Advanced Marketing Services, Inc. Announces Appointment of Marc E. Ravitz to the Board of Directors
Meeting of Stockholders Adjourned to February 23, 2007
SAN DIEGO--(BUSINESS WIRE)--Advanced Marketing Services, Inc. (Pink Sheets®: MKTS) (“the Company”), a leading provider of customized merchandising, wholesaling and contract distribution services, today announced that the Company’s Board of Directors has appointed Marc E. Ravitz, CFA, as a director of the Company.
“I look forward to working with the other members of the Board and management to chart a positive course for the Company.”
Mr. Ravitz is Executive Vice President of Grace & White, Inc., an investment advisory firm which, together with certain other affiliated entities and persons, controls approximately 12% of the Company’s common stock.
“Marc’s firm has been a stockholder for many years. We’re pleased that he has joined the Board, and we look forward to his contributions,” said Robert F. Bartlett, the Chairman of the Board.
Mr. Ravitz stated: “I look forward to working with the other members of the Board and management to chart a positive course for the Company.”
The Company also announced that the Company’s meeting of stockholders, which was scheduled to be conducted on January 24, 2007, was adjourned until 8:00 a.m. Pacific Standard Time on February 23, 2007, at the Company’s offices in San Diego, California. The meeting was adjourned because less than a majority of the Company’s shares outstanding and entitled to vote were represented at the meeting. The record date for the meeting remains December 26, 2006, and only stockholders of record as of the close of business on that date will be entitled to vote at the meeting.
The Company filed a petition pursuant to chapter 11 of the Bankruptcy Code on December 29, 2006, and is conducting business as a debtor in possession.
ABOUT ADVANCED MARKETING SERVICES
Headquartered in San Diego, California, the Company is a leading provider of customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The Company has operations in the U.S., Mexico, the United Kingdom and Australia and employs approximately 1,200 people worldwide. The Company provides a wide range of value-added services that provide its retailer customers with book buying advice, promotional support and expert supply chain management, to ensure the success of their book programs. The Company's proprietary Vendor Managed Inventory (VMI) software is a unique tool that allows its book specialists to manage efficiently and effectively the book distribution supply chain for the benefit of its membership warehouse club customers. Publishers Group Worldwide (PGW), an alliance of the Company’s global contract distribution operations, provides independent publishers with exclusive full service English language sales and distribution services.