ATLANTA, Jan. 30, 2009 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Premier) (Nasdaq:PRXI) today announced that its Board of Directors has recognized the election of four new directors to its Board -- William M. Adams, Christopher J. Davino, Jack Jacobs and Bruce Steinberg -- in connection with the consent solicitation of Sellers Capital LLC, Premier's largest shareholder.
Premier's newly constituted Board, at a meeting on January 28, 2009, terminated CEO Arnie Geller and appointed Mr. Davino as Premier's Interim CEO. Mr. Davino has substantial turnaround experience and is currently a Principal and Head of the Corporate Rescue Group of XRoads Solutions Group, LLC, a corporate restructuring management consulting company. Premier's Board currently anticipates that Mr. Davino will serve as Interim CEO for a period of at least four months.
Premier's Board has also elected Mark A. Sellers as its non-executive Chairman of the Board. Mr. Sellers will not receive any compensation from Premier in connection with his service in this position. Arnie Geller will continue to serve on the Board but will no longer serve as Chairman.
Mr. Sellers stated: "Sellers Capital and its nominees to Premier's Board are pleased to have the consent solicitation behind us and are eager to begin the work of turning Premier around and delivering value to its shareholders. We look forward to working with all of Premier's Board members, management, employees and other constituencies as we work to make Premier successful."
Forward-Looking Statements:
The information contained in this news release, other than historical information, constitutes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although Premier believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, such as general economic conditions, changes in governmental regulations, local conditions, events and disturbances, adverse weather conditions, future legal or regulatory proceedings and other factors could cause actual results to differ materially from Premier's expectations. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained in Premier's 2008 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available free of charge on Premier's website at www.prxi.com.