Iparty (AMEX:IPT)
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iParty Corp. (AMEX: IPT), a party goods retailer that
operates 50 iParty retail stores, today announced that Mr. Robert W.
Jevon, Jr. has rejoined its Board of Directors. Mr. Jevon was elected
today by the Board of Directors to fill a vacancy resulting from the
previously disclosed resignation of a director on March 13, 2006. Mr.
Jevon will hold office for the unexpired term of his predecessor until
the next meeting of shareholders at which time it is expected that he
will be the nominee for election to the Board of Directors by holders
of iParty's Series C convertible preferred stock.
Mr. Jevon had previously been a director of iParty Corp. from
February 2000 to June 2001. Since 2000, Mr. Jevon has been a Partner
of Boston Millennia Partners, LP, a venture capital firm, which,
together with its affiliates, owns all of the shares of iParty's
Series C convertible preferred stock. The holders of iParty's Series C
preferred stock are entitled to elect one member of iParty's Board of
Directors. Boston Millennia had not exercised this contractual right
since June 2001 when Mr. Jevon left the Board, but had informed iParty
in February 2006 that it intended to do so this year.
From 1997 to 2000 when he was promoted to Partner, Mr. Jevon was a
Principal of Boston Millennia. His primary investment focus is
business services, health care and life sciences. Mr. Jevon currently
serves on the Board of Directors of Galt Associates, Inc., Athenix
Corp., and Novalar Pharmaceuticals, Inc. Mr. Jevon's past investments
include eMed (sold to Cedara Software), HotJobs (sold to Yahoo),
Proteome, (sold to Incyte) and Netifice. Prior to joining Boston
Millennia, Mr. Jevon was a Venture Affiliate of Boston Capital
Ventures from 1995 to 1996 and a Principal of Watch Hill Corporation
from 1993 to 1995. From 1989 to 1992, he was the Controller of Bolt
Beranek & Newman's Communications Division. He is a graduate of
Haverford College and holds an M.B.A. from Amos Tuck School at
Dartmouth College.
Mr. Jevon commented, "I am delighted to come back onto iParty's
Board of Directors. I have great respect for this company and the
incredible amount it has accomplished over the past several years.
iParty has proven that it can grow its business, be a leader in the
industry, and compete strongly in the markets where it operates. The
company's fundamental business model has proven itself to be sound and
capable of supporting growth. I believe that the other members of
iParty's Board of Directors and its senior management bring together
an enviable set of financial, retail, and investment expertise. I look
forward to working with them as a team committed to building
shareholder value."
Sal Perisano, Chairman and Chief Executive Officer of iParty
Corp., commented, "We are pleased to welcome back Rob Jevon to our
Board of Directors. His wide-ranging financial experience, proven
investment track record, and long-standing relationship with iParty
are great assets for us. We look forward to valuable contributions
from his considerable expertise and seasoned business judgment."
About iParty Corp.
Headquartered in Dedham, Massachusetts, iParty Corp. (AMEX: IPT -
news) is a party goods retailer that operates 50 iParty retail stores
and licenses the operation of an Internet site for party goods and
party planning at www.iparty.com. iParty's aim is to make throwing a
successful event both stress-free and fun. With over 20,000 party
supplies and costumes and an online party magazine and party-related
content, iParty offers consumers a sophisticated, yet fun and
easy-to-use, resource with an extensive assortment of products to
customize any party, including birthday bashes, Easter get-togethers,
graduation parties, summer barbecues, and, of course, Halloween.
iParty aims to offer reliable, time-tested knowledge of party-perfect
trends, and superior customer service to ensure convenient and
comprehensive merchandise selections for every occasion. Please visit
our site at www.iparty.com.
Safe harbor statement under the Private Securities Litigation
Reform Act of 1995: This release contains forward-looking statements
that are based on our current expectations, beliefs, assumptions,
estimates, forecasts and projections, including those about future
store openings, future expectations of profitability and the industry
and markets in which iParty operates. The statements contained in this
release are not guarantees of future performance and involve certain
risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what
is expressed in such forward-looking statements, and such statements
should not be relied upon as representing iParty's expectations or
beliefs as of any date subsequent to the date of this press release.
Important factors that may affect future operating results include,
but are not limited to, economic and other developments such as
unseasonable weather, that affect consumer confidence or consumer
spending patterns, particularly those impacting the New England
region, where 45 of our 50 stores our located, and particularly during
the Halloween season, which is our single most important season;
intense competition from other party supply stores and stores that
merchandise and market party supplies, including big discount
retailers, dollar store chains, and temporary Halloween merchandisers;
the failure of any of our systems, including, without limitation, our
newly-installed point-of-sale system and our existing merchandise
management system, the latter of which was developed by a vendor who
is no longer in business and which we are considering replacing in the
upcoming twelve months; the success or failure of our efforts to
implement our business growth and marketing strategies; our inability
to obtain additional financing, if required, on terms and conditions
acceptable to us; rising oil and gas prices which impact prices of
petroleum-based/plastic products, which are a key raw material in much
of our merchandise, affect our freight costs, and affect consumer
confidence and spending patterns; third-party suppliers' failure to
fulfill their obligations to us; the availability of retail store
space on reasonable lease terms; compliance with evolving federal
securities, accounting, and stock exchange rules and regulations
applicable to publicly-traded companies listed on the American Stock
Exchange. For a discussion of these and other risks and uncertainties
which could cause actual results to differ from those contained in the
forward-looking statements, see "Cautionary Statements and Risk
Factors" in iParty's most recently filed Annual Report on Form 10-K
and "Factors That May Affect Future Results" in iParty's most recently
filed Quarterly Report on Form 10-Q.