ATLANTA, Sept. 4, 2009 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI) today announced that it has signed a three-year agreement with Christopher J. Davino to serve as Premier's President and Chief Executive Officer. Mr. Davino has served as Premier's interim President and Chief Executive Officer since the end of January 2009. Mr. Davino has also served as a member of Premier's board of directors since January 2009.
Pursuant to the Agreement, Mr. Davino will receive an annual base salary of $290,000 and an annual target incentive bonus opportunity equal to 50% of his base salary. Premier also made a one-time stock option grant to Mr. Davino providing for the purchase of 1,170,000 shares of Premier's common stock. The options have an exercise price equal to the closing price of Premier's common stock on the NASDAQ Global Market on the date of grant and will vest over three years.
Mark Sellers, Premier's Chairman of the Board, commented: "Chris has done a great job cleaning up a very difficult situation. He has worked tirelessly to rationalize our cost structure, develop from scratch a systematic process for booking new exhibitions, renegotiate contracts with contractual partners, and raise capital so that the company can get past this difficult period. He has proven over the past seven months that he's the right person for the CEO job, and I'm happy he's agreed to join us permanently."
Premier will be filing a copy of Mr. Davino's employment agreement and stock option agreement with the SEC in a Current Report on Form 8-K.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of Premier Exhibitions, Inc. may differ materially from those anticipated. Although Premier Exhibitions believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Premier Exhibitions can provide no assurance that any of the forward-looking statements contained in this press release will prove to be accurate.
In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by Premier Exhibitions that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "intend," "expect," "will," "anticipate," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Premier Exhibitions' most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Premier Exhibitions does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.