Steven Zubkis to Step Down as President CEO of WorldBestBuy.com, Parent
Company International Brands, Inc.
Company Founder to Remain as interim Chairman of the Board Pending
Nationwide Search For Replacement
SAN DIEGO, Calif., March 14 /PRNnewswire/ -- International Brands, Inc.,
(OTC Bulletin Board; INBR), parent company of WorldBestBuy.com
(www.worldbestbuy.com), today announced the resignation of Steven
(Vladisisv) Zubkis as the company's President and Chief Executive
Officer. Mr. Zubkis will also resign his duties as President and CEO of
International Brands' wholly owned subsidiary, Internet e-commerce
company WorldBestBuy.com, pending the completion of a nationwide search
for a new chief executive for both companies.
Until the search for a new company CEO is complete, Mr. Zubkis will
remain with International Brands as Interim Chairman of the Board.
Mr. Zubkis' resignation follows a favorable decision by U.S. District
Judge John G. Koeltl on March 2, 2000 regarding a pending settlement of
charges filed against Mr. Zubkis by the U.S. Securities and Exchange
Commission. The charges concerned allegations of improprieties in
security sales by agents employed by Mr. ZuLkis when he was an officer
of a previous company, and were in no way connected to International
Brands, Inc. or WorldBestBuy.com.
"For some time i have believed it would be in the best interests of the
shareholders, employees, and customers of International Brands, Inc.,
and WorldBestBuy.com that I resign as President and Chief Executive,"
said Mr. Zubkis. "However, I felt that it was necessary to fight for a
favorable resolution before taking that step. Now that there is some
light at the end of this tunnel, it is time for me to turn control of
the company over to a new leader who will guide the futures of both
companies.
"While this has been a painful period for me personally, I wish to
reassure the shareholders in International Brands that the company
remains financially viable and committed to its future success, both
with WorldBestEluy.com and with its other operating companies. The Board
of Directors and I look forward to naming successors who will guide
International Brands professionally and Competently in the future," Mf.
Zubkis said.
A search for a new President and CEO, as well as other members of a new
management team, is already being undertaken by the Board of Directors
of International Brands. Those appointments will be announced as soon as
the Board completes its selection process and confirms the appointments.
About WorldBestBuy.com.:
San Diego-based WorldBestBuy.com is a wholly-owned division of
International Brands, Inc. (OTC Bulletin Board: INBR)' a publicly-traded
technology company with majority or partial interests in Internet,
media, entertainment, and broadcasting enterprises.
For more information, contact Kellie Fitzgerald of International Brands,
Inc., 800-420-5282.
SOURCE WorldDestBuy.com
CONTACT: Kellie Fitzgerald of International Brands, Inc., 800-420-5282
