SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Feb. 20, 2009--
iGo (Nasdaq: IGOI), a leading provider of innovative portable power
solutions, today announced that it has reduced its total headcount by
approximately 20%. As part of the workforce reduction, Joan Brubacher
has departed the Company and will no longer serve as Chief Financial
Officer. Darryl S. Baker, formerly the Company’s Vice President,
Controller and Chief Accounting Officer, has been appointed to Vice
President, Chief Financial Officer, and Treasurer.
The workforce reduction is expected to reduce the Company’s operating
expenses by approximately $350,000 per quarter. The Company expects to
record a restructuring charge of approximately $400,000 in the first
quarter of 2009 related to severance payments.
“The workforce reduction is a painful but necessary action in light of
the recession and the resulting impact on our sales,” said Michael D.
Heil, Chief Executive Officer of iGo, Inc. “We would like to thank Joan
Brubacher and all of the other employees for their many years of hard
work and dedication to the Company and we wish them well in their future
endeavors. We are fortunate to have a very qualified individual to fill
the position of Chief Financial Officer. Since joining the Company more
than seven years ago, Darryl Baker has been an integral member of the
management team. Darryl’s in-depth understanding of our financial
systems, operations, and strategic plan makes him well suited to help
lead the Company through this challenging time and execute on our
long-term growth strategies.”
Mr. Baker, 40, joined the Company in October 2001 as Controller and was
appointed Vice President in May 2002. From 1997 to 2001, Mr. Baker
served as corporate controller for various publicly traded and
entrepreneurial companies, including SkyMall and Integrated Information
Systems. Prior to 1997, Mr. Baker was an audit manager for Ernst &
Young. Mr. Baker holds a bachelor’s degree in Accountancy from the
Marriot School of Management at Brigham Young University and is a
Certified Public Accountant.
About iGo, Inc.
iGo, Inc., based in Scottsdale, Arizona, develops and markets universal
chargers for portable computers and low-power devices such as mobile
phones, Bluetooth® headsets, smartphones/PDAs, MP3 players, portable
gaming devices, digital cameras and more. The Company's patented tip
technology enables users to power and charge hundreds of brands and
thousands of models of mobile devices with a single charger through the
use of interchangeable power tips. iGo's brand offers a full line of
chargers for AC-only, DC-only, or combination AC/DC, as well as
battery-operated chargers. By using these revolutionary chargers and
associated tips - which, in some products, enable users to power
multiple devices simultaneously - mobile device users can save money and
eliminate the extra weight and jumbled power cords associated with
carrying multiple chargers.
iGo’s products are available at www.iGo.com
as well as through leading resellers and retailers. For additional
information call 480-596-0061, or visit www.igo.com.
iGo is a registered trademark of iGo, Inc. All other trademarks or
registered trademarks are the property of their respective owners.
This press release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934. The
words “believe,” “expect,” “anticipate,” “should,” and other similar
statements of expectations identify forward-looking statements. Forward-looking
statements in this press release include expectations regarding the
reduction in operating expenses resulting from the reduction in
workforce and the restructuring charge to be recorded in the first
quarter of 2009. These forward-looking statements are based
largely on management’s expectations and involve known and unknown
risks, uncertainties and other factors, which may cause the Company’s
actual results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements.
Risks that could cause results to differ materially from those
expressed in these forward-looking statements include, among others, the
loss of, and failure to replace, any significant customers; the
inability of the Company’s sales and marketing strategy to generate
broader consumer awareness, increased adoption rates, or impact
sell-through rates at the retail and wireless carrier level; the timing
and success of product development efforts and new product
introductions, including internal development projects as well as those
being pursued with strategic partners; the timing and success of product
developments, introductions and pricing of competitors; the timing of
substantial customer orders; the availability of qualified personnel;
the availability and performance of suppliers and subcontractors; the
ability to expand and protect the Company’s proprietary rights and
intellectual property; the successful resolution of unanticipated and
pending litigation matters; market demand and industry and general
economic or business conditions; and other factors to which this press
release refers. Additionally, other factors that could cause
actual results to differ materially from those set forth in,
contemplated by, or underlying these forward-looking statements are
included in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2007 under the heading “Risk Factors.” In light of
these risks and uncertainties, the forward-looking statements contained
in this press release may not prove to be accurate. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, or any facts, events, or circumstances after
the date hereof that may bear upon forward-looking statements. Additionally,
the Company does not undertake any responsibility to update you on the
occurrence of unanticipated events which may cause actual results to
differ from those expressed or implied by these forward-looking
statements.
Source: iGo
Financial Relations Board
Tony Rossi, 213-486-6545
trossi@frbir.com
