Intertainment (TG:ITN)
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InterTAN Retains Spencer Stuart To Conduct Search For Director Candidates;
Announces Change To Fiscal Year End
TORONTO, Dec. 5 /PRNewswire-FirstCall/ -- InterTAN, Inc. (NYSE: ITN; TSX: ITA),
a leading consumer electronics retailer of both private label and
internationally branded products, announced today that the Company had retained
the services of Spencer Stuart, a pre-eminent executive search firm, to conduct
a search for appropriate candidates to join the Company's Board of Directors.
As previously announced, the Company intends to expand its board through the
addition of two directorships. In order to qualify, potential candidates must
be Canadian residents, satisfy the New York Stock Exchange's criteria for
"independent directors" and not be related to or affiliated with any officer or
director of the Company or certain other entities and individuals.
Any shareholder wishing to suggest candidates may contact Spencer Stuart at the
email address: .
The Company also announced today that the Board of Directors resolved to change
the fiscal year end of the Company to March 31 from June 30 to better reflect
the Company's operational business cycle. Accordingly, the next fiscal year end
for the Company will be March 31, 2004.
Additionally, concerning the Company's plan to effect an inversion to Canada as
announced in its press release of November 3, 2003, the Company confirms that it
is continuing its efforts in that regard and, subject to the conditions set
forth in such release, anticipates that the inversion could be completed as
early as the end of April 2004.
InterTAN, Inc., headquartered in Toronto, operates through approximately 980
company retail stores and dealer outlets in Canada under the trade names
RadioShack(R), Rogers AT&T Wireless Communications Express(R), and Battery
Plus(R).
Certain information disclosed in this press release, including, among others,
statements regarding the Company's future performance, and the Company in
general, constitutes forward-looking statements that involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include, but are not
limited to, consumer demand and preferences, product availability, development
of new technology, general economic conditions, and other risks indicated in
filings with the Securities and Exchange Commission such as the Company's
previously filed periodic reports, including its Annual Report on Form 10-K for
the 2003 fiscal year. In particular, there can be no assurances that the
strategic transaction referred to above in respect of the inversion of the
Company to Canada will be effected.
DATASOURCE: InterTAN, Inc.
CONTACT: James P. Maddox, C.A., Vice President and Chief Financial
Officer, of InterTAN, Inc., +1-705-728-7111
Web site: http://www.intertan.com/