New York, New York (April 14, 2004)—Movie Star, Inc. (AMEX: MSI), today announced the appointment of Peter Cole, John L. Eisel and Thomas
Rende to its Board of Directors, which expands the Company’s Board to seven directors. The
addition of Messrs. Cole and Eisel, each of whom qualifies as an “independent”
director,
brings the total number of independent directors to four and enables the Company to comply with the corporate
governance rule of
the American Stock Exchange which
requires that the board of each listed
company be comprised of a majority of independent directors. Messrs. Cole and Eisel were recommended to Movie Star by Michael
Tokarz, the Manager of TTG Apparel, LLC, following its February 17, 2004
acquisition of 22.7% of the Company’s outstanding common stock.
Peter Cole is the Chairman
of the Board and Chief Executive Officer of Qwiz®, a leading provider of
pre-employment
competency assessment solutions and
training needs analysis. Qwiz® is
headquartered in Roswell, Georgia.
Prior to joining Qwiz®, Mr. Cole was a Managing Director at Citibank
from 1994 to 2000. Mr. Cole earned a
B.A. degree in economics from the University of Vermont.
John L. Eisel is a Partner
at Wildman, Harrold, Allen & Dixon, a law firm located in Chicago,
Illinois. Mr. Eisel’s primary areas of
practice are mergers and acquisitions and securities regulation. Mr. Eisel is currently Chairman of the
firm’s Transactional Department and from 1994 to 1999 he was Chairman of the
firm’s management committee. He earned
a B.S. degree and J.D. from the University of
Illinois.
Thomas Rende is the Company’s Chief Financial Officer. Mr. Rende has been with Movie Star since 1989 when he joined the Company in the finance department as a staff accountant. He has been the Company’s Chief Financial Officer since 1999. Mr. Rende earned a B.S. degree in accounting from the State University of New York College at Oneonta.
Mel Knigin, Interim Chairman
of the Board, stated: “Peter Cole and
John Eisel are two talented and experienced businessmen whose advice and
counsel will be an asset to us as we look to position the Company for
growth. Thomas Rende has been a
talented and dedicated officer of the Company for more than five years. Under Mr. Rende’s guidance and structure,
the Company’s financial position has significantly improved.”
MOVIE STAR, INC. produces and sells ladies apparel,
including sleepwear, robes, leisurewear, and daywear. Current collections include the Cinema Etoile premium line of intimate apparel and the Movie Star line of apparel sold as
private label programs.
Certain of the matters set forth in this press release
are forward-looking and involve a number of risks and uncertainties. Among the
factors that could cause actual results to differ materially are the following:
business conditions and growth in the industry; general economic conditions;
addition or loss of significant customers; the loss of key personnel; product
development; competition; risks of doing business abroad; foreign government
regulations; fluctuations in foreign rates; rising costs for raw materials and
the unavailability of sources of supply; the timing of orders booked; and the
risk factors listed from time to time in the Company’s SEC reports.
CONTACT: INVESTOR RELATIONS:
Movie Star, Inc. -or- SM Berger &
Company, Inc.
Thomas Rende, CFO Stanley Berger
(212) 798-4700 (216) 464-6400