Island Pacific Announces Barry Schechter Named Interim CEO and Board Member
Irvine, California, USA – April 22, 2005 – Island Pacific, Inc. (AMEX:IPI) announced today that Barry Schechter has been appointed as its interim Chief Executive and to its Board of Directors. Mr. Schechter was the founder of the company and previously served as the Company’s Chief Executive. Mike Tomczak will remain as President and Chief Operating Officer.
Commenting on the appointment Michael Silverman, Chairman of the Board of the Company, said, “At this critical time for the Company, the Board felt that it needed to appoint a Chief Executive. We have missed our revenue targets and the Board believes that Mike should focus his attention on developing sales while Barry focuses on the financial requirements of the Company and any prospective transactions with other companies.”
Mr. Silverman added, “We are extremely happy that we were able to convince Barry to take up this position. Because of his prior experience with the Company he will quickly get up to speed on what needs to be done to move IPI forward.”
“I am committed to maximizing shareholder value and look forward to working with Mike and his team as well as our investment bankers, Oppenheimer and Co., in achieving this objective,” said Mr. Schechter. “I have invested a lot of my time over the years in IPI and will use my best efforts to make it successful.”
Island Pacific also announced that it expects to report revenues in the range of $6.2 to $6.7 million for the fourth quarter ended March 31, 2005, a reduction of the previous guidance of $8 to $9 million.
About Island Pacific
Island Pacific is a global leader in retail merchandising, store operations, CRM, and multi-channel software solutions. For more than 25 years, Island Pacific has developed a reputation for delivering high-quality, high-value, high-reliability software to the retail industry.
As a result, Island Pacific is a definitive resource for scalable, flexible and affordable solutions for retailers around the world. Incorporating the recently acquired Retail Technologies International (RTI) and Page Digital, Island Pacific serves over 9,000 retail clients in more than 70 countries. Represented in more than 55,000 stores worldwide and available in 15 languages, the company’s technology manages billions of transactions annually under the brand names of Island Pacific Merchandising System™ (IPMS), Retail Pro ®, Synaro®, and Gladiator, and is widely regarded as the thought leader in multi-channel retailing.
The company is headquartered in Irvine, California, and has offices in the United States and the United Kingdom, and is represented by business partners in over 30 countries. For more information, please visit www.islandpacific.com and www.retailpro.com.
Certain statements contained in this news release regarding matters that are not historical facts are forward-looking statements. These statements relate to future events or the Company`s future performance. These statements are only predictions. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed in the Company`s Form 10-KA for the fiscal year ended March 31, 2004 and other risk factors identified from time to time in the Company`s filings with the Securities and Exchange Commission. IPI undertakes no obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events.
CONTACTS:
Danny Zeibert
Island Pacific, Inc.
+1.916.605.7200
Investor Relations Contact:
Barry Schechter
Island Pacific, Inc.
+1.949.399.3816
ir@islandpacific.com
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