Xtreme Companies Appoints New Chief Executive Officer
Monday May 15, 7:16 am ET
WASHINGTON, Mo., May 15 /PRNewswire-FirstCall/ -- Xtreme Companies, Inc. (OTC Bulletin Board: XTME - News) today announced that its CFO Laurie Phillips has been appointed Chief Executive Officer. Kevin Ryan has resigned his position as CEO and Director to pursue other opportunities. Mike Thomas was also promoted to VP of Operations and Manufacturing.
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Xtreme Chairman Michael Novielli stated, "We would like to thank Kevin for his past contributions to Xtreme. Having now fully assimilated the Challenger acquisition, our Board of Directors felt that the CEO position required an individual with substantial manufacturing and assembly experience to lead the Company to the next plateau. Laurie's performance as our CFO for the past year has been outstanding. She possesses a thorough knowledge of finance and management as well as an in depth understanding of the marketing and sales processes. Given her prior experience directing a manufacturing and assembly organization with over 200 employees, I have no doubt that we can achieve our mission of establishing Challenger Offshore as a well recognized and respected niche player at the premium end of the performance and pleasure boat market."
Incoming Xtreme CEO Laurie Phillips commented, "I am looking forward to this challenge and believe we have a significant opportunity to grow Challenger Offshore into a brand in which our shareholders, investors, employees and customers can all be proud of. My mandate from the Board of Directors is clear, and that is to focus on creating maximum efficiencies in our processes, so we can rapidly grow market share as we transition to positive cash flow and profitability."
Prior to her tenure at Xtreme, Ms. Phillips was employed for twelve years with Ace Electric. Prior to its acquisition, Ace was one of the largest suppliers serving the U.S. automotive aftermarket. After serving as Ace's CFO for four years, she was promoted in 2001 to VP and General Manager, responsible for overseeing the company's entire operation and its 200+ employees. She is a certified public accountant and received her BS in Accounting from Pittsburg State University in Kansas.
Mr. Thomas joined Xtreme in April of 2005. Prior to his tenure at the Company, he spent over twenty years in the marine industry, beginning at Caterpillar Marine where he was instrumental in developing a partnership with an industry leader Carver Yachts, and subsequently became their production manager. He was also employed by pleasure boat concern Larson Boats, overseeing the successful startup of a new operations plant. Additionally, Mr. Thomas was a Sr. Financial Auditor with Transamerica Business Credit Corp. where he audited manufacturing companies with credit limits up to $500 million including the makers of Calvin Klein and Giorgio Armani clothing.
About Xtreme Companies, Inc.
Xtreme Companies, Inc., produces commercial semi-custom fiberglass boats which include leisure, high performance, and fishing models under the 'Challenger Offshore' brand. Internationally known boat racer and designer Don Aronow, credited as being the architect of the performance boat industry, along with Harry Schoell, world-renowned marine engineer, designed and created some of the hull technologies today used by Challenger Offshore.
Xtreme holds the exclusive rights to the revolutionary DDC hull for boats up to 40 feet in length. The DDC hull is a patented revolutionary design which incorporates two hulls into one, resulting in a constant planning surface enhancing stability and generating greater transom lift. This enables the hull to run faster in rougher seas while providing a dry, safe and more comfortable ride.
For more information you may visit www.xtremecos.com and www.challengeroffshore.com. Xtreme's public financial information and filings can be viewed at www.sec.gov.
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