PFSweb to Appoint Benjamin Rosenzweig to Board of Directors
ALLEN, Texas -- May 15, 2013
PFSweb, Inc. (Nasdaq: PFSW), an international provider of end-to-end eCommerce
solutions, today announced that, after discussions with representatives of
Privet Fund LP, the Company’s Board of Directors (the “Board”) has voted to
appoint Benjamin Rosenzweig as a director of the Board effective immediately.
The Board will also nominate Mr. Rosenzweig for election as a director in the
Company’s proxy statement for its 2013 annual meeting of stockholders in
connection with a settlement and standstill agreement entered into on May 15,
2013 with Privet Fund LP, Privet Fund Management LLC, Ryan Levenson and
Benjamin Rosenzweig (the “Privet Group”). Mr. Rosenzweig will also be
appointed to the Nominating Committee and Special Committee of the Board.
Mr. Rosenzweig, 28, is currently an analyst at Privet Fund Management LLC.
Prior to joining Privet in 2008, Mr. Rosenzweig served as an Investment
Banking Analyst in the Financial Restructuring Group of Alvarez & Marsal
Corporate Finance where he performed financial analysis and due diligence for
M&A, capital raisings and advisory engagements across multiple industries. Mr.
Rosenzweig graduated magna cum laude from Emory University with a Bachelor of
Business Administration degree in Finance and a Bachelor of Arts in Economics.
A copy of the settlement and standstill agreement will be filed with the
Securities and Exchange Commission by the Company on a Current Report on Form
About PFSweb, Inc.
PFSweb is engaged by iconic brands to enable and manage customized eCommerce
and omni-channel commerce initiatives. PFSweb’s iCommerce Hub(SM) technology
ecosystem offers retailers a multi-channel order management system that allows
partner/client data integration and international payment processing. PFSweb’s
iCommerce Professional Service(SM) provides interactive marketing services,
eCommerce web site development and support services, IT development services,
content management, customer intelligence and relationship and account
management services. PFSweb’s iCommerce Centers of Excellence(SM) provides
global fulfillment and logistics, high-touch customer care, client financial
services and technology hosting.
Together, PFSweb’s iCommerce Solutions allows for international reach and
expertise in both direct-to-consumer and business-to-business initiatives.
PFSweb supports organizations across multiple industries including Procter &
Gamble, L’Oreal, LEGO, Columbia Sportswear, Sorel, Carter’s, AAFES, Riverbed,
Ricoh, Hawker Beechcraft Corp, Roots Canada Ltd., Diageo, BCBGMAXAZRIA,
BCBGENERATION and HERVÉ LÉGER BY MAX AZRIA. PFSweb is headquartered in Allen,
TX with additional locations in Tennessee, Mississippi, Canada, Belgium, and
To find out more about PFSweb (NASDAQ: PFSW), visit the company’s website at
The matters discussed herein consist of forward-looking information under the
Private Securities Litigation Reform Act of 1995 and is subject to and
involves risks and uncertainties, which could cause actual results to differ
materially from the forward-looking information. PFSweb’s Annual Report on
Form 10-K for the year ended December 31, 2012 and Quarterly Report on Form
10-Q for the three months ended March 31, 2013 identify certain factors that
could cause actual results to differ materially from those projected in any
forward looking statements made and investors are advised to review the Annual
and Quarterly Reports of the Company and the Risk Factors described therein.
PFSweb undertakes no obligation to update publicly any forward-looking
statement for any reason, even if new information becomes available or other
events occur in the future. There may be additional risks that we do not
currently view as material or that are not presently known.
Chief Executive Officer
Thomas J. Madden
Chief Financial Officer
KCSA Strategic Communications
Todd Fromer, 212-896-1215
Garth Russell, 212-896-1250
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