The process to identify and install a new independent director on the Company's Board of Directors has begun. As required by the NASDAQ Corporate Governance Rules, the Company has notified NASDAQ of Mr. Geiger’s appointment and provided it with a plan for compliance with the requirements of Rule 5605 that the Board of Directors be comprised of a majority of independent directors by letter dated November 14, 2011. The plan for compliance includes increasing the size of the board to 9 persons, the identification and review of several potential nominees being considered by the Company's Nominating and Governance Committee and the Board's plan to add such additional independent director as soon as possible but expected to be within the next 60 days.
As previously announced, the Company will host a conference call to discuss third quarter 2011 financial results today at 4:30 PM Eastern Time. The conference call can be accessed live over the phone by dialing 888-490-2763 or for international callers by dialing 719-325-2339. A replay will be available one hour after the call and can be accessed by dialing 877-870-5176 or 858-384-5517 for international callers; the password is 8454427. The replay will be available until December 4, 2011.
The call will be webcast live from the Company’s Web site at www.crumbs.com under the Investor Relations section. An archived webcast will be available beginning approximately one hour after the end of the call.About Crumbs Bake Shop, Inc. The first Crumbs Bake Shop opened its doors in March 2003 on the Upper West Side of Manhattan, New York, by co-founders Mia and Jason Bauer. The design of Crumbs Bake Shops is inspired by old-time neighborhood bakeries, creating a warm and friendly environment with wall-to-wall treats. Ranked the largest retailer of cupcakes nationwide and one of Inc. Magazine’s 10 Breakout Companies of 2010, Crumbs currently has 45 locations, including 31 locations in the New York Metro area, 6 locations on the West Coast, 3 locations in Washington, D.C., 1 location in Virginia and 4 locations in Illinois. The specialty of the house is cupcakes; however, the menu also includes an irresistible blend of comfort-oriented classics and elegant baked goods. There are more than 60 varieties of cupcakes baked fresh daily with a new cupcake of the week debuting each Monday.