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TurboChef Technologies Announces Appointment of J. Thomas Presby, James W.
DeYoung and Sir Anthony Jolliffe as New Board Members
DALLAS, Dec. 3 /PRNewswire-FirstCall/ -- TurboChef Technologies, Inc.
(BULLETIN BOARD: TRBO) announced today that J. Thomas Presby, James W. DeYoung
and Sir Anthony Jolliffe have been appointed to its Board of Directors.
Until his recent retirement on June 1, 2002, Mr. Presby was a senior partner
with Deloitte Touche Tohmatsu. Deloitte is an international accounting and
consulting organization providing auditing, accounting, tax and consulting
services. During his 30 years of partnership, eight of which were spent abroad,
Mr. Presby held a number of positions, including Deputy Chief Executive Officer
of Deloitte & Touche LLP, Deputy Chairman and Chief Operating Officer of
Deloitte Touche Tohmatsu, Chief Executive Officer of Deloitte & Touche Europe,
Chief Executive Officer of Deloitte & Touche Central Europe, and Managing
Partner of Deloitte's Financial Services Center. Mr. Presby is currently a
director of Tiffany & Co., Greenpoint Financial Corp., World Fuel Services
Corporation and the German Marshall Fund of the USA. Mr. Presby received a B.S.
in Electrical Engineering from Rutgers University, a Masters in Industrial
Administration from Carnegie Mellon University Graduate School of Business and
is a Certified Public Accountant. In addition to his activities as a member of
the TurboChef Board, Mr. Presby will serve as Chairman of the Board's Audit
Committee.
Mr. DeYoung is a founder and principal of Winston Partners Incorporated, which
provides strategic corporate advisory, corporate disclosure and investor
relations services to select private and publicly-owned companies. Mr. DeYoung
is also a General Partner of Resource Ventures L.P., a private investment firm
that invests in promising businesses with a strong reliance on technology and
the internet. Prior to forming Winston Partners in 1984, Mr. DeYoung spent
fourteen years with Baxter International, Inc., serving in a senior capacity in
marketing, investor relations, public relations and corporate financial
management functions. Mr. DeYoung is currently a director of several private
companies and is involved with numerous not-for-profit organizations in the
Chicago, Illinois area. Mr. DeYoung received a B.A. degree from Washington and
Lee University and a J.D. degree from Northwestern University School of Law.
Until his retirement from the accounting profession, Sir Anthony Jolliffe was a
Chartered Accountant for 18 years, during which time he grew his accounting firm
into a multi-national operation with offices in 44 countries with over 200
partners. His firm eventually merged with Coopers & Lybrand and Grant Thornton.
Sir Anthony remained a partner in Grant Thornton for two years until he retired
from the accounting profession in 1982. Since that time, Sir Anthony has built
a number of businesses, two of which have been listed on the UK Stock Market.
He is currently involved in several business projects in China, the Middle East,
the United States and the United Kingdom. Sir Anthony has held, and currently
holds, numerous positions with governmental and charitable entities in the
United Kingdom and China, including being a former Lord Mayor of London and the
Chairman of the Special Advisory Board to the Governor of Yunnan Province in
China. Sir Anthony is a former TurboChef Board member who is rejoining the
Board.
Richard E. Perlman, Chairman of the Board of TurboChef, said, "We are delighted
to have additional persons of Tom's, Jim's and Sir Anthony's stature,
reputation, and experience on our Board. This raises the number of outside
independent members of TurboChef's Board of Directors to five out of seven
members, and is part of our effort to raise the standards of our corporate
governance through the use of outside directors. We have endeavored to add
individuals to our Board who can bring value with their experience in specific
areas on which TurboChef intends to focus."
TurboChef also announced that on November 24, 2003, it entered into an amendment
to its Stockholders' Agreement with OvenWorks, LLLP, Jeffrey B. Bogatin and
Donald J. Gogel pursuant to which, among other things, Mr. Bogatin gave up his
right to nominate and elect one member of TurboChef's Board of Directors, and
TurboChef consented to certain sales of TurboChef stock by Mr. Bogatin.
About TurboChef
TurboChef is engaged primarily in designing, developing and marketing its
proprietary rapid cook technologies. TurboChef's proprietary rapid cook ovens,
which require no ventilation, employ a combination of high speed forced air and
microwave energy to "cook to order" a variety of food products at faster speeds
and to quality standards comparable, and in many instances superior to, other
conventional commercial and residential ovens currently available. With its
superior technology and new management team, TurboChef seeks to become the world
leader in rapid cook technologies.
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995:
Certain statements contained in this News Release constitute "forward- looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve a number of known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, but are not limited to new
management becoming familiar with the Company's business, the uncertainty of
market acceptance and demand for the Company's products, the ability to obtain
additional financing necessary to continue operations, the uncertainty of
consumer acceptance of new products or technologies that may be offered by
TurboChef, relationships with and dependence on third-party equipment
manufacturers and suppliers, impact of competitive products and pricing and
other risks detailed in the Company's filings with the Securities and Exchange
Commission. The words "looking forward," "believe," "expect," "likely" and
similar expressions identify forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only for the date the statement was made. TurboChef Technologies, Inc.
undertakes no obligation to update any forward-looking statements contained in
this news release.
DATASOURCE: TurboChef Technologies, Inc.
CONTACT: James A. Cochran, Chief Financial Officer of TurboChef
Technologies, Inc., +1-678-742-5943