Salton (NYSE:SFP)
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Salton, Inc. (NYSE: SFP) announced today that the Board
of Directors has appointed David Maura as a director. David Maura is a
consultant to Harbinger Capital Partners Master Fund I, Ltd. Harbinger
Capital Partners today purchased 30,000 shares of Salton's Series A
Voting Convertible Preferred Stock, which is currently convertible
into approximately 2,647,067 shares of Salton common stock, from
certain affiliates of Centre Partners Management LLC. In connection
with that transaction, Robert A. Bergmann and Bruce G. Pollack,
directors designated by Centre Partners, resigned from the Board of
Directors.
Centre Partners and its affiliates continue to own 544,852 shares
of common stock and 10,000 shares of Series A Voting Convertible
Preferred Stock.
Prior to his consultancy with Harbinger Capital Partners, Mr.
Maura was a Managing Director at First Albany Capital, where he
focused on distressed debt and special situations in the consumer
products & retail sectors of the high yield market. Prior to working
at First Albany, Mr. Maura was a Director in the Global High Yield
Research department of Merrill Lynch & Co. Previously, Mr. Maura was a
Vice President and Senior Analyst with Wachovia Securities. Mr. Maura
earned his Bachelor of Science degree in Business from Stetson
University and is a Chartered Financial Analyst.
Leon Dreimann, Chief Executive Officer, commented "We are very
pleased to have David Maura join our board of Directors. His knowledge
and experience will contribute to our Board as we strive to enhance
stockholder value."
Mr. Maura said "I am very pleased to join Salton's board.
Harbinger Capital Partners understands the dynamics of the small
appliance industry and recognizes the strength of Salton's portfolio
of products and well recognized brand names. I am committed to working
with the Company to capitalize on these strengths and enhance
stockholder value."
About Salton, Inc.
Salton, Inc. is a leading designer, marketer and distributor of
branded, high quality small appliances, electronics, home decor and
personal care products. Its product mix includes a broad range of
small kitchen and home appliances, electronics for the home, time
products, lighting products, picture frames and personal care and
wellness products. The Company sells its products under a portfolio of
well recognized brand names such as Salton(R), George Foreman(R),
Westinghouse(TM), Toastmaster(R), Melitta(R), Russell Hobbs(R),
Farberware(R), Ingraham(R) and Stiffel(R). It believes its strong
market position results from its well-known brand names, high quality
and innovative products, strong relationships with its customer base
and its focused outsourcing strategy.
About Harbinger Capital Partners
Harbinger Capital Partners is focused on restructurings,
liquidations, event-driven situations, turnarounds and capital
structure arbitrage, including both long and short positions in highly
leveraged and financially distressed companies.