NEW YORK, May 12 /PRNewswire/ --
Escala Group (Nasdaq: ESCL), a global collectibles company in stamps, coins, and art and antiques, today announced that it has appointed Matthew M. Walsh as Executive Vice President and Chief Financial Officer. Mr. Walsh succeeds Larry Crawford, who is leaving to pursue other interests after a transition period.
Jose Miguel Herrero, chief executive officer of Escala, commented: "I am pleased to report such a positive move forward for the company during this challenging period for Escala. Matt's appointment, after a lengthy search process since I came on board, further strengthens the executive management team at Escala. With his unique combination of experience covering treasury, operating finance, turnarounds, M&A, and integrating acquired businesses, he will assist Escala in achieving our corporate objectives."
Walsh has a strong background in corporate finance and accounting with a proven track record managing and advising public companies. Before joining Escala, Mr. Walsh spent nine years with GenTek Inc. and its predecessor company in a series of increasingly responsible financial positions, culminating with his nomination as Vice President and Chief Financial Officer. GenTek Inc. is a publicly traded, diversified, industrial manufacturer. As CFO of GenTek, Mr. Walsh was responsible for managing all financial activities of the company, including accounting, tax, treasury, risk management, information technology and internal controls, which included Sarbanes Oxley compliance. Mr. Walsh has been involved in numerous financings and M&A transactions. He also was instrumental in leading the turnaround strategy following the company's emergence from Chapter 11, including selling non-core assets and streamlining SG&A. Prior to working at GenTek, Mr. Walsh served in various financial and operating roles with GAF Corporation, M&T Bank Corporation, and Chevron Corporation.
Commenting further, Mr. Herrero added, "On behalf of all Escala employees, I would like to thank Larry Crawford for helping to effect a smooth transition to our new CFO, and wish him the best with his future goals."
About Escala Group, Inc.
Escala Group is a global network of leading companies in the collectibles market with operations in North America, Europe and Asia as well as on the Internet. The company operates through a number of subsidiaries that specialize in various sectors of the collectibles markets, and is comprised of three business areas: auctions, merchant/dealer operations and trading.
Escala Group's North American auction and retail operations include Greg Manning Auctions division, Ivy & Manning Philatelic Auctions, Greg Manning Galleries, Greg Martin Auctions, Teletrade, Nutmeg Stamp Sales, Superior Sports, Bowers and Merena Auctions, North American Certified Trading, and H.R. Harmer. In Europe, the leading auction houses affiliated with the network are Auctentia Subastas (Afinsa Auctions) of Madrid, Spain; Corinphila Auktionen of Zurich, Switzerland; and the Koehler group of auction companies of Berlin and Wiesbaden, Germany. In Asia, Escala Group's auction operations are conducted through John Bull Stamp Auctions, Ltd, the oldest philatelic auction house in Hong Kong.
Merchant/dealer activities are conducted through Greg Manning Auctions and Central de Compras Coleccionables, S.L. of Madrid, and through Spectrum Numismatics International, one of the largest wholesalers of rare coins in the U.S. Afinsa is Escala Group's majority shareholder.
The trading activities of Escala Group are conducted through A-Mark Precious Metals, one of the largest private sellers of bullion coins and bullion gold, silver and platinum to the wholesale marketplace.
SAFE HARBOR
Statements contained in this presentation that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that may cause such differences include changes in market conditions, changes in economic environment, competitive factors and the other factors discussed in the "forward-looking information" or "risk factors" sections included in ESCL's filings with the Securities and Exchange Commission, including ESCL's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, prospectuses and other documents that ESCL has filed with the Commission. In particular, any statement related to ESCL's expected revenues or earnings or ESCL's being well positioned for future profitability and growth are forward-looking statements.
The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. ESCL undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
(ESCL)
Perry Hall, Senior Vice President, Corporate & Brand Communications of Escala Group, +1-212-421-9400, or phall@escalgroup.com
