Collectors Universe, Inc. (NASDAQ: CLCT) (the “Company”), a leading
provider of value-added authentication and grading services to
dealers and collectors of collectibles, today announced the
appointment of Lorraine G. Bardeen to its Board of Directors (the
“Board”), effective immediately. In connection with her
appointment, the Company has entered into a settlement agreement
with Alta Fox Capital Management, LLC (“Alta Fox”), which owns
approximately 5.4% of Collectors Universe’s outstanding shares.
Separately, the Board also announced the appointment of Jennifer
H. Leuer to the Collectors Universe Board of Directors, effective
immediately.
Ms. Bardeen serves as VP and Chief Technology Officer of World
Wide Enterprise and Commercial Industries at Microsoft, where she
acts as a technical and strategy advisor. She brings significant
experience in driving technical innovation and leading teams at a
global organization. Ms. Bardeen will chair a newly formed Strategy
Committee that will explore ways to use technology to enhance value
for customers and shareholders.
Ms. Leuer serves as Chief Executive Officer of CyberScout, a
cybersecurity and identity protection solutions firm. She brings
more than 20 years of strategy and operations experience and has a
strong understanding of how to launch, scale and optimize
businesses. With the appointment of Ms. Bardeen and Ms. Leuer, the
Board will comprise 10 directors, 9 of whom are independent.
The Board has also appointed A.J. “Bert” Moyer as Chairman of
the Board. Mr. Moyer has a deep understanding of the Company,
having served as an independent director since 2003, and brings
significant managerial and financial experience to the role. Bruce
A. Stevens will continue his service to the Board as a director
following the conclusion of his tenure as Chairman. In addition,
two current directors, Deborah A. Farrington and Joseph R. Martin,
have informed the Board that they will not stand for re-election to
the Board at the Company’s 2020 Annual Meeting. The Company thanks
them for their service.
“We are pleased to have Lorraine and Jennifer join our Board as
independent directors,” said A.J. “Bert” Moyer, Chairman of the
Collectors Universe Board of Directors. “As the Company continues
to focus on expanding its technological capabilities, their
combined knowledge and expertise in digital strategy, business
optimization and product development will be beneficial to the
business. We look forward to their contributions.”
“We appreciate the constructive dialogue with Alta Fox over the
past few months and believe that, together, we reached the best
outcome for Collectors Universe and the Company’s shareholders,”
said Joseph J. Orlando, President and Chief Executive Officer of
Collectors Universe. “The agreement announced today further
demonstrates our commitment to taking action to drive additional
value for our stakeholders, including our shareholders. On behalf
of the Board, I want to express my appreciation to Debby and Joe
for their years of leadership and the many contributions they made
to Collectors Universe.”
“We are pleased to reach this agreement,” said Connor Haley,
Managing Partner of Alta Fox. “We remain excited about the future
of Collectors Universe and are confident that this Board and
management team can advance our common goal of increasing
shareholder value.”
Pursuant to the agreement, Alta Fox will vote all of its shares
in favor of each of the Company’s nominees at the 2020 Annual
Meeting and has agreed to certain customary standstill provisions
and voting commitments. The complete agreement will be filed on a
Form 8-K with the Securities and Exchange Commission.
About Lorraine G. Bardeen
Lorraine Bardeen serves as VP and Chief Technology Officer of
World Wide Enterprise and Commercial Industries at Microsoft, where
she bridges technical innovation and creative process to simplify
complex industry solutions. Prior to her current role, Ms. Bardeen
held several managerial roles at Microsoft, including General
Manager of Industry Solutions and Customer Success Dynamics 365 and
Power Platform Engineering, General Manager of Engineering, D365
Mixed Reality and Computer Vision Apps and many more. She started
her career as Senior Associate Consultant at PWC. She holds a
Bachelor of Science in finance from Cornell University.
About Jennifer H. Leuer
Jennifer Leuer serves as Chief Executive Officer of CyberScout,
where she oversees strategy, go-to-market success and product
development. She is also a strategic advisor at joinREACH, a mobile
app committed to rebuilding trust between customers and brands
through mutually beneficial relationships, and a current board
member at BigRentz, Inc. Prior to CyberScout, Ms. Leuer held
various roles at Experian, a multinational consumer credit
reporting company, most recently serving as President of Partner
Solutions, where she transformed the partners solutions business
into a dynamic and fast-growing operating unit. She holds a
Bachelor of Arts in communications from California State
University, Fullerton and a Master of Business Administration from
the University of California, Irvine.
About Collectors Universe
Collectors Universe, Inc. is a leading provider of value-added
services to the collectibles markets. The Company authenticates and
grades collectible coins, trading cards, event tickets, autographs
and memorabilia (“collectibles”). The Company also compiles and
publishes authoritative information about United States and world
coins, collectible trading cards and sports memorabilia, and
operates its CCE dealer-to-dealer Internet bid-ask market for
certified coins and its Expos trade show and conventions business.
This information is accessible to collectors and dealers at the
Company’s website, http://www.collectorsuniverse.com and is also
published in print.
Cautionary Statements Regarding Forward-Looking
Information
This news release contains statements regarding Collectors
Universe’s expectations, beliefs or views about its future
performance, trends in its business and in its markets, and future
opportunities, all of which constitute “forward-looking statements”
as defined in the Private Securities Litigation Reform Act of 1995.
Forward looking statements can often be identified by the use of
words such as “believe,” “expect,” “anticipate,” “intend,” “plan,”
“estimate,” “project,” or future or conditional verbs such as
“will,” “would,” “should,” “could,” or “may.”
Due to a number of risks and uncertainties to which its business
and its markets are subject, Collectors Universe’s future financial
performance may differ, possibly significantly, from expectations
regarding its future financial performance that are expressed in,
or that may be implied or inferred from the discussion of its
operating results in this news release. Those risks and
uncertainties, and their possible impact on Collectors Universe’s
future financial performance, include, but are not limited to, the
following: Collectors Universe’s continued dependence on its coins,
and cards and autographs businesses, which historically have
generated more than 90% of its total consolidated revenues and a
substantial portion of its operating income, which make its
operating results more vulnerable to conditions that could
adversely affect those businesses, such as the volatility of
precious metals prices that could adversely affect its coin
revenues; the risk that the prolonged effects of COVID-19, and the
business closures and travel restrictions that have been imposed in
response to that outbreak, will adversely affect Collectors
Universe’s revenues and operating performance, and could cause it
to incur operating losses and declines in cash flows; the risk that
it may become necessary for Collectors Universe to reduce the
amount of, or suspend or discontinue the payment of cash dividends
in the future, due to conditions or circumstances outside of its
control, such as the continued effects of COVID-19 and resulting
adverse economic or market conditions, as well as its financial
performance and the cash needs of its business in the future; the
risk that domestic or international economic conditions may
deteriorate as a result of events outside of Collectors Universe’s
control, which could lead to reductions in the demand for its
collectibles authentication and grading services and, consequently,
in its revenues and operating results; the risk that the weakness
or volatility of economic conditions will lead to longer-term
changes in the spending habits of consumers and in the availability
and use of credit by smaller businesses, such as collectibles
dealers, to fund purchases of collectibles, which could lead to
longer-term declines in collectibles commerce and, therefore, in
the demand for Collectors Universe’s services; the risks that
claims under Collectors Universe’s coin and trading card
authentication and grading warranties will increase substantially
and that the warranty reserves that it maintains for such claims
will prove to be inadequate, which could cause its gross profit
margin and operating results to decline or cause it to incur
operating losses; the risk that Collectors Universe’s strategies of
offering services in newer geographic areas, such as Europe and
Asia, or potentially investing in new lines of business, will not
be successful in enabling it to improve profitability or may even
cause it to incur significant losses; and the risks and added
complexity of conducting business overseas.
Additional information regarding these risks and other risks and
uncertainties to which its business is subject is contained in Item
1A, entitled “Risk Factors”, in Collectors Universe’s Annual Report
on Form 10-K for its fiscal year ended June 30, 2020, which it
filed with the SEC on August 26, 2020. Readers of this news release
are urged to review the discussion of those risks and uncertainties
in that Report. Also, Collectors Universe’s financial results in
the future may differ from those currently expected due to
additional risks and uncertainties of which it is not currently
aware or which it does not currently view as, but in the future may
become, material to its business or operating results. Due to the
aforementioned risks and uncertainties, readers are cautioned not
to place undue reliance on the forward-looking statements
contained, implied or inferred, in this news release or in
Collectors Universe’s Annual or Quarterly Reports filed with the
SEC, which speak only as of their respective dates. Collectors
Universe disclaims any obligation to update or revise any of the
forward-looking statements contained in this news release or in its
Annual or Quarterly Reports that it has filed with the SEC as a
result of new information, future events or otherwise, except as
may be required by law or NASDAQ rules.
ContactsShelton GroupLeanne K.
Sievers949-224-3874sheltonir@sheltongroup.com
MacKenzie Partners, Inc.Bob
Marese212-929-5405bmarese@mackenziepartners.com
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