IRVINE, Calif., Feb. 26 /PRNewswire-FirstCall/ -- Gateway, Inc. (NYSE:
GTW) today announced that Dave Russell, executive vice president and
managing director of Avalon Energy, has joined Gateway's Board of
Directors. With Russell's addition, Gateway has now expanded its Board to
ten directors.
"We are pleased to add Dave's expertise to Gateway's Board," said Rick
Snyder, Chairman of Gateway's Board of Directors. "An accomplished
technology executive, his appointment gives the Board added experience in
the critical areas of product development, supply-chain management and
logistics."
Russell, 43, is the executive vice president of Avalon Capital Group,
Inc. and managing director of Avalon Energy. Avalon Energy is a division of
Avalon Capital Group, Inc., a private company controlled by Ted Waitt, the
co-founder and a significant stockholder of Gateway, Inc. From 1988 until
he joined Avalon in 2005, Mr. Russell worked in a variety of capacities for
Gateway, most notably as general manager of digital television products
from June 2003 to June 2004; senior vice president of partner management
from January 2001 to May 2003; and vice president of supply management from
1999 to May 2000. Russell is also on the Board of Directors of privately
held Amazing Mail.com, a web based direct marketing company located in
Scottsdale, Ariz.
Russell was appointed to the Board as part of the previously announced
agreement with an investor group led by Firebrand Partners, in which
Gateway agreed to appoint an additional director, mutually acceptable to
the Company and the investor group, to its Board by February 28, 2007.
Russell will be nominated for election by stockholders in connection with
the Company's 2007 Annual Meeting of Stockholders.
The Company also announced that it filed its Annual Report on Form 10-K
for the year ended December 31, 2006. Gateway's final net income was $9.6
million, or 3 cents per diluted share, rather than a net income of $6.9
million, or 2 cents per diluted share, as reported in its preliminary
earnings release on February 8, 2007. The increase in net income reflects
the final disposition of certain tax matters arising from Gateway's
European operations prior to 2002.
About Gateway
Since its founding in 1985, Irvine, Calif.-based Gateway (NYSE: GTW)
has been a technology pioneer, offering award-winning PCs and related
products to consumers, businesses, government agencies and schools. Gateway
is the third largest PC company in the U.S. and among the top ten
worldwide. The company's value-based eMachines brand is sold exclusively by
leading retailers worldwide, while the premium Gateway line is available at
major retailers, over the web and phone, and through its direct and
indirect sales force. See http://www.gateway.com for more information.
Special note
This press release contains forward-looking statements that involve
risks and uncertainties, as well as assumptions that, if they do not
materialize or prove incorrect, could cause Gateway's results to differ
materially from those expressed or implied by such forward-looking
statements. All statements, other than statements of historical fact, are
statements that could be forward-looking statements, including any
projections or preliminary estimates of earnings, revenues, or other
financial items; any statements of plans, strategies and objectives of
management for future operations; the extent of seasonal changes in demand;
any statements regarding proposed new products, services or developments;
any statements regarding future economic conditions or performance;
statements of belief and any statement of assumptions underlying any of the
foregoing. The risks that contribute to the uncertain nature of these
statements include, among others, risks related to shifting our
distribution model to third-party retail; competitive factors and pricing
pressures, including the impact of aggressive pricing cuts by larger
competitors; general conditions in the personal computing industry,
including changes in overall demand and average selling prices, shifts from
desktops to mobile computing products and information appliances and the
impact of new microprocessors and operating software; the ability to
simplify the Company's business, change its distribution model and
restructure its operations and cost structure; component supply shortages;
short product cycles; the ability to access new technology; infrastructure
requirements; risks of international business; foreign currency
fluctuations; risks relating to new or acquired businesses, joint ventures
and strategic alliances; risks related to financing customer orders;
changes in accounting rules; the impact of litigation and government
regulation generally; inventory risks due to shifts in market demand; the
impact of employee reductions and management changes and additions; and
general economic conditions, and other risks described from time to time in
Gateway's Securities and Exchange Commission periodic reports and filings.
Gateway assumes no obligation to update any forward-looking statements to
reflect events that occur or circumstances that exist after the date on
which they were made.
SOURCE Gateway, Inc.
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Related links:
http://www.gateway.com/
CONTACT:
media, David Hallisey, +1-949-471-7703,
david.hallisey@gateway.com, or investor, Marlys Johnson,
+1-605-232-2709, marlys.johnson@gateway.com, both of Gateway,
Inc.; or Joele Frank or Barrett Golden, both of Joele Frank,
Wilkinson Brimmer Katcher, +1-212-355-4449, for Gateway, Inc.
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