(VALUEVISION LOGO) VALUEVISION MEDIA
6740 Shady Oak Road
Minneapolis, MN 55344-3433
Contact: Anthony Giombetti
Director, Corporate Communications
952-943-6017, agiombetti@shopnbc.com
FOR IMMEDIATE RELEASE
VALUEVISION MEDIA ANNOUNCES THREE NEW BOARD MEMBERS
o Allen Morgan, Managing Director, Mayfield
o John Buck, CEO, Whitefish Ventures
o Ron Herman, President and CEO, GE Equity
MINNEAPOLIS, MN - MARCH 23, 2004 - ValueVision Media (NASDAQ: VVTV) today
announced that it has appointed three new members to its Board of Directors. The
appointments, which will be effective April 22, 2004, will bring the number of
directors on ValueVision's board to nine.
o ALLEN MORGAN, MANAGING DIRECTOR, MAYFIELD. At Mayfield, a
top-tier venture capital firm for more than three decades
located in the San Francisco bay area, Mr. Morgan heads the
firm's efforts in interactive entertainment, new media,
consumer e-commerce, and Internet. Mr. Morgan also serves on a
number of growth-company boards and is vice president of the
Western Association of Venture Capitalists. In addition, Mr.
Morgan has more than 20 years of experience in the legal
profession as a corporate partner at Latham & Watkins as well
as Wilson, Sonsini, Goodrich & Rosati. During his career, Mr.
Morgan has represented companies, investment banks, and
venture funds in a broad range of mergers & acquisitions,
corporate, and transactional matters.
o JOHN BUCK, CEO, WHITEFISH VENTURES. Mr. Buck has 30-plus years
of business experience in the retail and healthcare
industries, holding senior executive management positions at
Graco, Honeywell, Alliant Tech Systems, and Fingerhut. Mr.
Buck currently serves as non-executive Chairman of the Board
of Medica, the second largest health plan in Minnesota. Mr.
Buck is also involved with a number of entrepreneurial
ventures in the health care, database marketing, and leisure
industries.
o RON HERMAN, PRESIDENT AND CEO, GE EQUITY. Mr. Herman has a
20-year-long career at General Electric, primarily in M&A and
private equity. Prior to his current role, which he assumed in
June 2003, Mr. Herman was general manager of Corporate Mergers
and Acquisitions in GE's headquarters in Fairfield, CT. Mr.
Herman also holds board seats on the GEMS Asia Investment Fund
and the Stamford Boys and Girls Club. In addition, Mr. Herman
is an observer on the board of the FGIC Corporation, parent of
Financial Guaranty Insurance Company.
"Our new Board members bring many years of experience and expertise in the
fields of direct marketing, e-commerce, technology, and business development,"
said William Lansing, President and CEO of ValueVision. "I greatly appreciate
their energy and enthusiasm, and I look forward to their guidance in working
with them to achieve the real potential of ShopNBC."
- MORE -
ValueVision's Board of Directors now consists of the following individuals:
o Marshall Geller, Principal of Geller & Friend Capital Partners
o John Buck, CEO of Whitefish Ventures
o Brandon Burgess, EVP, NBC Corporate Development
o Ron Herman, President and CEO, GE Equity
o Jay Ireland, President, NBC Television Stations
o Will Lansing, President and CEO, ValueVision Media
o Robert Korkowski, former CFO of G. Heileman Brewing Company
o Allen Morgan, Managing Director, Mayfield
o Paul Tosetti, Partner, Latham & Watkins
"I am pleased with ValueVision's direction in corporate governance," said
Marshall Geller, ValueVision Media's Chairman of the Board. "The new composition
of the Board, with its greater diversity, independence, and separation of CEO
and Chairman roles, points toward greater corporate responsibility leading to
enhanced shareholder confidence."
This release contains certain "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are based
on management's current expectations and are accordingly subject to uncertainty
and changes in circumstances. Actual results may vary materially from the
expectations contained herein due to various important factors, including (but
not limited to): consumer spending and debt levels; interest rates; competitive
pressures on sales, pricing and gross profit margins; the level of cable
distribution for the Company's programming and the fees associated therewith;
the success of the Company's e-commerce and rebranding initiatives; the
performance of its equity investments; the success of its strategic alliances
and relationships; the ability of the Company to manage its operating expenses
successfully; risks associated with acquisitions; changes in governmental or
regulatory requirements; litigation or governmental proceedings affecting the
Company's operations; and the ability of the Company to obtain and retain key
executives and employees. More detailed information about those factors is set
forth in the Company's filings with the Securities and Exchange Commission,
including the Company's annual report on Form 10-K, quarterly reports on Form
10-Q, and current reports on Form 8-K. The Company is under no obligation (and
expressly disclaims any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or otherwise.
ValueVision Media operates in the converged world of television and e-commerce.
The live home shopping industry, the majority of ValueVision's business, is $7
billion and growing at a double digit rate annually while the attendant
e-commerce space is many times that size and also growing substantially. The
Company owns and operates the nation's third largest home shopping network,
ShopNBC, with fiscal 2003 sales of $617 million. At the close of fiscal 2003,
ShopNBC was broadcast into approximately 60 million cable and satellite homes.
The Company also operates ShopNBC.com, which contributed $111 million in sales
in fiscal 2003. In addition, the Company operates wholly owned subsidiary
FanBuzz, a leading provider of e- commerce solutions to sports, entertainment,
and media brands, such as the National Hockey League, United Media's Peanuts,
and ESPN. GE Equity and NBC own approximately 40% of ValueVision Media. For more
information, please visit the Company's website at www.valuevisionmedia.com.
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