Xhibit Corp. Appoints Peter L. Ax and David P. Franke To The Board Of
Xhibit Corp. is joined by senior financial managers and advisors Peter L. Ax
and David P. Franke as Directors Of The Board
TEMPE, Ariz., April 19, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Xhibit Corp.
(OTCQB: XBTC) ("the Company" or "Xhibit"), a leading provider of digital
marketing and advertising solutions, has appointed Messrs. Peter L. Ax and
David P. Franke to the Board of Directors.
Peter L. Ax is the managing partner of Phoenix Capital Management, an
operationally focused venture capital firm. Mr. Ax has served on the boards of
directors of Meritage Homes Corporation since September 2000 and iGo, Inc.
since December 2007 and also serves on the advisory board of Cascadia Capital,
a Seattle-based investment banking and merchant banking firm. He is the former
Chairman and Chief Executive Officer of SpinCycle, Inc., a publicly held
company that formerly engaged in consolidating and developing coin-operated
laundromats. Previously, Mr. Ax served as head of the private equity division
and senior vice president of Lehman Brothers in New York.
Mr. Ax holds an MBA from the Wharton School at the University of Pennsylvania
and a law degree from the University of Arizona, and has been a certified
public accountant. He has also been an accounting instructor at the Wharton
School and serves annually as a judge for the Wharton Business Plan
David P. Franke is an experienced corporate financial manager and is currently
a Principal at Franke & Company, Inc., a private equity investment firm
headquartered in Phoenix, Arizona. The company focuses on local and regional
investment opportunities, as well as real estate transactions.
From 1987 to 1991, Mr. Franke worked for Burns International, which at the
time was one of the largest real estate development companies in the Phoenix
area, with a focus on developing master planned communities. Since 1991, he
has focused on the day-to-day management of Franke & Company, Inc. As the
managing director, he has assessed and underwritten hundreds of investment
opportunities, participated in the negotiations of company investments, and
assisted in the management of various investments within the company
portfolio. These include the management of two company-owned television
stations, a heavy manufacturing operation serving the petro-chemical industry,
investment decisions for numerous co-investments led by other partners of
Franke & Company, as well as significant real estate ventures.
David P. Franke graduated with a B.A. in political science from University of
Washington and received his MBA from Arizona State University.
Xhibit Corp. Chairman, Founder and CEO Chris Richarde commented, "The addition
of Peter Ax and David Franke brings greater diversification to our board and
the Company now has a majority of independent directors, all of whom can
qualify as audit committee financial experts under SEC rules. They both
possess an excellent depth of experience in corporate financial management,
having worked extensively in the asset and fund management fields. They are
very familiar with our business and have personal experience and knowledge of
what it takes to successfully grow and manage a business from the early stage
to the scale of a public company. We are grateful to have them serve on our
board and look forward to their contributions."
About Xhibit Corp.
Xhibit Corp. is a cloud based marketing and technology development company
focused on digital advertising, mobile and social media development, and CRM
(customer relationship management) solutions. Xhibit offers a total solution
for digital advertising and marketing that is integrated throughout its
divisions and shares technology and resources across all of its services.
Through its subsidiaries, Xhibit utilizes its branded products and services to
provide digital marketing and advertising solutions for top tier advertisers
and agency clients.
For more information see http://www.xhibitcorp.com/what-we-do and follow us
Google+ to stay up to date on site and product enhancements.
Michael Schifsky, CFO
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating
to the business of Xhibit Corp. All statements, other than statements of
historical fact, included herein are "forward-looking statements," including
statements regarding the advantages of Xhibit's products and services, market
acceptance of those products and services, the business strategy, plans and
objectives of Xhibit; and any other statements of non-historical information.
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects", "intended" or
similar expressions, involve known and unknown risks and uncertainties.
Although the Company believes that the expectations reflected in these
forward-looking statements are reasonable, they do involve assumptions, risks
and uncertainties, and these expectations may prove to be incorrect. Investors
should not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's actual results
and ultimate corporate actions could differ materially from those anticipated
in these forward-looking statements as a result of a variety of factors,
including, the Company's ability to execute its business plans and maintain
relationships with its customers, the demand for social media and viability of
it for advertising, future contributions by Peter L. Ax and David P. Franke to
the Board, products and services developed by other companies that are
competitive with this form of advertising, market share garnered by
competitors, ability to maintain customer and vendor relationships, experience
and those factors discussed in the Company's periodic reports that are filed
with the Securities and Exchange Commission and available on its website
http://www.sec.gov, among other factors. All forward-looking statements
attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by these factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
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CONTACT: Xhibit Corp.
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