LOS ANGELES, June 4, 2003 (PRIMEZONE) -- Aussie Apparel Group Ltd. (OTCBB:AASI) announced today that it has restructured its board of directors resulting in a majority of its directors becoming independent. The new board of directors, which will be presented to the shareholders for ratification at the next shareholder meeting, now consists of three members, two of whom are independent. Mr. Bruce MacGregor, President & CEO of Aussie Apparel, will continue in his position as Chairman of the board of directors.
The two new individuals appointed to the board, effective May 31, 2003, are Shane H. Traveller and Scott Battenburg. Ms. GiGi Carrano, who had served as company secretary, resigned from the board of directors, also effective May 31, 2003. Ms. Carrano will continue her role as an executive assistant to the board and management team. The Company also announced that the board of directors has formed an Audit Committee consisting of Mr. Traveller and Mr. Battenburg, with Mr. Traveller serving as the Audit Committee Chairman. The newly formed Audit Committee will be responsible for confirming and working with the Company's independent auditor and will have an active role in ensuring that the financial statements accurately reflect the financial conditions of the Company.
Bruce MacGregor, Aussie Apparel's President & CEO, said, "I am pleased that we have been able to attract an independent board of directors of such high caliber. While very few Bulletin Board companies have voluntarily put an independent board of directors in place, we felt it would assist the company in maintaining its drive for excellence at every level. The full implementation of our plan requires that we surround ourselves with a team that has significant financial and operational expertise. By creating a seasoned and independent board of directors we put another strong brick into the foundation of our company which is a critical step in ensuring the continued trust of all of our shareholders."
Mr. Shane H. Traveller is a Certified Public Accountant who has served on several boards of directors and is presently also the Audit Committee Chairman for San Diego Soccer Development Corporation. Mr. Traveller previously served as President and Chief Operating Officer of Trimedyne, Inc., a medical device manufacturer, after serving as that company's Chief Financial Officer. Prior to Trimedyne, he was the co-founder and Chief Financial Officer of Pyro Shield, Inc., and Chief Financial Officer of Worldwide Investment Network, Inc. Mr. Traveller gained his public accounting experience working for Arthur Andersen, LLP and Corbin & Wertz, LLP, after obtaining his accounting degree from Brigham Young University.
Mr. Scott Battenburg is the Director of Financial Planning and Analysis for Virgin Entertainment Group, Inc., where he is responsible for financial and strategic planning as well as risk and inventory management. Before joining Virgin Entertainment, Mr. Battenburg was Chief Financial Officer of Razor USA, LLP and, before that, was Vice President of Financial Planning for The Money Store. Mr. Battenburg also held several positions with LA Gear, Inc., the last of which was Director of Sales and Marketing Analysis. Mr. Battenburg previously worked for KPMG Peat Marwick and has a degree in business administration from California Polytechnic State University, San Luis Obispo, CA.
About Aussie Apparel Group, Ltd.
Aussie Apparel Group is an emerging growth apparel company focused on the rapidly growing extreme-sports apparel market, both domestically and internationally, utilizing a multi-branded and multi-distribution channel approach. According to Sporting Goods Intelligence, the US sports apparel market was an estimated $19.08 billion at wholesale in 2002. The Company currently owns four brands, including Hot Tuna, which is focused on the surfing enthusiast, Xisle, a mid-tier label that targets both the surf and skate market, and Piranha Boy and Piranha Girl, directed at the children's market with surf inspired apparel for the mass-market. For more information visit: http://www.aussieapparelgroup.com/.
Safe Harbor:
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company's business include but are not limited to fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services and pricing, general market trends and conditions, and other risks detailed in the Company's SEC reports.