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A.T. Cross Company Appoints Charles MacDonald To Head Newly Formed Optical Division
Lincoln, RI – April 22, 2003 – A.T. Cross Company (AMEX: ATX), today announced it has appointed Charles (“Chas”) R. MacDonald as Vice President, Optical Division of A.T. Cross Company and President, Costa Del Mar Sunglasses, Inc., a wholly-owned subsidiary of A.T. Cross (“Costa Del Mar”), effective immediately. MacDonald, a 20-year veteran of the optical industry, will oversee the operations of the recently acquired Costa Del Mar business, which the Company discussed in a separate release earlier today. In addition, he will be responsible for developing complementary opportunities in the optical segment.
MacDonald brings 27 years of operational and financial management experience to A.T. Cross, with extensive experience in optical related businesses. Most recently, MacDonald served as the President of Outlook Eyewear Company, when it was a $40 million division of Luxottica Group S.p.A. Outlook Eyewear engaged in the manufacture and distribution of moderate-priced, branded sunglasses. During his tenure at Outlook Eyewear Company, MacDonald successfully grew the business from $15 million to $40 million of revenue. Prior to his service at Outlook Eyewear Company, Mr. MacDonald held several management and financial positions at various divisions of Bausch & Lomb, Inc.
“Charles has an excellent track record of growing and managing optical businesses,” said David G. Whalen, President and Chief Executive Officer of A.T. Cross. “In addition, he shares the commitment to quality, innovation and service that are the cornerstones of all of Cross’ product offerings. He is therefore an ideal fit as we continue to build our portfolio of business and personal accessories. We look forward to the expertise and insight he will bring to our new optical division.”
Mr. MacDonald stated, “I look forward to leading the new Cross Optical division and the Costa Del Mar business. I believe the resources and corporate philosophy of A.T. Cross will provide an ideal platform for further building the brand and growing the new category into a key component of Cross’ diversified product portfolio.”
Building on the rich tradition of its award-winning writing instruments and reputation for American innovation and craftsmanship, A.T. Cross Company is a designer and marketer of branded personal and business accessories. Cross provides a range of distinctive products that appeal to a growing market of consumers seeking to enhance their image and facilitate their lifestyle. Cross products, including award-winning quality writing instruments, timepieces and business accessories, are distributed in retail and corporate gift channels worldwide.
Statements contained in this release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (including statements relating to the ability of the Company’s executives to increase revenue with new product categories, new consumer targets, the ability of the Cross platform to be transferred to new product categories and diversification of the Company’s revenue stream). In addition, words such as "believes," "anticipates," "expects," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including but not limited to the ability to integrate new businesses in new product categories, consumer reaction to the Company’s ability to transfer its platform beyond writing instruments, and are not guarantees since there are inherent difficulties in predicting future results. Actual results could differ materially from those expressed or implied in the forward-looking statements. The information contained in this document is as of April 22, 2003. The Company assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments. Additional discussion of factors that could cause actual results to differ materially from management's expectations is contained in the Company's filings under the Securities Exchange Act of 1934.
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