BARCELONA, Spain, April 4, 2012 /PRNewswire/ -- Private Media Group, Inc. (the "Company") a leading provider of premium-quality adult entertainment appointed Charles Prast as President, CEO and interim CFO of the group effective immediately. Prast replaces Eric Johnson, the Company's court appointed receiver, who acted in those capacities following the December 15, 2011 suspension of Berth Milton Jr., the Company's prior President and CEO, and the termination of Johan Gillborg, the Company's prior CFO and Treasurer. In connection with the appointment of Mr. Prast, the Company terminated Berth Milton Jr. as an employee of the Company.
Prast will focus on streamlining the capital structure of the Company and increasing sales of the Company's premium quality content across the Company's global distribution channels. Prast commented, "Building on the tremendous efforts by Eric Johnson, the court appointed receiver, in restructuring the Company's business over the past seven months, I aim to ensure that we continue to evaluate the Company's operations with an emphasis on the Company's bottom line."
Prast is an industry veteran with over 10 years experience in adult digital media. He previously served as President and CEO of Private during 2002 and 2003. Prior to joining Private in 2002 Prast, age 45, was a senior corporate financier with Commerzbank Securities in London. Prast has held a variety of senior positions with leading investment banks and has worked closely with digital entertainment companies to enhance shareholder value. Prast received a B.A. degree from Bates College in 1987.
Also joining the Company as Board members are Michael Kotov and John Wirt.
Kotov, age 34, has extensive experience in investment banking. For over ten years he has been involved in equity capital markets, as well as in marketing and sales of equity products for various investment banks in the Netherlands, France, Russia, and Cyprus. Kotov is a graduate of DePaul University in Chicago, where he earned his Bachelor of Science in Finance degree in 2001. Kotov holds a certificate of derivatives trading manager at the pan-European Euronext exchange and is accredited with both CySEC (Cyprus Securities and Exchange Commission) and FSA (Financial Services Authority) in the UK.
Wirt, age 47, presently serves as CEO and General Counsel of Square Ring, Inc., a Florida based boxing promoter. From 1996 until 2008, Wirt served as Assistant General Counsel of Don King Productions, Inc., a boxing promoter, with primary responsibility for content licensing agreements and commercial contract matters. Prior to his employment with Don King Productions, Wirt was an attorney in private practice for seven years with the law firms of Sidley & Austin and Jenner & Bock. Wirt received a Bachelor of Arts Degree from Knox College in 1985 (Phi Beta Kappa, magna cum laude) and a Juris Doctor Degree from the University of Illinois at Champaign-Urbana in 1989 (cum laude). He became a Certified Public Accountant in 1986.
About Private Media Group
Founded in 1965, Private Media Group is a brand-driven leading provider of adult entertainment, operating a global content distribution network with a wide range of platforms including; the Internet, broadcasting via cable, satellite, digital TV and IPTV on 194 platforms in 42 countries, mobile content delivery via 114 network operators in 37 countries and retail sale of DVDs and magazines. The Company owns the worldwide rights to its extensive archive of high-quality content, and also licenses its Private and "Silver Girls" trademarks internationally for a select range of products and services. The Company is the world's preferred content provider of adult entertainment to consumers anywhere, at any time and across all distribution platforms and devices.
Corporate site: prvt.com, consumer site: private.com
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the ability of the Board and management to improve the Company's cash flow and results of operations; and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
For further information please contact:
International Sales Director
Private Media Group
Tel +34 93 620 8090
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SOURCE Private Media Group