Growth Technologies International, Inc., a Florida Corporation (Pink Sheets:GRWT) (“Growth Tech” or “the Company”), today announced certain managerial changes and that it is expanding its Board of Directors from two seats to four seats.
Following a thorough recruiting process, the newly created seats will be filled by Jack McMullen and Marc Fratello. The two were formally elected to the Board at its December 18, 2007 meeting and will assume their responsibilities immediately.
“We are tremendously excited to have McMullen and Fratello join Growth Tech’s Board of Directors,” said Matthew Brown, President of Growth Tech. “These two individuals have been extensively involved with the Company in the past and have been selected formally to participate in the developments of this great Company. I know the Company will benefit significantly from their experience as they will provide strategic depth to Growth Tech’s Board of Directors.”
Additionally, John Stanton has resigned as CEO and will continue as Chairman. Matthew A. Brown, President, will assume CEO responsibilities.
John S. “Jack” McMullen – Tampa, FL – Age 63
Mr. McMullen retired as President/CEO of Florida Bank of Tampa in 1999, after spending thirty two years in high profile positions in the banking industry in Tampa. During the past 8 years, he has been active in advising firms regarding mergers, acquisitions, venture capital financing & restructuring activities. McMullen remains active on the Board of Directors of Merchants Association of Florida, Inc. where he currently serves as Treasurer, Executive Committee member, Chairman of the Finance Committee and Chairman of the Investment Committee. He’s also a member of the Board of Trustees for The Florida Aquarium Foundation, Inc., Managing Member/Director for Atlanta Eurocars, LLC (d/b/a Mercedes-Benz of South Atlanta) where he put together an investor group to acquire the dealership, and Managing Member/Director of Central Virginia Eurocars, LLC (d/b/a Mercedes-Benz & Volvo of Fredericksburg, Virginia). McMullen previously served as a member of the Board of Directors for IOWORLD Media Corporation, PowerCerv Corporation and Insurance Management Solutions Group, Inc. McMullen received both his BS & MBA from Florida State University. McMullen’s social activities include Golden Triangle Association, Inc., Ye Mystic Krewe of Gasparilla, University Club of Tampa, Tampa Yacht & Country Club and Rotary Club of Tampa.
Marc J. Fratello – Tampa, FL – Age 50
Currently CEO, President and Founder of SOE Software Corporation as of 2003. Since joining SOE Fratello has grown the organization from two employees and one customer to thirty “A” player employees and over two hundred customers increasing revenues by fifty percent and doubling profits year after year. Prior to SOE, Fratello founded PowerCerv Corporation in 1992 which he took public in 1996 raising $52,000,000 in an oversubscribed offering. PowerCerv was the first ERP software vendor to integrate front and back office automation applications, and competed with companies such as Baan, Oracle and SAP. Before selling the company in 2003, Fratello received accolades from Inc Magazine for 1996 Entrepreneur of the Year for Florida and from Deloitte and Touche for being the Second Fastest Growing Company on the west coast of Florida over a five year period. PowerCerv is still in business today and profitable (under a different name). Previous to PowerCerv, Fratello was Director of Marketing at Unisys Corporation, a multi billion dollar producer of mainframe computer systems. Fratello spent 10 years with Unisys. Fratello received his BS in Accounting from Franklin and Marshall College in 1978. Later he attended Wharton School University of Pennsylvania where he received his MBA in 1991.
About Growth Technologies International, Inc.
Growth Technologies, Inc.’s mission is to become a leading provider of all necessary resources to successfully manage and operate online sales and software related businesses. AuctionSound is an ASP application for online asset management and was created for eBay Trading Assistants to manage online sales and consignment products. AuctionSound includes customer management, listing tools, auction templates, image hosting, shipping and financial reporting, all from one interface. The AuctionSound platforms provide a turnkey solution to the product-to-cash cycle across multiple marketplaces and OSSG’s suite of eCommerce products allows customers the flexibility to manage their shopping experience. OSSG customers range from independent retailers striving for an online presence to entire franchise chains seeking an intelligent solution to manage their network of stores. OSSG continues to develop strong relationships with both customers and peripheral service providers to bridge the digital divide between consumers and businesses. AuctionSound is a certified eBay compatible application that supports various business models in several countries.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of Growth Technologies International, Inc. officials are “Forward-Looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-Looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as “believes,” “anticipates,” “intends,” “plans,” “expects,” and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future Growth Technologies International, Inc. actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-Looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and Growth Technologies International, Inc. has no specific intention to update these statements.