Celebrity beauty licensing company Boldface Group announced today that it is expanding its board of directors to five members. Victor Azrak is joining the board as an independent director, while Frank Peticca has been called upon to provide Boldface with strategic planning, operational efficiencies, and financial management consulting services.
Hailing from Brooklyn, NY, Mr. Azrak started American Marketing Enterprises (NYSE:AME) in June of 1993 with his brother, Elliott. AME developed a portfolio of licenses over the years including Power Rangers, Hello Kitty, Disney, and Marvel, and became an industry leader in the course of five years. Mr. Azrak sold AME to Li and Fung USA in November of 2007, but continues to run the company. He also spends much of his time working on charitable endeavors.
Mr. Peticca is a CPA with over 30 years of experience working in finance and operations. Most recently, Mr. Peticca served as Li and Fung USA's Accessories Group's Executive Vice President of Finance and Operations. Mr. Peticca was involved in preparing and negotiating the sale of American Marketing Enterprises to Li and Fung. In the past, Mr. Peticca served as controller at Liz Claiborne and CFO of Calvin Klein Jeans.
"Victor and Frank will add an additional layer of depth and experience to Boldface," said company founder, Nicole Ostoya. "We are growing rapidly and the operations support will help us advance as a company."
Boldface also announced that it completed another closing of its private placement financing on April 8, 2013. The offering involved 12% secured convertible notes in which the company sold a note in the aggregate principal amount of $250,000 to an accredited investor; Boldface also sold 5-year warrants to purchase 1,000,000 shares of the its common stock. With this closing, Boldface has completed the offering.
According to the terms of the financing, the notes are convertible into shares of common stock any time prior to maturity at $0.25 per share, subject to a one-time reset. The notes will mature on December 8, 2013, and contain customary affirmative and negative covenants of the company. The conversion price of the notes and the exercise price of the warrants are subject to "weighted average" and other customary anti-dilution protections.
For more information on Boldface, visit boldfacegroup.com
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