Company Reaffirms Second Quarter Guidance
LOUISVILLE, Ky.--(BUSINESS WIRE)--
CafePress Inc. (NASDAQ: PRSS), The World's Customization Engine®, today
announced the retirement of Bob Marino, the company's Chief Executive
Officer and a member of the Board of Directors. Mr. Marino will serve as
a consultant to the company through the end of 2014.
Fred E. Durham, III, co-founder will return in the role of CEO effective
immediately. Co-founder Maheesh Jain, is also rejoining the company as
Chief Marketing Officer.
Durham and Jain co-founded CafePress in 1999 in Durham's garage in San
Leandro, California. Under their leadership, the company was profitable
within two years and grew revenue significantly. Durham served as CEO
until April of 2011, when he was succeeded by Mr. Marino. Durham has
served as a member of the Board of Directors since August 1999.
"Maheesh and I are eager to return to operating roles. As two of
CafePress's largest shareholders, we are committed to implementing
strategies that will enhance shareholder value," said Durham.
"We appreciate Bob Marino's accomplishments and long service to
CafePress and wish him well in his future endeavors," said Doug Leone,
Lead Director of CafePress. "We are delighted that Fred and Maheesh are
returning to lead the company through its next stages of growth."
"I am so very proud of the CafePress management team and could not be
more pleased with their development. Together we have grown the company
these past nine years and brought millions of amazing products to our
customers. I believe the time is right for me to retire from CafePress
so that I can focus on starting my own business and devote more time to
community service in my home state of Kentucky," said Marino.
The company also announced that Garett Jackson, current Interim Chief
Financial Officer, has been named Chief Financial Officer.
Additionally, the company today reaffirmed its financial guidance for
the second quarter 2014 as stated in its earnings press release issued
on May 14, 2014.
Management will discuss these developments and financial results for the
second quarter during its previously scheduled conference call and
webcast on August 12, 2014 at 5:00 p.m. ET. Investors should call
1-888-427-9419 to participate on the live call. A webcast will also be
available on CafePress's investor relations website.
Notice Regarding Forward Looking Statements
This media release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which
involve risks and uncertainties. These forward-looking statements
include, among other matters, statements regarding the company's
expected financial performance and outlook for the second quarter. These
forward-looking statements are not guarantees of future results and are
subject to risks, uncertainties and assumptions that could cause our
actual results to differ materially from those expressed in these
forward-looking statements. Factors that might contribute to such
differences include, among others, changes as a result of management's
further review of our actual results in the second quarter, changes made
as a result of the completion of our financial closing procedures for
the second quarter, and changes as a result of risks related to our
business in general. For more information regarding the risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied in these forward-looking statements, as well
as risks relating to our business in general, we refer you to the "Risk
Factors" sections of the company's Annual Report on Form 10-K for the
year ended December 31, 2013 as filed with the Securities and Exchange
Commission on March 31, 2014, and in other reports filed by the company
with the Securities and Exchange Commission from time to time, which are
available on the Securities and Exchange Commission's Web site at www.sec.gov.
These forward-looking statements are based on current expectations and
speak only as of the date hereof. The company assumes no obligation to
update these forward-looking statements.
About CafePress [PRSS]:
is The World's Customization Engine®. Launched in 1999, CafePress
empowers individuals, groups, businesses and organizations to create,
buy and sell customized and personalized products online using the
company's innovative and proprietary print-on-demand services and
e-commerce platform. CafePress' portfolio of e-commerce websites and
companies includes CafePress.com, CanvasOnDemand.com,
GreatBigCanvas.com, Imagekind.com, InvitationBox.com and
Logosportswear.com. Additionally, CafePress Services drives revenue for
corporate partners by providing turnkey, personalized e-commerce
solutions. For more information click on www.cafepress.com.
Sarah Segal, 650-655-3039
The Blueshirt Group
Alex Wellins, 415-217-5861
Source: CafePress Inc.
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