OCEANSIDE, N.Y., March 2, 2011 /PRNewswire/ -- Xsovt Brands, Inc. (OTC Bulletin Board : XSVT ), an exciting new lifestyle brand and footwear company, today announced that it filled a key senior executive position with the hiring of Stephen R. Brown as Executive Vice President, Chief Financial Officer, Treasurer and Secretary.
Xsovt Brands, Inc. was created on January 26, 2011 when the company acquired Oceanside, New York-based Xsovt, LLC.
Mr. Brown joins a growing senior executive management team at Xsovt, which now includes Mr. Brown, Arte Nathan as Executive Vice President and Chief People Officer and Avi Koschitzki, Xsovt's founder, President and Chief Executive Officer. Xsovt's other key managerial hires have included Jeanne McPhillips Dolan as Vice President of Strategy and Planning.
Mr. Brown's near term goals will include the establishment of Xsovt's public company accounting and finance functions, implementation of corporate governance programs and assisting the entire Xsovt team with the development and anticipated August 2011 launch of Xsovt's new footwear line, as well as, the general rollout of Xsovt's brand, operations and information technology systems.
Mr. Brown brings a wealth of relevant accounting, finance, strategic and senior management experience to Xsovt. He spent the majority of his career with IDT Corporation (NYSE : IDT ), mostly serving as its CFO, where over 15 years he developed an extensive and diversified background, from playing a significant role in IDT's initial public offering in 1996 to helping grow IDT from a $10 million annual run-rate to an annual run-rate in excess of $1.5 billion. Mr. Brown led a team that conducted multiple securities offerings consisting of both equity and debt and was instrumental in the process of moving IDT from NASDAQ to the New York Stock Exchange. During his tenure, Mr. Brown also served on IDT's Executive Committee as well as IDT's Board of Directors, and also founded an IDT venture that was ultimately sold to Liberty Media for a large profit in a transaction valued in excess of $450 million.
Importantly, while with IDT, Mr. Brown was widely respected by senior management, colleagues and staff for creating teamwork environment and fostering a professionally enjoyable work atmosphere. These qualities are highly complimentary to Xsovt's philosophy of emphasizing employee satisfaction through the creation of a culture of excellence that is aimed at driving exceptional customer satisfaction and loyalty.
"We once again find ourselves very fortunate to be able to attract an outstanding senior management talent in Steve, which we believe speaks volumes of everything we are trying to build at Xsovt," stated Mr. Koschitzki. "Steve's hiring adds an extremely important piece to our senior management team, as having a high quality, experienced public company CFO is of upmost importance for any public company, but especially one like ours that has so much promise but is still at an early stage of development. We are confident that under Steve's proven leadership, many of our critical public company functions, from accounting and finance to the development of our strategic plan, will be in very good hands. Equally as important, we believe Steve's sense of entrepreneurship and achievements of working with growing companies will serve our company well."
Commenting on his appointment, Mr. Brown stated, "I am excited to work with the talented group of executives, managers and staff that Xsovt is assembling. I look forward to utilizing my financial and executive experience and applying these skill sets to the growth of the company as well as the entrepreneurial culture that Xsovt has facilitated."
Xsovt Brands, Inc. is an exciting new company that has developed a new footwear paradigm in the multi-billion dollar footwear industry. Xsovt was formed in October 2010, and the founders of Xsovt have worked since the fall of 2008 toward the development of the Xsovt™ brand and refining several innovative footwear concepts including lines for men, women and children.
Xsovt has adopted a novel approach to the design, comfort, and construction of shoes and slippers, as well as the packaging in which the products are sold. Technology and comfort are incorporated in every stage of the design process to make fashion fun and comfortable. In its initial product launch, scheduled for August 2011, Xsovt will synthesize elements of style, quality and comfort comparable to high end footwear at a competitive price point. The design impetus for Xsovt's debut product line is what we call our "Crossover line," incorporating the benefits a casual shoe and a comfortable slipper, designed for both lounging at home or for a casual evening out. This design innovation epitomizes Xsovt's maxim: "Freedom to Move and Strength to Stand™."
Xsovt's ethos has evolved from an overarching commitment to customer service and the creation of a corporate culture for its employees consistent with the company's goals. Xsovt's management and senior consultants have direct expertise in superior product development, facilitating award winning service, delivering a high end retail experience and building a dedicated staff. Several salient examples of their professional work experience include premier hotels and resorts and luxury retailers in the United States and Asia including the Bellagio, Wynn Resorts and Neiman Marcus. The prior engagements with the management of those companies helped shape Xsovt's core business and branding philosophy to imbue its corporate culture with uncompromising service and dedication to excellence.
Cautionary Note Regarding Forward Looking Statements
This press release and the statements of representatives of Xsovt Brands, Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements". All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results (including, without limitation, the performance of Xsovt's executives as well as Xsovt's ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with the Securities and Exchange Commission (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
SOURCE Xsovt Brands, Inc.