ATLANTA, Aug. 29, 2014 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI) today announced changes to the Company's Board of Directors.
On August 25, 2014, William M. Adams, Ronald C. Bernard, and Bruce Steinberg resigned as directors of Premier Exhibitions, Inc. (the "Company"), effective immediately. On the same day, Jack H. Jacobs and Rick Kraniak were appointed to the Board of Directors of the Company (the "Board"). Following the addition of Mr. Kraniak and Mr. Jacobs and the resignations of the three directors, the size of Company's Board of Directors now stands at five (5) members.
Mr. Jacobs rejoins the board where he served from February 2009 through February 2011. Mr. Jacobs has been a principal of The Fitzroy Group, Ltd., a firm that specializes in the development of residential real estate in London and invests both for its own account and in joint ventures with other institutions, for the past five years. He has held the McDermott Chair of Politics at West Point since 2005 and has served as an NBC military analyst since 2002. Mr. Jacobs was a co-founder and Chief Operating Officer of AutoFinance Group Inc., one of the firms to pioneer the securitization of debt instruments, from 1988 to 1989; the firm was subsequently sold to KeyBank. He was a Managing Director of Bankers Trust Corporation, a diversified financial institution and investment bank, where he ran foreign exchange options worldwide and was a partner in the institutional hedge fund business. Mr. Jacobs' military career included two tours of duty in Vietnam where he was among the most highly decorated soldiers, earning three Bronze Stars, two Silver Stars and the Medal of Honor, the nation's highest combat decoration. He retired from active military duty as a Colonel in 1987. He currently serves as a director of Paragon Technologies, Inc. and has served on a number of other public company boards.
Mr. Kraniak joins the board with extensive entertainment industry experience and has previously served as a consultant to the Company from 2005 to 2008. His entrepreneurial background includes launching a number of businesses in the media and entertainment, health, software, Internet, and technology verticals. Since February 2005, Mr. Kraniak has been an owner of RK Consulting, a privately held company providing consulting services in media, entertainment and health care industries. Through RK Consulting, he currently serves as an advisor to Cavendish Global, a privately held company in the financial services industry, and Discount Coupons Corporation, a marketing company. From May 2011 to May 2014, Mr. Kraniak has been a principal and chief strategic officer of Buzcast.com, a privately held digital technology company; from April 2007 to 2009, he has been an advisor to, and shareholder in, Tix Corporation, an entertainment company providing discount ticketing and discount dinner reservations; and from 2006 to 2008, he was a senior advisor at Beringea Limited, a London-based private equity firm. From April 1974 to May 1996, Mr. Kraniak was an owner of Brass Ring Productions, which produced over 6,000 performances, including The Rolling Stones, Madonna, Elton John and Bruce Springsteen, among others. He began his professional career in 1970 while he was studying sociology at Eastern Michigan University, when he founded Diversified Management Agency.
On August 28, 2014, the Board appointed Mr. Samuel S. Weiser as the Executive Chairman of the Company. Mr. Weiser is currently a director of the Company and will continue to serve in that capacity. He will be responsible for overseeing the execution of the Company's strategic plan including securing growth capital for the Company, coordinating strategic initiatives with the Company's financial advisors and executing a plan to monetize the Company's Titanic assets. Mr. Weiser succeeds Mark Sellers as the Company's Chairman. Mr. Sellers will remain a director of the Company.
The Company is currently engaged in a search for a new CEO and expects to make an announcement about that soon.
Mark Sellers stated, "We appreciate the contributions that the departing directors made to the Company during their tenure. In addition, we believe the addition of Jack Jacobs and Rick Kraniak will enable the Company to move in a new direction by providing fresh views on the Company's initiatives and opportunities. Finally, while the Company continues its search for a new CEO, Sam will provide stability and maintain the strategic focus of the Company while that search is in progress."