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WOONSOCKET, R.I., Dec. 01, 2020 (GLOBE NEWSWIRE) -- SUMR Brands ("SUMR Brands" or the "Company") (NASDAQ: SUMR), a global leader in premium infant and juvenile products, today announced that its Board of Directors has named Stuart Noyes of Winter Harbor, LLC as Chief Executive Officer and appointed him to the Company’s Board of Directors. Noyes has served as the Company’s Interim Chief Executive Officer since December 16, 2019.
“We are delighted to announce that Stuart has accepted the position of CEO, and we welcome him to the Board of Directors,” said Robin Marino, Chairwoman. “As Interim CEO, Stuart demonstrated the ability to act with a keen sense of urgency to implement swift change and transformation. He is a decisive leader who has reshaped our culture and mobilized our team to strive for operational excellence. We look forward to seeing him continue to drive value for all of our stakeholders.”
Stuart Noyes added, “I am honored to accept the position of CEO and join SUMR’s Board of Directors. Over the past year, our ability to reposition the business for success, while navigating an unprecedented global environment, is a testament to the tremendous work and dedication of all SUMR’s employees. I am proud of the team’s achievements and grateful to the Board for its support and engagement. We will continue to work with passion and focus to enhance SUMR’s financial and operational performance.”
About SUMR Brands, Inc.
Based in Woonsocket, Rhode Island, the Company is a global leader of premium juvenile brands driven by a commitment to people, products, and purpose. The Company is made up of a diverse group of experts with a passion to make family life better by selling proprietary, innovative products across several core categories. For more information about the Company, please visit www.sumrbrands.com.
Certain statements in this release that are not historical fact may be deemed “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. These statements are accompanied by words such as “anticipate,” “expect,” “project,” “will,” “believes,” “estimate” and similar expressions, and include statements regarding the Company’s expectations for performance in the fourth quarter of 2020, including Adjusted EBITDA and revenue expectations and softening demand, its efforts to mitigate the impact of supply chain challenges, its efforts to mitigate tariffs, the expected annualized interest savings on its refinanced debt, and the Company’s actions to position the Company for future growth, including de-levering the balance sheet and investing in core categories. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include the impact of the COVID-19 pandemic on the Company’s supply chain and consumer demand, U.S. operations and sales in the U.S; increased tariffs, additional tariffs or import or export taxes on the cost of its products and therefore demand for its products; the Company’s ability to meet its liquidity requirements; the Company’s ability to comply with the covenants in its loan agreement and to maintain availability under its loan agreement; the Company’s ability to implement and to achieve the expected benefits and savings of its restructuring initiatives; the concentration of the Company’s business with retail customers; the ability of the Company to compete in its industry; the Company’s ability to continue to control costs and expenses; the Company’s reliance on foreign suppliers; the Company’s ability to develop, market and launch new products; the Company’s ability to manage inventory levels and meet customer demand; the Company’s ability to grow sales with existing and new customers and in new channels; and other risks as detailed in the Company’s most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this release.