Former Director of Ironclad Performance Wear (ICPW) submits revised slate of new Directors
CHICAGO, July 11, 2017 /PRNewswire/ --
Mr. Vane Clayton
Chairman of the Board of Directors
Ironclad Performance Wear Corporation
1920 Hutton Court Suite 300
Farmers Branch, TX 75234
Dear Mr. Clayton:
Vane, I am writing to you in light of the company's announcement on July 6, 2017, in which it described that its' previously released financial statements, from fiscal years ending December '16 and December '15, and including the quarter ending March 31, 2017, should not be relied on. The announcement went on to report that Jeff Cordes and Bill Aisenberg had resigned as of the date of the announcement. This letter delivers our revised slate of directors for consideration of all shareholders to be properly included in the new proxy statement that will have to be established since there are so many new facts to be set before shareholders at an annual meeting.
I, and the professionals I submit to be Directors, will represent long suffering investors who are focused on earning a return on their investment ahead of perpetuating and further entrenching directors and executive officers. We look forward to a large majority of shareholders voting for our slate and speaking out for their long ignored economic interest instead of rewarding the current Board of Directors and inadequately executed strategies.
C: Mr. James McAlister, Chief Financial Officer, and Secretary
Ironclad Performance Wear
Slate of New Directors
Patrick W. O'Brien, 70, From March 2014 to July 2016. Mr. O'Brien served a member of the Board of Directors of Ironclad Performance Wear serving as the Chair of the Compensation Committee, and a member of the Nominating and Governance Committee, and Audit Committee. In July 2015, Mr. O'Brien joined the Board of Directors of Cinedigm, Inc., a leading independent film distributor of physical and digital media, where he is the Lead Independent Director, and Chair of the Compensation Committee. In 2013, Mr. O'Brien joined the Board and subsequently, became Chairman, President & CEO, LVI Liquidation Corp. formerly Livevol, Inc., a private company that is a leader in equity and index options technology. Mr. O'Brien is leading the liquidation of the company by selling technology assets to the Chicago Board Options Exchange and its broker-dealer assets to Liquidpoint, LLC. In 2014, Mr. O'Brien joined the Board of Creative Realities a digital signage and service solutions serving a variety of retail, food service and airport locations. From 2002 to 2007 Mr. O'Brien served as a member of the Board of Directors of Factory Card & Party Outlet until its sale to AAH Holdings (Party City). Mr. O'Brien has over 40 years of multi-unit international management experience in the North & South America, Caribbean, Japan, and the United Kingdom. Mr. O'Brien is a graduate of the Eli Broad College of Business at Michigan State University with a BA in Hotel Management.
Gary W. Rada, 63, is an experienced retail executive who has served in a variety of leadership roles during his extensive career. Mr. Rada is currently Chairman and Chief Executive Officer of Cardfrenzy, Inc., (www.mycardfrenzy.com) a start-up card and gift retail chain, founded in 2010. Mr. Rada also serves as Chairman of the Board for Matthew Christopher Inc. (www.matthewchristopher.com), a privately held Couture Bridal Gown Design and Wholesale Company located in New York. Matthew Christopher's customers include a large base of independent Bridal Salons and Nordstrom stores. From 2012 until 2015 Mr. Rada served on the Board of Directors for Gateway Foundation, a $100 million revenue, not for profit healthcare business in Chicago, Illinois. During his tenure, Mr. Rada served as Chairman of the Corporate Governance Committee and additionally Chaired the Strategic Planning Committee. From 2001 until 2010 Mr. Rada was President and Chief Executive Officer of Factory Card Outlet. During his tenure, Mr. Rada developed and implemented growth strategies for the 200 store, retail chain, leading to a successful sale to AAH Holdings (Party City). Before Joining FCPO, Mr. Rada served as Vice President of Pharmacy Operations and General Merchandise Procurement for Bruno's Inc., a leading supermarket and drug chain headquartered in Birmingham, Alabama. Prior to Bruno's, Mr. Rada devoted 20 years of his career in various operating, marketing and merchandising positions with Jewel Companies (Albertsons). His executive roles included Vice President and General Merchandise Manager for Sav-On and Osco Drug and Vice President of Grocery and General Merchandise Procurement for Jewel Food Stores, the leading grocery retailer in Chicago. Mr. Rada has extensive P&L accountability and has earned several achievement awards throughout his 40-year career.
Martin (Marty) R. Akins, 63, is a private investor, President of Eagle Eye Ranch LP and Eagle Eye Outdoor Products LLC, attorney, teacher, big game hunter, entrepreneur and community leader. Mr. Akins is a Sixth-Generation Texan and is a member of the Sons of the Republic of Texas. Mr. Akins has 38 years of legal experience and skills as a highly-regarded trial lawyer. His success in numerous high-profile business litigation cases and his many multi-million dollar verdicts and victories for his clients led to him being listed as one of the top five trial lawyers in Texas. Mr. Akins is licensed to practice law in all Courts for the State of Texas and he has been licensed to practice before the United States Supreme Court, the Fifth and Eleventh Circuit Courts of Appeal, and all the United States District Courts. Mr. Akins owns and operates a successful ranching and hunting business in Burnet, Texas. He has served as Advisor to Burnet County and its Court Appointed Special Advocates for abused children. He has served as a member of the Texas Wildlife Association, and the Texas and Southwest Cattle-raisers Association. He is a life member of the Safari Club International. Mr. Akins graduated from the University of Texas at Austin where he played college football and was selected captain of his Longhorn teams. In 1975 Mr. Akins was named first team All-American Quarterback and he was selected as the Most Valuable Player of the Southwest Conference. He was also named Player of the Year of the SWC. Mr. Akins quarterbacked and won 3 Southwest Conference Championships for the Longhorns. Mr. Akins received the Athlete of the Decade Award (1970-1980) from the Big Brothers/Big Sisters of America. Mr. Akins has also been inducted into the Sports and Football Hall of Fame and Honor in Texas. Mr. Akins was also voted on the All-Century Football Team in Texas and he is the only Wishbone Quarterback in College Football History to be selected First Team All-American. Legendary college football coach Darrell Royal said that "Marty Akins is the best all-around player I have ever seen and coached and Marty making First Team All-American as a Wishbone Quarterback was like winning the Heisman Trophy."
Dennis G. Schmal, 69, served as a partner in the audit practice at Arthur Andersen LLP from February 1972 until April 1999. As a senior business advisor with special focus in finance, he has extensive knowledge of financial reporting and holds a CPA license (retired). Since 1999, Mr. Schmal has served on the corporate boards of directors of fifteen corporations. Mr. Schmal currently serves on the board of directors of Owens Realty Mortgage Inc., a public REIT, since 2011, and on the boards of three investment complexes overseeing public investment funds (AssetMark Mutual Funds, since 2006, Well Fargo Hedge Funds, since 2008, and Cambria ETF Series Trust, since 2011). In the last five years, Mr. Schmal has also previously served on the boards of a family of ETF's sponsored by Grail Advisors, for Sitoa Global, a small public technology company and for Varian Semiconductor Equipment Associates, Inc., a public technology company, until each were sold and went out of existence. Mr. Schmal attended California State University, Fresno where he received a Bachelor of Science degree with honors in Business Administration- Finance and Accounting Option.
301 Whitmore Lane
Lake Forest, IL 60045
Phone: 847.295.3977 Mobile: 847.772.2298
SOURCE Patrick W. O’BrienBack to top