Investment Banking Department of Merrill Lynch. Merriman holds a bachelor of arts from Dartmouth College and has completed graduate course work at New York University's graduate school of business.
Other Management Changes
The board of directors of Pacer also announced that in conjunction with the restructuring of Pacer and the termination of James T. Munn as its president/CEO, it has accepted the resignation of Robert Cavazos, CFO. On an interim basis, the functions of president have been assumed by Tom Nightingale, Pacer's long-time vice president in charge of marketing. The company is actively involved in the search for a new CEO and CFO.
Pacer Technology is a manufacturer and worldwide marketer of advanced technology adhesives, sealants and related products for a variety of consumer and industrial applications, as well as manicure implements for consumer markets. It is the provider of Super Glue, ZAP(r), PRO SEAL(r), Cook Bates(r), Diamond Deb(r)/Kurlash(r) and Gem(r), and other well-known branded products.
For more information about Pacer Technology via facsimile, call 800/PRO-INFO and dial client code ''PTCH.''
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth herein in the forward-looking statements, including such factors, among others, as significant fluctuations in operating results, uncertain market acceptance of the company's products and intense competition.
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Contact:
Pacer Technology Inc., Rancho Cucamonga
Tom Nightingale, 909/987-0550
or
The Financial Relations Board Inc., 310/442-0599
Karen Taylor (general information)
Moira Conlon (investor/analyst contact)
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