Geared-Up for Up-listing to National Exchange
Boca Raton, Fla., June 05, 2018 (GLOBE NEWSWIRE) -- Grom Social Enterprises (OTCQB: GRMM) ("Grom" or the "Company"), an innovative leader and pioneer in providing original social media content to children between the ages of five and 16, www.gromsocial.com; today announced that as part of Grom’s strategic growth plan and its application to list on a national exchange, Grom has appointed Robert Stevens and Norman Rosenthal as independent directors to the Company’s Board of Directors, effective June 1, 2018. Mr. Stevens was appointed as the Chairman of the Audit Committee and the Audit Committee financial expert, as well as serving on the Compensation and Nominating Committees. Mr. Rosenthal will serve on the Compensation and Audit Committees and will be the head of the Company’s Nominating Committee.
Darren Marks, Grom’s Chairman and CEO, said, “We are very pleased to welcome Rob and Norm to the Company’s Board of Directors. They add strong industry, financial, technology and governance expertise and we are very fortunate to have individuals of their caliber working with us as we enter the next phase of our growth. The entire Board and management team remain focused on improving the Company’s profitability and cash flow. Additionally, with the appointment of these directors, we now meet the Nasdaq standards for a majority of independent directors along with addressing the requirement to have a financial expert as part of our independent Board.”
About Robert Stevens
Mr. Stevens, age 52, founded Somerset Capital Ltd in 2001, a private capital firm that employs industry-specific skillsets to make strategic investments in distressed and turnaround situations as well as merger and direct investments in private and pre-public companies, where he serves as president and managing director. Mr. Stevens also serves as a court appointed receiver. Prior to founding Somerset Capital Ltd, Mr. Stevens was Managing Director of Technology Partners, a private equity and M&A firm from 2010 to 2013.
About Norman Rosenthal
Mr. Rosenthal, age 58, founded Tempest Systems Inc. in 1986, a leading technology consultancy offering a wide range of services, from traditional business development to relationship management and competitive intelligence, and has served as CEO from 1986 to the present. Mr. Rosenthal has also served in senior management/advisory positions at Micro Focus and Computer Associates.
About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. owns five separate subsidiaries, including Grom Social, a safe social media platform for kids between the ages of five and 16. Since its beginnings in 2012, Grom Social has attracted kids and parents with the promise of a safe and secure environment where their kids can be entertained and can interact with their peers while learning good digital citizenship. The Company also owns and operates Top Draw Animation, Inc., an award-winning animation company which produces animated content for Grom Social and other high-profile media properties such as Tom and Jerry, My Little Pony and Disney Animation's Penn Zero: Part-Time Hero. In addition, Grom Educational Services provides web filtering services up to an additional two million children across 3,700 schools, and Grom Nutritional Services is in the process of creating a line of healthy nutritional supplements for children. For more information please visit Grom's website at www.gromsocial.com.
Safe Harbor Statement
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to general stock market conditions. We have incurred and will continue to incur significant expenses in our expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time. All forward-looking statements speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements or other information contained herein. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.