iParty Corp. Announces New Director
March 27 2006 - 3:44PM
Business Wire
iParty Corp. (AMEX: IPT), a party goods retailer that operates 50
iParty retail stores, today announced that Mr. Robert W. Jevon, Jr.
has rejoined its Board of Directors. Mr. Jevon was elected today by
the Board of Directors to fill a vacancy resulting from the
previously disclosed resignation of a director on March 13, 2006.
Mr. Jevon will hold office for the unexpired term of his
predecessor until the next meeting of shareholders at which time it
is expected that he will be the nominee for election to the Board
of Directors by holders of iParty's Series C convertible preferred
stock. Mr. Jevon had previously been a director of iParty Corp.
from February 2000 to June 2001. Since 2000, Mr. Jevon has been a
Partner of Boston Millennia Partners, LP, a venture capital firm,
which, together with its affiliates, owns all of the shares of
iParty's Series C convertible preferred stock. The holders of
iParty's Series C preferred stock are entitled to elect one member
of iParty's Board of Directors. Boston Millennia had not exercised
this contractual right since June 2001 when Mr. Jevon left the
Board, but had informed iParty in February 2006 that it intended to
do so this year. From 1997 to 2000 when he was promoted to Partner,
Mr. Jevon was a Principal of Boston Millennia. His primary
investment focus is business services, health care and life
sciences. Mr. Jevon currently serves on the Board of Directors of
Galt Associates, Inc., Athenix Corp., and Novalar Pharmaceuticals,
Inc. Mr. Jevon's past investments include eMed (sold to Cedara
Software), HotJobs (sold to Yahoo), Proteome, (sold to Incyte) and
Netifice. Prior to joining Boston Millennia, Mr. Jevon was a
Venture Affiliate of Boston Capital Ventures from 1995 to 1996 and
a Principal of Watch Hill Corporation from 1993 to 1995. From 1989
to 1992, he was the Controller of Bolt Beranek & Newman's
Communications Division. He is a graduate of Haverford College and
holds an M.B.A. from Amos Tuck School at Dartmouth College. Mr.
Jevon commented, "I am delighted to come back onto iParty's Board
of Directors. I have great respect for this company and the
incredible amount it has accomplished over the past several years.
iParty has proven that it can grow its business, be a leader in the
industry, and compete strongly in the markets where it operates.
The company's fundamental business model has proven itself to be
sound and capable of supporting growth. I believe that the other
members of iParty's Board of Directors and its senior management
bring together an enviable set of financial, retail, and investment
expertise. I look forward to working with them as a team committed
to building shareholder value." Sal Perisano, Chairman and Chief
Executive Officer of iParty Corp., commented, "We are pleased to
welcome back Rob Jevon to our Board of Directors. His wide-ranging
financial experience, proven investment track record, and
long-standing relationship with iParty are great assets for us. We
look forward to valuable contributions from his considerable
expertise and seasoned business judgment." About iParty Corp.
Headquartered in Dedham, Massachusetts, iParty Corp. (AMEX: IPT -
news) is a party goods retailer that operates 50 iParty retail
stores and licenses the operation of an Internet site for party
goods and party planning at www.iparty.com. iParty's aim is to make
throwing a successful event both stress-free and fun. With over
20,000 party supplies and costumes and an online party magazine and
party-related content, iParty offers consumers a sophisticated, yet
fun and easy-to-use, resource with an extensive assortment of
products to customize any party, including birthday bashes, Easter
get-togethers, graduation parties, summer barbecues, and, of
course, Halloween. iParty aims to offer reliable, time-tested
knowledge of party-perfect trends, and superior customer service to
ensure convenient and comprehensive merchandise selections for
every occasion. Please visit our site at www.iparty.com. Safe
harbor statement under the Private Securities Litigation Reform Act
of 1995: This release contains forward-looking statements that are
based on our current expectations, beliefs, assumptions, estimates,
forecasts and projections, including those about future store
openings, future expectations of profitability and the industry and
markets in which iParty operates. The statements contained in this
release are not guarantees of future performance and involve
certain risks, uncertainties and assumptions that are difficult to
predict. Therefore, actual outcomes and results may differ
materially from what is expressed in such forward-looking
statements, and such statements should not be relied upon as
representing iParty's expectations or beliefs as of any date
subsequent to the date of this press release. Important factors
that may affect future operating results include, but are not
limited to, economic and other developments such as unseasonable
weather, that affect consumer confidence or consumer spending
patterns, particularly those impacting the New England region,
where 45 of our 50 stores our located, and particularly during the
Halloween season, which is our single most important season;
intense competition from other party supply stores and stores that
merchandise and market party supplies, including big discount
retailers, dollar store chains, and temporary Halloween
merchandisers; the failure of any of our systems, including,
without limitation, our newly-installed point-of-sale system and
our existing merchandise management system, the latter of which was
developed by a vendor who is no longer in business and which we are
considering replacing in the upcoming twelve months; the success or
failure of our efforts to implement our business growth and
marketing strategies; our inability to obtain additional financing,
if required, on terms and conditions acceptable to us; rising oil
and gas prices which impact prices of petroleum-based/plastic
products, which are a key raw material in much of our merchandise,
affect our freight costs, and affect consumer confidence and
spending patterns; third-party suppliers' failure to fulfill their
obligations to us; the availability of retail store space on
reasonable lease terms; compliance with evolving federal
securities, accounting, and stock exchange rules and regulations
applicable to publicly-traded companies listed on the American
Stock Exchange. For a discussion of these and other risks and
uncertainties which could cause actual results to differ from those
contained in the forward-looking statements, see "Cautionary
Statements and Risk Factors" in iParty's most recently filed Annual
Report on Form 10-K and "Factors That May Affect Future Results" in
iParty's most recently filed Quarterly Report on Form 10-Q.
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