Syntax-Brillian Corp (MM) (NASDAQ:BRLC)
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Syntax-Brillian Corporation (Nasdaq:BRLC), a leading manufacturer
and marketer of LCD HDTVs, digital cameras and consumer electronics
products, today announced a series of changes to its senior management
and Board of Directors.
The Board of Directors has appointed Greg Rayburn Interim Chief
Executive Officer, effective June 4, 2008. Mr. Rayburn will, on an
interim basis, replace James Ching Hua Li, who will take an indefinite
leave of absence from the Company to address personal issues. Under
Board approval granted on June 4, 2008, Mr. Li will be compensated
according to the original terms and conditions of his employment
agreement during his leave of absence and will continue to serve as a
director of the Company.
Mr. Rayburn, 49, was formally appointed Syntax-Brillian’s
Interim Chief Operating Officer on April 16, 2008 and is a Senior
Managing Director and the Practice Leader of FTI Palladium Partners, the
interim management practice of FTI Consulting, Inc. Mr. Rayburn
previously served as Chief Executive Officer of International
Outsourcing Services, LLC from 2007 to 2008; Chief Executive Officer of
Muzak Holdings LLC from 2005 to 2006; Chief Operating Officer of
aaiPharma Inc. from 2004 to 2005; Chief Restructuring Officer of
WorldCom, Inc. from 2003 to 2004; and Chief Executive Officer of
Sunterra Corporation from 2000 to 2002. Mr. Rayburn received his
Bachelor of Science degree in business and marketing and his Master of
Accounting degree from the University of Alabama.
The terms of the Engagement Letter the Company entered into on April 8,
2008 with FTI Consulting, Inc. providing for Mr. Rayburn’s
services as Interim Chief Operating Officer remain unchanged except for
the change in his position. This Engagement Letter also provides for the
services of other temporary employees to support Mr. Rayburn in his role
and in the accomplishment of specific objectives in support of the
previously announced operational turnaround plan. The Company will
compensate FTI Consulting, Inc. at its standard hourly rates for Mr.
Rayburn’s services, and Mr. Rayburn will
report directly to the Board of Directors.
The Company also announced the resignation of Man Kit (Thomas) Chow as a
director of the Company, effective May 28, 2008, and the resignation of
Christopher C.L. Liu as a director of the Company, effective May 30,
2008. The changes are part of Syntax-Brillian’s
efforts to refine its corporate governance structure, which includes
adjustments to the size of its Board of Directors. The Board will now
consist of two executive directors and six independent directors.
About Syntax-Brillian
Syntax-Brillian Corporation (www.syntaxbrillian.com)
is one of the world's leading manufacturers and marketers of LCD HDTVs,
digital cameras, and consumer electronics products. The Company's lead
products include its Olevia(TM) brand (www.Olevia.com)
high-definition widescreen LCD televisions -- one of the fastest growing
global TV brands -- and Vivitar brand (www.vivitar.com)
digital still and video cameras. Syntax-Brillian has built an Asian
supply chain coupled with an international manufacturing and
distribution network to support worldwide retail sales channels and
position the Company as a market leader in consumer digital
entertainment products.
Forward-looking Statements:
Certain statements contained in this press release may be deemed to be
forward-looking statements under federal securities laws, and
Syntax-Brillian intends that such forward-looking statements be subject
to the safe harbor created thereby. Syntax-Brillian cautions that these
statements are qualified by important factors that could cause actual
results to differ materially from those reflected by the forward-looking
statements contained herein. Such factors include changes in markets for
the Company's products; changes in the market for customers' products;
the failure of the Company's products to deliver commercially acceptable
performance; the ability of the Company's management, individually or
collectively, to guide the Company in a successful manner; and other
risks detailed in Syntax-Brillian's Annual Report on Form 10-K for the
fiscal year ended June 30, 2007 and subsequent filings with the
Securities and Exchange Commission.
Brillian and Vivitar are trademarks or registered trademarks of
Syntax-Brillian Corporation. All other trademarks are the property of
their respective owners.