Contact Information: CONTACTS: Corporate John Thompson AeroGrow International, Inc. (303) 444-7755 Investor Budd Zuckerman Genesis Select Corporation (303) 415-0200
AeroGrow Announces New Board Members
| Source: AeroGrow International, Inc.
BOULDER, CO--(Marketwire - July 2, 2008) - AeroGrow International, Inc. (NASDAQ : AERO )
("AeroGrow" or the "Company"), makers of the AeroGarden® line of indoor
gardening products, announced that it has appointed four new members to its
Board of Directors, Linda Graebner, Peter Michel, Suresh Kumar and Michael
Dingman, Jr., bringing significant additional depth and breadth of
experience to its Board.
Linda Graebner is a veteran consumer products and direct marketing
executive. In her role as President and CEO of Tilia Inc., she transformed
a small ($9 million revenue), unprofitable and insolvent company into a
leading manufacturer of premier lines of small electric kitchen appliances
(FoodSaver® and VillaWare® brands). She built a virtually unknown product,
the FoodSaver® Vacuum Sealing System, into the fourth largest category in
small electric appliances at revenues in excess of $200 million. She
managed the sale of this privately held company to Jarden Corporation
(NYSE) in 2002 in a $185 million cash transaction. Recognized as an expert
in the housewares industry, Linda has served on multiple boards, including
Bradshaw International Inc., Wine.com, Inc., the Association of Corporate
Growth, and Pacific Community Ventures, and as Chairman of the
International Housewares Association.
Peter Michel has extensive experience in leading and rapidly growing a wide
range of product and service companies. Mr. Michel is currently the
President and CEO of iSECUREtrac Corporation, a leading provider of
electronic monitoring systems. He has led four companies as CEO, including
Brink's Home Security. During his tenure there, Mr. Michel transformed the
company from a $26 million security firm to a $258 million leader in
high-tech home protection services, supporting over 700,000 households in
more than 100 markets and 42 states. Mr. Michel established Brink's Home
Security as the industry's service and quality leader and achieved record
operating profits for 12 years in a row. Earlier in his career, Mr. Michel
refined his skills in general management, strategy and marketing as a top
strategic planner for Penn Central, American Standard and Gulf Oil. Mr.
Michel has chaired five not-for-profit boards and served as Chairman of the
Homeland Security Advisory Council of the Security Industry Association.
His public sector experience includes serving as a policy-level executive
in the Federal government, including time on the White House Staff.
Suresh Kumar is a proven leader in international business with decades of
international consumer product experience. Suresh has served as Advisor
and Consultant to the Clinton Foundation and the Bill & Melinda Gates
Foundation, working closely with the principals and governments to
establish private-public partnerships that stimulate international economic
development. He is currently President and CEO of KaiZen Innovation, a
management advisory firm that specializes in installing global marketing
processes and programs. Previously, he served as Distinguished
Executive-in-Residence at the Thunderbird School of Global Management.
Between 1999 and 2004 he served as Head of Worldwide Consumer
Pharmaceuticals for Johnson & Johnson, where he worked with brands such as
Tylenol®, Motrin® and Imodium® and is credited with turning around the
emerging markets business. Previously, he led consumer healthcare,
confectionery and shaving products businesses for Warner Lambert/Pfizer
Company as Vice President of Consumer Products for Latin America and Asia.
He has also been in leading positions internationally for Levi-Strauss &
Co., Unilever and the
Colgate-Palmolive Company.
Michael D. Dingman, Jr. is a financial, capital requirements, budgeting and
investor relations professional, having served as CFO of multiple rapidly
growing public and private companies in the telecom and e-commerce
industries. Mr. Dingman currently serves as Chief Investment
Administration Officer for Spencer Track & Co, a venture capital firm based
in New York City. From June 2006 to July 2007, Mr. Dingman was CFO of
Local Matters, Inc., a pre-IPO software and media services company
supporting yellow pages and delivery assistance providers. From September
2000 until April 2006, Mr. Dingman served as the CFO of Intrado Inc., a
provider of 911 information services and systems to telecommunications
companies. Prior to joining Intrado, from March 1999 to August 2000, Mr.
Dingman had been the CFO and Treasurer of Internet Commerce and
Communication (formerly RMI NET, Inc.). Mr. Dingman's prior work
experience includes five years of banking in merger and acquisitions with
Lazard Freres in New York during the late 1980s, three years as an
independent consultant specializing in debt restructuring and workouts
during the early 1990s and five years as an investment advisor specializing
in corporate retirement plans and high-net-worth accounts.
"We almost tripled in size last year, and need the talents and skill sets
of our Board of Directors to keep pace with our growth and changes," said
Jerry Perkins, CEO of AeroGrow. "Linda, Michael, Suresh and Peter have
successfully led companies and divisions through these hyper-growth periods
and transitioned them into profitable leaders in their categories. With
Linda's direct experience in the Housewares industry, Peter's experience in
managing an explosive growth, brand-oriented company, Suresh's broad,
international and consumer products background and Michael's deep financial
and public company experience, we're adding four diverse, powerful
contributors to our already strong Board."
Two Board members, Ken Leung and Dennis Channer, have retired after
excellent records of service and we thank them for their many
contributions. The current Board is made up of Michael Bissonnette,
Chairman, Jerry Perkins, President and CEO, Jack Walker, Peter Michel,
Suresh Kumar, Linda Graebner and Michael Dingman, Jr. Michael Dingman will
now serve as Chairman of the Audit Committee and Jack Walker as the
Chairman of Governance.
About AeroGrow International, Inc.
Founded in 2002 in Boulder, Colorado, AeroGrow International, Inc. is
dedicated to the research, development and marketing of the AeroGarden®
line of indoor gardening products. AeroGardens feature dirt-free aeroponic
technology, allowing anyone to grow farmer's market fresh herbs, salad
greens, tomatoes, chili peppers, flowers and more, indoors, year-round, so
simply and easily that no green thumb is required. See www.aerogrow.com.
FORWARD-LOOKING STATEMENTS
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements by Michael Bissonnette, Jerry Perkins, and/or the
Company, statements regarding growth of the AeroGarden product line,
optimism related to the business, expanding sales and other statements in
this press release are forward-looking statements within the meaning of the
Securities Litigation Reform Act of 1995. Such statements are based on
current expectations, estimates and projections about the Company's
business. Words such as expects, anticipates, intends, plans, believes,
sees, estimates and variations of such words and similar expressions are
intended to identify such forward-looking statements. These statements are
not guarantees of future performance and involve certain risks and
uncertainties that are difficult to predict. Actual results could vary
materially from the description contained herein due to many factors
including continued market acceptance of the Company's products or the need
to raise additional capital. In addition, actual results could vary
materially based on changes or slower growth in the kitchen garden
appliance market; the potential inability to realize expected benefits and
synergies; domestic and international business and economic conditions;
changes in customer demand or ordering patterns; changes in the competitive
environment including pricing pressures or technological changes;
technological advances; shortages of manufacturing capacity; future
production variables impacting excess inventory and other risk factors
listed from time to time in the Company's Securities and Exchange
Commission (SEC) filings under "risk factors" and elsewhere. The
forward-looking statements contained in this press release speak only as of
the date on which they are made, and the Company does not undertake any
obligation to update any forward-looking statement to reflect events or
circumstances after the date of this press release.