EDCI Holdings, Inc. (EDCI) Announces Appointment of Robert L. Chapman, Jr. to CEO

January 5, 2009 10:14 AM EST
Entertainment Distribution Company (Nasdaq: EDCI) announced the appointment of Robert L. Chapman, Jr. to Chief Executive Officer. Mr. Chapman replaces Interim Chief Executive Officer Clarke H. Bailey, who will continue to serve as non-Executive Chairman of the Board.

EDCI also announced that on December 31, 2008 it closed its definitive asset purchase agreement for the sale of EDC, LLC's distribution operations located in Fishers, Indiana, U.S. supply agreements with Universal Music Group, the equipment located in its Fishers, Indiana distribution facility and certain manufacturing equipment located in its Kings Mountain, North Carolina facility, as well as the transfer of U.S. customer relationships to Sony DADC US Inc. for $26.0 million in cash and other consideration.

Mr. Chapman commented, "With Chapman Capital advising investment funds that own approximately 14% of EDCI, my interests are indisputably and uniquely aligned with all of EDCI's owners. As CEO, my primary goal is to lead EDCI's transition into a respected, fairly valued public company by prudently and diligently applying all or part of its approximately $50 million in holding company cash towards the equity component of a small capitalization acquisition.

Mr. Chapman joined EDCI's Board of Directors as an independent director in November 2007. Mr. Chapman is Managing Member of Los Angeles, CA-based Chapman Capital L.L.C., an investment advisor focusing on activist and turnaround investing.

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EDCI Holdings, Inc. (Nasdaq: EDCI) is the holding company of Entertainment Distribution Company, Inc., which is the majority shareholder of Entertainment Distribution Company, LLC ("EDC, LLC"), an independent provider of supply chain services to the home entertainment market.

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