26.12.2007 21:30:00
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Board of Directors Forms Special Committee for Internal Investigation and Derivative Litigation; Three New Members Join Board
The Board of Directors of infoUSA®
(NASDAQ:IUSA), the leading provider of proprietary business and consumer
databases, sales leads, direct marketing, and email marketing solutions,
today announced the formation of a Special Committee for Internal
Investigation and Derivative Litigation ("Special
Committee”) and the appointment of three new
directors. The Board has appointed five of its members to serve on the
Committee, including three directors who joined the Board effective
December 24, 2007. The Special Committee has been established in
response to the consolidated complaint In re infoUSA, Inc.
Shareholders Litigation, Consol. Civil Action No. 1956-CC (Del.
Ch.), and in response to a previously-disclosed informal investigation
into the Company by the U.S. Securities and Exchange Commission ("SEC”)
and the related SEC request for the voluntary production of documents
concerning related party transactions, expense reimbursement, other
corporate expenditures, and certain trading in the Company's securities.
The following members of the Board have been appointed to the Special
Committee:
Robin Chandra joined the Board effective December 24,
2007, in conjunction with the establishment of the Special Committee,
filling a vacancy created by the death of director Anshoo Gupta. Mr.
Chandra is Managing Partner at Bessemer Venture Partners, a global
investment group with offices in Silicon Valley, Boston, New York,
Israel, Mumbai and Shanghai. Since entering the venture capital industry
in 1996, Mr. Chandra has been involved in 19 early-stage investments
that have gone public or have been acquired by public companies. Prior
to joining Bessemer, Mr. Chandra has served at Commonwealth Capital
Ventures, McKinsey & Company, Accenture, IBM, and Lucky Stores, one of
the largest grocery chains in California. Mr. Chandra holds an MBA from
the Harvard Graduate School of Business and a BA from the University of
California at Berkeley.
Bill Fairfield has served as a director of the Company
since November 2005, and is chairman of the Nominating and Corporate
Governance Committee and a member of the Audit Committee. He is
currently the Chairman of DreamField Capital Ventures, LLC, a company
focused on economic development of the Mid-Plains region through
management services and venture capital assistance. Mr. Fairfield serves
on the Board of Directors of The Buckle, Inc., a retailer of casual
apparel, footwear and accessories for young men and women based in
Kearney, Nebraska. From 2002 to 2004, Mr. Fairfield was the Executive
Vice President of Sitel Corporation, a global provider of outsourced
customer support services based in Omaha, Nebraska, and from 1991 to
2000, Mr. Fairfield was President and Chief Executive Officer of Inacom
Corp., an Omaha-based technology management services company. Prior to
1991 Mr. Fairfield was CEO of Valcom, the predecessor company to Inacom
Corp. Mr. Fairfield holds a BS in Industrial Engineering from Bradley
University and an MBA from the Harvard Graduate School of Business.
George Krauss joined the Board effective December 24,
2007, in conjunction with the establishment of the Special Committee,
filling a newly-created directorship. Mr. Krauss is a consultant to, and
has served on the Board of Directors of, The Burlington Capital Group
LLC, which is the general partner of America First Tax Exempt Investors,
L.P. He has also served on the Board of Directors of Gateway, Inc., MFA
Mortgage Investments, Inc., and West Corporation, as well as America
First Apartment Investors, Inc. From 1972 to 1997, Mr. Krauss was an
attorney with the law firm of Kutak Rock LLP in Omaha, Nebraska, and
served as the firm's presiding partner from 1983 to 1993. Mr. Krauss
holds BS, MBA and JD degrees from the University of Nebraska.
Bernard Reznicek has served as a director of the Company
since March 2006, and is chairman of the Compensation Committee and a
member of the Audit Committee. Mr. Reznicek is currently President and
Chief Executive Officer of Premier Enterprises Inc., a consulting,
investment, and real estate development company. Mr. Reznicek was
National Director-Special Markets, of Central States Indemnity Company,
a specialty insurance company that is a member of the Berkshire Hathaway
Insurance Group, from January 1997 until January 2003. Mr. Reznicek
served as Dean of the College of Business of Creighton University in
Omaha, Nebraska from July 1994 until January 1997 and served as Chairman
and Chief Executive Officer of Boston Edison, a utility company, from
September 1987 to July 1994. Mr. Reznicek serves as the Chairman of the
Board of Directors of CSG Systems International, Inc. and is a director
of Pulte Homes, Inc. Mr. Reznicek holds a BS in Business Administration
from Creighton University and an MBA from the University of Nebraska.
Thomas Weatherford joined the Board effective December 24,
2007 in conjunction with the establishment of the Special Committee,
filling a newly-created directorship. Mr. Weatherford retired in January
2003 as Executive Vice President and Chief Financial Officer of Business
Objects S.A. With over 37 years in the global technology industry, Mr.
Weatherford has held senior financial positions at NETCOM On-Line
Communication Services, Logitech, Texas Instruments, Schlumberger, and
Tandem Computers in the US, Europe, and Japan. He currently serves on
the boards of Saba Software, Inc., Synplicity Inc., Tesco Corporation,
Advanced Analogic Technologies, SMART Modular Technologies, Mellanox
Technologies, and several private companies. In 2003, Mr. Weatherford
was instrumental in leading Peregrine Software to emerge from Chapter
11. He has also served as a panelist for The National Association of
Corporate Directors, The National Investor Relations Institute,
Pillsbury Winthrop/Ernst & Young, and the KPMG Audit Committee
Institute. In July 2007, Mr. Weatherford was named by SEC Chairman
Christopher Cox to the newly created Federal Advisory Committee on
Improvements to Financial Reporting.
For more information, contact Stormy Dean at 402-593-4500.
About infoUSA
infoUSA (www.infoUSA.com), founded
in 1972, is the leading provider of business and consumer databases for
sales leads & mailing lists, database marketing services, data
processing services and sales and marketing solutions. Content is the
essential ingredient in every marketing program, and infoUSA has the
most comprehensive data in the industry, and is the only company to own
12 proprietary databases under one roof. The infoUSA database powers the
directory services of the top Internet traffic-generating sites. Nearly
4 million customers use infoUSA's products and services to find new
customers, grow their sales, and for other direct marketing,
telemarketing, customer analysis and credit reference purposes. infoUSA
headquarters are located at 5711 S. 86th Circle, Omaha, NE 68127 and can
be contacted at (402) 593-4500. To know more about Sales Leads, click www.infousa.com.
Statements in this announcement other than historical data and
information constitute forward looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
those stated or implied by such forward-looking statements. The
potential risks and uncertainties include, but are not limited to,
recent changes in senior management, the successful integration of
recent and future acquisitions, fluctuations in operating results,
failure to successfully carry out our Internet strategy or to grow our
Internet revenue, effects of leverage, changes in technology and
increased competition. More information about potential factors that
could affect the company's business and financial results is included in
the company's filings with the Securities and Exchange Commission.
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