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SANTA MONICA, Calif.,
April 12, 2013 /PRNewswire/ -- BOLDFACE Group, Inc. (OTCBB: BLBK), a celebrity beauty licensing company (the "Company" or "Boldface") founded by beauty industry veterans focused on top tier celebrity and designer brands to create product opportunities in the beauty, home and fragrance markets, today announced a further expansion of its board of directors to five members. Joining the board as an independent director is
Victor Azrak. In addition, the Company also engaged
Frank Peticca to provide the Company with strategic planning, operational efficiencies and financial management consulting services.
"The addition of Victor and Frank will add an additional layer of depth and experience to Boldface," said Ms. Ostoya. "We are growing rapidly and the operations support will help us advance as a company."
Victor Azrak started American Marketing Enterprises (AME) in June of 1993 with his brother Elliott. Within five years AME grew to become the leading licensed sleepwear company in the industry. AME developed a portfolio of licenses over the years including Power Rangers, Hello Kitty, Disney and Marvel. Mr. Azrak sold AME to Li and Fung
USA in November of 2007 but continues to run AME today. Mr. Azrak lives in
Brooklyn NY with his wife and four children and is very active in his community supporting many charitable causes.
Frank Peticca is a CPA and has over 30 years of experience working in finance and operations. Most recently, Mr. Peticca was Executive Vice President of Finance and Operations for Li and Fung
USA's Accessories Group. Prior to this role, Mr. Peticca was involved in preparing and negotiating for the sale of American Marketing Enterprises to Li and Fung
USA. Mr. Peticca has also served as controller at Liz Claiborne and CFO of
Calvin Klein Jeans.
The Company also announced that on
April 8, 2013 it completed another closing of its private placement financing (the "Offering") of 12% secured convertible notes (the "Notes") in which it sold to an accredited investor a Note in the aggregate principal amount of
$250,000 and 5-year warrants (the "Warrants") to purchase 1,000,000 shares of the Company's common stock. With this closing, the Company has completed the Offering.
The Notes are convertible into shares of common stock at any time prior to maturity at
$0.25 per share, subject to a one-time reset. The Notes will mature on
December 8, 2013 and contain customary affirmative and negative covenants of the Company. The conversion price of the Notes and the exercise price of the Warrants are subject to "weighted average" and other customary anti-dilution protections. The Company is obligated to register the shares of common stock underlying the Notes and Warrants within a pre-defined period.
Net proceeds from the offering are expected to be used for general corporate purposes.