SOURCE: Summer Infant, Inc.

Summer Infant, Inc.

October 09, 2014 16:05 ET

Summer Infant Appoints Ronald T. Cardone as Senior Vice President, Information Technology

Seasoned IT Executive Brings Wealth of Experience in Juvenile Products Industry

WOONSOCKET, RI--(Marketwired - Oct 9, 2014) - Summer Infant, Inc. (NASDAQ: SUMR), a global leader in premium juvenile products, today announced that Ronald T. Cardone has been appointed as the Company's new Senior Vice President, Information Technology.

"Ron is a seasoned executive who brings a tremendous depth of IT expertise and juvenile products industry experience," said President and Chief Executive Officer Carol Bramson. "Ron's proven success in transforming the IT infrastructure at both small and large organizations will be invaluable as we integrate our technology platform to access information critical to our sales and operations processes."

Cardone was most recently Chief Information Officer & Vice President of Worldwide Service at Presstek, Inc., where he managed all of the technology, related infrastructure and the strategic direction of the publicly held company's information resources. Prior to joining Presstek in 2005, Cardone had spent 10 years in information technology leadership positions in the juvenile products industry. From 2001 to 2005, he was Senior Vice President Information Services at The First Years, Inc., where he organized and restructured its information services function and associated infrastructure. Prior to that, he was Vice President Information Services for Safety 1st, Inc. from 1995 until 2000, and then served in the same capacity until 2001 for The Dorel Juvenile Group upon its acquisition of Safety 1st. Cardone holds a BS degree in Management with a concentration in Marketing and Computer Science from the University of Massachusetts, Lowell.

In connection with his employment, Mr. Cardone was granted (i) an option to purchase 20,000 shares of the Company's common stock, with an exercise price equal to the closing price of the Company's common stock on the date of grant, and (ii) 10,000 shares of restricted stock. Subject to Mr. Cardone's continued service with the Company, each of the option and the restricted stock award vests in equal annual installments over a four year period beginning on the first anniversary of the date of grant. The Compensation Committee of the Company's Board of Directors granted these awards as an inducement material to Mr. Cardone's acceptance of employment in accordance with NASDAQ Listing Rule 5635(c)(4).

About Summer Infant, Inc.

Based in Woonsocket, Rhode Island, the Company is a global leader of premium juvenile products for ages 0-3 years, which are sold principally to large North American and international retailers. The Company currently sells proprietary products in a number of different categories, including nursery audio/video monitors, safety gates, durable bath products, bed rails, nursery products, strollers, booster and potty seats, swaddling blankets, bouncers, travel accessories, highchairs, swings, nursery furniture, infant feeding products, and car seats. For more information about the Company, please visit www.summerinfant.com.

Forward-Looking Statements
Certain statements in this release that are not historical fact may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believes," "estimate" and similar expressions, and include statements regarding the Company's expectations regarding its integration of technology to access information critical to its sales and operations planning processes. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include the concentration of the Company's business with retail customers; the ability of the Company to compete in its industry; the Company's ability to continue to control costs and expenses; the Company's dependence on key personnel; the Company's reliance on foreign suppliers; the Company's ability to develop, market and launch new products; the Company's ability to grow sales with existing and new customers; the Company's ability to meet required financial covenants under its loan agreements; and other risks as detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as amended, and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this release.

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