SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 1, 2000
AAI.FOSTERGRANT, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Rhode Island 05-0419304
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(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification No.)
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500 George Washington Highway, Smithfield RI 02917
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(Address of Principal Executive Offices) (Zip Code)
(401) 231-3800
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(Issuer's Telephone Number, Including Area Code)
Item 5. Other Events
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On February 1, 2000, John Ranelli was elected President and Chief Executive
Officer of the Company. Mr. Ranelli joined the Company in September 1999 as
President and Chief Operating Officer. Gerald F. Cerce will remain as Chairman
of the Board of Directors of the Company.
Item 7. Financial Statements and Exhibits
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(a) Press Release issued on February 1, 2000
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AAi.FOSTERGRANT, Inc.
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(Registrant)
Date: February 2, 2000 By: /s/John Ranelli
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John Ranelli, President and CEO
Exhibit A
PRESS RELEASE
AAi.FosterGrant, INC. ANNOUNCES ELECTION OF
NEW CHIEF EXECUTIVE OFFICER
Smithfield, Rhode Island (February 1, 2000) AAi.FosterGrant, Inc. today
announced that as part of its ongoing management restructuring, John Ranelli has
been elected as President and Chief Executive Officer of the Company. Mr.
Ranelli joined the Company in September of 1999. In announcing the change,
Gerald F. Cerce, Chairman, stated "I am pleased that John has agreed, at my
request, to take on the role of Chief Executive Officer. As a result, I will be
able to concentrate on the Company's overall strategic direction and to work
more closely with our customers without having to be burdened by the day-to-day
responsibilities of operating the Company." Mr. Ranelli stated "I am delighted
to have the opportunity to become the Chief Executive Officer of
AAi.FosterGrant, Inc. I believe the steps Jerry and I have taken over the last
several months position the Company for an improvement in its overall financial
performance. Freeing up Jerry's time to concentrate on our future strategic
direction will be a great advantage to us as we go forward."
This press release contains forward-looking statements that involve a
number of risks and uncertainties. Important factors that could cause actual
results to differ materially from those indicated by such forward-looking
statements include the risks set forth in the Company's Form 10-K filed with the
SEC on April 2, 1999.
AAi.FosterGrant, Inc., is a value-added distributor of optical
products, costume jewelry, watches, clocks and other accessories to mass
merchandisers, variety stores, chain drug stores and supermarkets in North
America and the United Kingdom. The Company sells its products in over 30,000
retail locations under its own brand names such as Foster Grant(R) as well as
customers' private labels.
AAi.FosterGrant, Inc. is headquartered in Smithfield, Rhode Island with
offices in New York City, New York; Bentonville, Arkansas; Toronto, Canada and
Newcastle Under Lyme Staffordshire, United Kingdom. Foster Grant is a registered
trademark of AAi.FosterGrant, Inc.
CONTACT: Gerald F. Cerce
(401) 231-3800
