CCOM Group, Inc. (name changed from Colonial Commercial Corp.) (the “Company”) (OTCQB: “CCOM,” “CCOMP”), today announced that William Pagano has retired as CEO of the Company and is being succeeded by Michael Goldman.
Mr. Pagano served the Company for many years in various capacities and was CEO since 2006. He was integral to the Company’s growth and development into the 38th largest HVACR distributor in the US as reported by Supply House Times.
Mr. Goldman has served as the Company’s non-executive Chairman since 2006. He is affiliated with the Company’s largest shareholder.
Mr. Goldman said, “I am enthusiastic about the Company’s prospects and thank Bill warmly for having brought the Company to this level.”
The Company also announced that Universal Supply Group’s Speed Queen washer-dryer distributorship agreement has been terminated effective June 2013. Universal Supply Group, Inc. is a subsidiary of the Company. Revenues under the terminated agreement accounted for more than 10% of total Company revenues in 2012. The Company intends to shift its focus towards its more profitable commercial controls and power generation businesses.
About CCOM Group, Inc.
CCOM distributes heating, ventilating and air conditioning, (“HVAC”), equipment, parts and accessories, climate control systems, customized control panels, and plumbing and electrical supplies and equipment to professional contractors in the states of New York, New Jersey, Massachusetts, Connecticut and eastern Pennsylvania through its subsidiaries; Universal Supply Group, Inc.,
, The RAL Supply Group, Inc.,
, American/Universal Supply Division,
, and S&A Supply, Inc.,
. The Company also distributes home appliances to dealer groups and appliance stores through its Goldman Universal division. The Company is headquartered in New Jersey, and, with its affiliates, operates out of 18 locations in its geographic trading area. For more information on CCOM’s operations, products and/or services, please visit
Safe Harbor Statement
The foregoing press release may contain statements concerning CCOM’s financial performance, markets and business operations that may be considered "forward-looking" under applicable securities laws. CCOM cautions readers of this press release that actual results might differ materially from those projected in any forward-looking statements. Factors which might cause actual results to differ materially from any results that are projected in the forward-looking statements include the following: continued acceptance of the company's products in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the company's periodic report filings with the Securities and Exchange Commission. These and certain other factors which might cause actual results to differ materially from those projected are detailed from time to time in CCOM's periodic reports and registration statements filed with the Securities and Exchange Commission. CCOM undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time.