COLUMBUS, OHIO - At their January 16 meeting, the GoAntiques, Inc
board of directors elected Dale E. Schexnayder as chief executive
officer of the corporation. Schexnayder served as chief financial
officer for the company since October 2001.
Jim Kamnikar, former vice president of sales for Antique
Networking, Inc, was elected president of the company. Kamnikar
most recently served as senior vice president of business
development for GoAntiques. Ken Buhler, former president and CEO,
left the company to pursue other interests.
In addition, the company also announced that it, along with its
subsidiary, has voluntarily filed for protection under Chapter 11
of the Bankruptcy Code with the United States Bankruptcy Court
for the Southern District of Ohio. The company intends to utilize
the Chapter 11 process to reconstruct its balance sheet, while
continuing to provide service to members and users.
"GoAntiques remains focused on the same goals that we have had
since inception - providing our sellers with quality service and
high visibility of their inventory, and with providing buyers the
best possible art, antiques and collectibles selection online,"
commented Kamnikar.
He added, "We need to stabilize our financial foundation and
continue quality service to our customers. After careful
consideration, we determined that the restructuring of our debt
through the Chapter 11 process is the optimal solution for
helping GoAntiques resolve the issues facing the company. The
process will allow us to emerge with a new capital structure and
position us to maintain the fundamental strengths of the
company."
Stamford Venture Capital Holdings, Inc, GoAntiques' lead
investor, has committed post-petition financing. "Stamford's
funding will allow GoAntiques to continue to grow and achieve our
goals," said Kamnikar. "Inventory sales were up more than 300
percent in 2002 over 2001; we are now able to focus on continuing
our growth plans unimpeded."
GoAntiques, Inc. features the inventories of art, antiques and
collectibles dealers, malls and galleries. Its distribution
network includes Yahoo! Shopping and AOL Shopping. A privately
held company, the firm has its principal office in Columbus,
Ohio.
For information, 614-481-5750.
