Global Consumer Acquisition Corp. Announces New CEO and Board of Directors
29 Dezember 2008 - 1:30PM
PR Newswire (US)
NEW YORK, Dec. 29 /PRNewswire-FirstCall/ -- Global Consumer
Acquisition Corp. (AMEX:GHCAMEX:GHC.UAMEX:GHC.WS), (the "Company"
or "GCAC") today announced the appointment of a new Chief Executive
Officer and Board of Directors. The company's Chairman, Jason Ader,
will replace Scott LaPorta as Chief Executive Officer and will
remain Chairman of the Company. Simultaneously, Global Consumer
announced the appointment of a new Board of Directors that includes
Michael B. Frankel, Andrew Nelson, Richard A.C. Coles, and Mark
Schulhof. The Company's current Board, Scott LaPorta, Robert M.
Foresman, Carl H. Hahn, Philip Marineau, Marc Soloway and Steven
Westly, have resigned. Global Consumer's management team believes
SPAC investment opportunities that present the highest possible
return for investors are currently in the United States, as opposed
to internationally. "When GCAC first came to market in November
2007, the best investment opportunities for SPACs were outside the
United States," commented Jason Ader, Chairman and CEO of Global
Consumer Acquisition Corp. "Today, we see tremendous opportunity
right in our backyard, particularly in our core competence of
hospitality, leisure, and gaming, and in distressed assets, and we
look forward to working with the new Board of Directors, who are
all based in the U.S., that can pursue the deal-making process in
those markets. I would like to thank the resigning directors for
their excellent and dedicated service to GCAC." As of October 25,
2008, Global Consumer Acquisition Corp. had a balance of
approximately $316 million in trust assets held at JPMorgan Chase
Bank, with Continental Stock Transfer & Trust Company as
trustee. All of the trust assets are invested in the JP Morgan U.S.
Treasury Plus Money Market Fund. About Global Consumer Acquisition
Corp's New Board of Directors Michael B. Frankel has been a private
investor and advisor since June 2008. Prior to that time, from 1982
to June 2008, Mr. Frankel was employed at Bear Stearns & Co.,
Inc. where he was a Senior Managing Director since July 1990. While
at Bear Stearns, Mr. Frankel was responsible for establishing and
managing the Global Equity Capital Markets Group, was a member of
the Commitment Committee, and managed the investment
banking-research department relationship. Prior to joining Bear
Stearns, from 1958 to 1982, Mr. Frankel was employed at L.F.
Rothschild & Co. where he was a General Partner since 1973. At
L.F. Rothschild & Co, Mr. Frankel managed the Institutional
Equities Department. Mr. Frankel holds a B.S. in Economics from
Lafayette College. Andrew Nelson has been the Chief Financial
Officer and Assistant Secretary of Global Consumer Acquisition
Corp. since its formation in 2007. Mr. Nelson has also served as
Managing Director of Finance & Accounting at Hayground Cove
Asset Management, LLC, sponsor of Global Consumer Acquisition
Corp., since September 2005. Mr. Nelson is also a member of
Hayground Cove's Risk Committee. From 2006 to 2007, Mr. Nelson also
served as Controller of India Hospitality Corp. Prior to joining
Hayground Cove, Mr. Nelson worked at Context Capital Management, a
hedge fund located in San Diego, California specializing in the
convertible arbitrage strategy, as a Senior Operations Consultant
from September 2004 to August 2005. Mr. Nelson is a Chartered
Financial Analyst and is enrolled in the Executive M.B.A. Program
at New York University. Richard A.C. Coles is a Co-Managing
Principal of the Emmes Group of Companies and is a Member of their
Investment Committee. Mr. Coles is the primary Principal
responsible for the day-to-day oversight of Emmes Asset Management
Company LLC and Emmes Realty Services LLC and plays a key role in
the execution of the property level value enhancing strategies
undertaken by the firm in respect of the assets owned and/or
managed by the firm, as well as sourcing new acquisition
opportunities for the firm and its partners and clients. Prior to
joining Emmes, Mr. Coles worked as an asset manager and a
development director of the Enterprise Development Company,
overseeing numerous development and leasing projects for retail,
urban specialty and office assets. Mr. Coles holds a B.A. from
Boston College and an M.B.A. in Finance and Accounting from New
York University, Stern School of Business. Mark Schulhof is Chief
Executive Officer and President of Quadriga Art II, Inc., a leading
provider of services to the non-profit community worldwide since
1994. Mr. Schulhof's responsibilities at Quadriga Art II, Inc.
include the oversight of all day-to-day operations and development
of strategic growth initiatives in all channels of the business.
Mr. Schulhof holds a Bachelor of Arts from Franklin & Marshall
College and holds a Masters in Politics and Public Policy from The
Eagleton Institute of Politics at Rutgers University. About Global
Consumer Acquisition Corp. Global Consumer Acquisition Corp. is a
blank check company organized for the purpose of effecting a
merger, capital stock exchange, asset or stock acquisition,
exchangeable share transaction, joint venture or other similar
business combination with one or more domestic or international
operating businesses in the global consumer products industry.
Forward Looking Statements This report, and the information
incorporated by reference in it, includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"). Our forward-looking
statements include, but are not limited to, statements regarding
our expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to
projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions, are
forward-looking statements. The words "anticipates," "believe,"
"continue," "could," "estimate," "expect," "intend," "may,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained or incorporated by reference in this report
are based on our current expectations and beliefs concerning future
developments and their potential effects on us and speak only as of
the date of such statement. There can be no assurance that future
developments affecting us will be those that we have anticipated.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond our control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those factors described under the heading
"Risk Factors" filed in our Annual Report on Form 10-K for the year
ended December 31, 2007. Should one or more of these risks or
uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. We undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
Contact: Andrew Nelson Chief Financial Officer (212) 445-7800
DATASOURCE: Global Consumer Acquisition Corp. CONTACT: Andrew
Nelson, Chief Financial Officer of Global Consumer Acquisition
Corp., +1-212-445-7800
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