Business Services Industry
CoActive Marketing Group, Inc. Names Marc Particelli Interim Chief Executive Officer
Business Wire, June 19, 2006
NEW YORK -- CoActive Marketing Group, Inc. (NASDAQ: CMKG) announced today that its Board of Directors had accepted the resignation of John Benfield, CoActive's Chief Executive Officer, and has appointed Marc C. Particelli, a member of CoActive's Board of Directors, to serve as CoActive's Chief Executive Officer and Chairman of the Board on an interim basis. Both Mr. Benfield's resignation and Mr. Particelli's appointment will be effective as of July 1, 2006, following the filing of CoActive's Annual Report for its fiscal year ended March 31, 2006, which is expected to occur by the end of June.
CoActive's Board plans to undertake a thorough search for a permanent Chief Executive Officer.
Mr. Particelli, who has been a member of CoActive's Board since February 2005, has extensive industry experience, having served as Chief Executive Officer of Modem Media, a pioneer Interactive marketing services firm, from January 1991 until its acquisition by Digitas in October 2004. Earlier, Mr. Particelli was a partner at Oak Hill Capital Management, a $1.6 billion private equity investment firm, and managing director at Odyssey Partners L.P., a $3.5 billion hedge fund. Prior to entering the private equity business, Mr. Particelli spent 20 years with Booz Allen where he helped create the Marketing Industries Practice and led its expansion across Europe, Asia and South America.
As a result of his appointment as Chief Executive Officer, Mr. Particelli will no longer serve as a member of the Board's Audit Committee.
Mr. Particelli remarked, "We are grateful for all of John Benfield's hard work over the years on behalf of CoActive. He has led the Company since its inception and has helped assemble an exceptional group of people and capabilities working with great clients. The mix of skills within the CoActive group fits with the direction in marketing being taken by the most effective marketing organizations. I am extremely excited to have the opportunity to lead this organization, and I look forward to working with our employees and clients over the coming weeks and months."
About CoActive: CoActive Marketing Group, Inc. is a full-service marketing, sales promotion, and interactive services company that develops and manages integrated marketing, sales and promotional programs at both national and local levels for consumer product companies. The programs are geared towards growing incremental sales and profits by identifying and addressing key trade, sales and consumer trends.
This press release includes statements which constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may vary materially from those expressed or implied by the statements herein. Factors that could cause actual results to differ materially from the Company's expectations are set forth in the Company's Annual Report on Form 10-K/A for the fiscal year ended March 31, 2005 under "Risk Factors," including but not limited to "Unpredictable Revenue Patterns," "Customers," "Competition," "Outstanding Indebtedness; Security Interest," "Need for Additional Funding," "Recent Loss," "Dependence on Key Personnel," "Risks Associated with Acquisitions," "Expansion Risk," and "Control by Executive Officers and Directors" and include the risk that projected business opportunities will fail to materialize or will be delayed. The Form 10-K may be obtained by accessing the database maintained by the Securities and Exchange Commission at http://www.sec.gov.
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