LOS ANGELES, Jan. 16, 2004 (PRIMEZONE) -- Bluetorch Inc. (OTCBB:BTOR), announced today that it has hired Scott Battenburg as its new Chief Financial Officer. Mr. Battenburg, who is currently the CFO at Virgin Entertainment Group Inc., will assume his new position at Bluetorch Inc. on January 26, 2004.
Bruce MacGregor, President & CEO of Bluetorch Inc. stated, "I'm delighted to have Scott joining the management team as CFO. I have been fortunate to have Scott work for me on two previous occasions in the past, at LA Gear and again at Razor USA LLC where we grew revenues from $15 million to $200 million. Scott's experience at Virgin Entertainment, where they also cater to the youth market, will be a major benefit to our management team. I look forward to working with Scott once again as we attempt to duplicate and even surpass our previous successes."
Scott Battenburg stated; "I'm energized by the opportunity to be a part of the Bluetorch management group. Bruce and I have developed an exceptional business rapport. More important, the explosive growth evident in the extreme sports arena provides an unlimited opportunity for us to put Bluetorch in the top tier of the extreme sports apparel industry."
Prior to Virgin Entertainment, Mr. Battenburg was the CFO at Razor USA LLC. He joined Razor from the Money Store where he served as Vice President of Financial Planning. Prior to the Money Store, Mr. Battenburg worked at LA Gear Inc. He is an alumnus of KPMG Peat Marwick. Mr. Battenburg brings 13 years of experience in financial and operational management in the financial services, retail and consumer products industries.
The Company also announced that as a result of Mr. Battenburg's appointment, he would immediately resign his directorship from the board of directors of Bluetorch Inc. Mr. Battenburg joined the Bluetorch Inc. board of directors in June of 2003. Being a Business Development Corporation requires Bluetorch Inc. to have an independent board of directors. The Company stated that it would immediately begin the process of finding a replacement for Mr. Battenburg's seat on the board.
Bluetorch Inc.
Bluetorch Inc. is an emerging extreme sports company with a well-defined growth strategy focused on licensing, marketing and sales of various products for the extreme sports enthusiast. The Company's management team is focused on increasing shareholder value while expanding its product line to address the needs of the extreme sports arena, one of the fastest-growing segments in both the sporting goods and apparel industries. Additionally, Bluetorch Inc. is aggressively seeking compatible acquisition and/or licensing opportunities in order to further expand its distribution channels, which in turn would contribute to additional growth in revenues and earnings. For more information or to stay updated on the Company's progress, visit: www.bluetorchinc.net
Investor Contact Information: Marge Rohr at (562) 983-8045 or investors@bluetorchinc.net AND Geoffrey Eiten, OTC Financial Network, (781) 444-6100 x613 or geiten@otcfn.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.