EXHIBIT 99.1
FOR IMMEDIATE RELEASE
SOURCE INTERLINK NAMES TERRENCE J. WALLOCK TO
BOARD OF DIRECTORS
BONITA SPRINGS, FL, FEBRUARY 15, 2007 -- Source Interlink Companies, Inc.
(NASDAQ: SORC) announced today that it has named veteran retail grocery and
foodchain executive Terrence J. Wallock to its Board of Directors. Mr. Wallock
joins Source Interlink's Board as a non-executive, independent director, and
serves as the Chairman of the Company's Nominating and Corporate Governance
Committee, and as a member of the Board's Compensation Committee. Mr. Wallock
replaces Aron Katzman, who recently retired from the Board. The Source Interlink
Board of Directors is composed of nine members, five of whom are independent
within the meaning of the rules of the NASDAQ Stock Market.
Terrence Wallock, 62, has served as a senior executive officer and general
counsel to a number of large grocery and foodservice chains, including Ralph's
Grocery Company, the Vons Companies, and Denny's, Inc. Most recently, Mr.
Wallock has been engaged providing legal and consulting services in connection
with merger, acquisition and restructuring situations, as well as advising
companies that provide services to the retail grocery business.
"Terry brings to Source a distinguished track record in the retail grocery and
foodchain industries," commented Michael R. Duckworth, Chairman of Source
Interlink. "Having operated in the retail space virtually his entire career, he
knows distribution as well as our customers' businesses very well. Terry's
industry background and governance expertise will enhance the strength of our
Board of Directors on multiple levels, and through his appointment we move
forward with a greater independent majority of Board members."
Mr. Wallock commented, "Source Interlink occupies a pivotal position on store
shelves and at the newsstand at a dynamic time in the business of merchandising
home entertainment content products. I look forward to contributing my insights
as the Company pursues its strategic objectives, and I thank the Board and
Source shareholders for the opportunity to serve."
ABOUT SOURCE INTERLINK COMPANIES, INC.
Source Interlink Companies is a leading marketing, merchandising and fulfilment
company of entertainment products including DVDs, music CDs, magazines, books
and related items. The Company's fully integrated businesses include:
- Distribution and fulfilment of entertainment products to major
retail chains throughout North America and directly to consumers
of entertainment products ordered through the Internet
- Import and export of periodicals sold in more than 100 markets
worldwide
- Coordination of product selection and placement of impulse items
sold at checkout counters
- Processing and collection of rebate claims as well as management
of sales data obtained at the point-of-purchase
- Design, manufacture and installation of wire fixtures and custom
wood displays in major retail chains
- Licensing of children's and family-friendly home entertainment
products
Source Interlink serves approximately 110,000 retail store locations throughout
North America. Supply chain relationships include movie studios, record labels,
magazine and newspaper publishers, confectionary companies and manufacturers of
general merchandise. For more information, please visit the company's website at
www.sourceinterlink.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934 and the U.S.
Private Securities Litigation Reform Act of 1995, including statements relating
to, among other things, future business plans, strategies, growth opportunities,
statements of belief and statements of assumptions underlying any of the
foregoing.
These forward-looking statements reflect Source Interlink's current views about
future events and are subject to risks, uncertainties, assumptions and changes
in circumstances that may cause future events, achievements or results to differ
materially from those expressed by the forward-looking statements. Factors that
could cause actual results to differ include: (i) market acceptance of and
continuing retail demand for magazines, books, DVDs, CDs and other home
entertainment products; (ii) our ability to realize operating efficiencies, cost
savings and other synergistic benefits, (iii) adverse changes in general
economic or market conditions; (iv) the ability to attract and retain employees;
and (v) other events and other important factors disclosed previously and from
time to time in Source Interlink's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K filed with the Securities
and Exchange Commission on April 17, 2006.
Source Interlink does not intend to, and disclaims any duty or obligation to,
update or revise any forward-looking statements or industry information set
forth in this press release to reflect new information, future events or
otherwise.
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CONTACTS:
Investors: Media:
- ---------- ------
Dean Heine Todd St.Onge Nancy Zakhary
Investor Relations Brainerd Communicators, Inc. Brainerd Communicators, Inc.
Source Interlink Companies, Inc. 212-986-6667 212-986-6667
212-683-0376 stonge@braincomm.com nancy@braincomm.com
dheine@sourceinterlink.com
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