International Brands, Inc. Names Dennis C. Hayes As New CEO
Wednesday, April 12, 2OOO
Inventor of PC Modem and Former Chairman of Hayes Corporation Will
Concentrate Efforts on Adding Products, Communities of Interest to
WorldBestBuy.com
SAN DIEGO, Calif., April 12 /PRNewswire/- International Brands, Inc.
(OTC Bulletin Board: IN3R), parent company of Internet retail supersite
WorldBestBuy.com ( www.Worldbestbuy.com ), today announced that Dennis
C. Hayes, corporate executive, inventor of the PC modem, and Internet
industry pioneer, has joined the Company as Chief Executive Officer.
Mr. Hayes, whose intelligent dial modems revolutionized the Internet
landscape, has for the past six years been serving as Chairman of the
U.S. Internet Industry Association, a non-profit trade association which
has been instrumental in shaping U.S. government legislation regarding
Internet public policy and e-Commerce tax law. He has also served as
Chairman of Virtual Resources LLC, a management consulting firm
specializing in financing and management assistance for "dot com" and
high-tech startup companies.
As chairman of Hayes Corporation, Mr. Hayes grew a $5,000 investment
into a $200 million company that became the leader in the modem
industry; along the way, it was twice named one of INC. magazine's Top
10 fastest growing companies in the U.S. Over a 21-year period his
company's products set the standard by which modem compatibility was
measured.
As CEO of International Brands, Mr. Hayes will oversee all company
affairs, and will concentrate his efforts on developing WorldBestBuy.com
as a global brand known for quality products and services. He also
intends to grow the company via introduction of new products, through
strategic acquisition, and by fostering new communities of interest that
both build from, and feed into, WorldBestBuy.com's unique user base.
"In analyzing the potential of WorldBestBuy.com, I saw a brilliant
strategy for growth in the eCommerce marketplace," said Mr. Hayes. "I
believe the job before us is to fully implement that strategy and turn
it into significant shareholder value,
"International Brands and WorldBestBuy.com have grown significantly, to
the point now where it's important to switch gears and create the kind
of organization that will support the next stage of success.
WorldBestBuy.com has gained tremendous visibility through advertising
and promotion, and we need to turn the substantial site traffic
generated by that visibility into new revenue growth."
Mr. Hayes' appointment, which was approved today by the Company's Board
of Directors, will take effect immediately. Initially, the new CEO will
spilt his time between the Company's headquarters in San Diego and his
home in Georgia. Mr. Hayes also plans to spend a significant amount of
time on the road, meeting with business partners and the investment
community.
While details of Mr. Hayes' contract are not being disclosed, he felt it
was important to reveal that more than half his total compensation is in
company stock. "I would like International Brands shareholders to know I
have a vested, active interest in seeing this company grow and thrive,"
Mr. Hayes said.
Hayes Acknowledges Problems, Sees Growth Opportunities
In reviewing the Company's recent history, Mr. Hayes acknowledged the
problems International Brands faces, but does not feel the challenges
are insurmountable. "I haven't seen any problem here that can't be
fixed," he said.
Mr. Hayes also recognized the contribution made by Steven Zubkis, the
Company's founder and former CEO. "I believe it is important not to
ignore the positive contribution made by Steven in the company's past,
as well as his work in positioning it for the future. Steven has
generated the ideas that put WorldBestBuy.com on the map. My job' as I
see it, is to put together the kind of professional and aggressive
management team that can enhance and implement the vision of what this
company can be."
High on the list of company strengths, Mr. Hayes believes, are the
connected communities of interest that make WorldBestBuy.com unique. He
sees the relationship between WorldBestBuy.com and The Jazz Network as a
prime example of a user interest that can feed direct sales
opportunities for WorldBestBuy.com.
In his first days and weeks on the job' Mr. Hayes intends to get up to
speed on International Brands' business relationships, as well as to
gain a better understanding of the Company's overall capabilities and to
clarify and sharpen the Company's business strategy. He stated that the
Company will continue to pursue opportunities for both domestic and
international business development. "We are clearly in the era of the
global economy, and I'm sure the company will focus on a number of items
that can raise value both within and outside the U.S."
Outside Interests will Continue
Mr. Hayes' who is a Charter Inductee of the Georgia Technology Hall of
Fame, plans to continue his duties with Virtual Resources and with the
U.S. Internet Industry Association (www.usiia.org), a group that counts
among its membership such companies as Bell Atlantic, Cisco Systems,
KidzNet, and UPS. He believes that both his advisory positions will
enable him to acquire new ideas and methods which will positively impact
his position with international Brands.
WorldBestBuy.com, as a major Internet retail and auction site, provides
Web users a huge selection of unique and high-quality products from
around the world at deep discount prices. In addition to its WBS Auction
area and brand- name sales departments, sNorld~estBuy.com offers other
classified sales areas called Wheelmonger Auto Auction' Garage Sale, and
World Bazaar, where site visitors can buy or sell personal items ranging
from books, toys, antiques, and jewelry, to automobiles, trucks,
collectibles, furniture, electronics, and china in a non-auction
setting. The site is a major sponsor of NASCAR, Indy Racing League, and
open wheel racing.
San Diego-based International Brands (OTC Bulletin Board: INBR) is the
parent company of WorldBestBuy.corn ( www.worldbestbuy.com ), and has
majority or partial interest in Internet, media, entertainment, and
broadcasting enterprises.
Except for the historical information contained herein, the statements
in this press release are forward-looking statements that involve risks
and uncertainties. Potential risks and uncertainties include, without
limitation, continued competitive pressures in the marketplace; the
effect competitive and economic factors and the Company's reaction to
them may have on consumer and business buying decisions with respect to
the Company's products and services. This press release contains
forward-looking information within the meaning of Section 27A of the
Securities Act of 1933 and Section 21 E of the Securities Exchange Act
of 1934 and is subject to the safe harbors created by these sections.
These forward-looking statements include statements related to potential
prospects of the company. Actual results may differ materially due to a
number of risks. This press release provides general information and
should not be construed as an offer to sell securities. This report is
for informational purposes only and should not be construed as advice or
as meeting the investment needs of any particular investor or designed
to be the basis of any investment decision. For more information'
contact Jill Schmidt, 847-955-0700 ext, 227.
SOURCE International Brands Inc.
CONTACT: Jill Schmidt, 847-955-0700 ext. 227
