CEO gives his personal stock options to non-executive field employees
U.S. Dry Cleaning CEO Grants Half of His Personal Stock Options to
Employees of the Fastest-Growing National Dry Cleaning Chain
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--U.S. Dry Cleaning Corporation (OTCBB:UDRY), the nation’s
fastest-growing chain of dry cleaning operations, today announced that
the company’s CEO and founder, Robbie Lee, has
gifted 400,000 of his personal CEO stock options among more than 140
non-executive field employees of the company’s
California operations. This follows the Company’s
granting of 200,000 shares to the company’s
Hawaiian field employees last year. The announcement was made by Deborah
Rechnitz, chief operating officer of U.S. Dry Cleaning Corporation.
“Robbie believes very strongly that our
front-line employees are the key to our success. He also wants them to
know that the company values their efforts and that they too can
participate in the success of the company,”
Ms. Rechnitz said.
In addition, half of all UDRY stock options, under the corporate stock
option plan, have been allocated to non-executive employees. Ms.
Rechnitz believes this approach provides UDRY with a clear competitive
advantage. “Our employees provide the front
line contact with our customers and our customers’
garments. As owners, our employees are committed to providing
exceptional quality and service to our customers. In exchange, these
employees may be able to reap benefits which far outweigh anything that
they could otherwise have achieved.”
About U.S. Dry Cleaning Corporation
U.S. Dry Cleaning’s mission is to create the
premier national chain in the dry cleaning industry. The Company’s
management team has extensive experience in retail consolidations and
premier dry cleaning operations with a proven operating model.
Management intends to rapidly acquire profitable, market-leading
operations at accretive valuations. Each acquisition target is expected
to be self-sufficient, and field management remains in place to ease the
assimilation.
U.S. Dry Cleaning management believes the greatest value achieved in any
consolidation is during the earliest phases. As a result, the company
intends to grow as rapidly as possible to maximize shareholder value.
This release is for informational purposes only and should not be
construed as a solicitation to invest. U.S. Dry Cleaning’s
future operation results are dependent upon many factors, including but
not limited to (i) the company’s ability to
obtain sufficient capital or a strategic business arrangement to fund
its expansion plans (ii) the company’s
ability to build the management and human resources and infrastructure
necessary to support the growth of its business; (iii) competitive
factors and developments beyond the company’s
control; and (iv) other risk factors discussed in the company’s
periodic filings with the Securities and Exchange Commission, which are
available for review at http://www.sec.gov
under “Search for Company Filings.”
Contacts
U.S. Dry Cleaning Corporation
Rick Johnston
Director of
Shareholder Communications
Tel: 760-668-1274
Email: rick@usdrycleaning.com
www.usdrycleaning.com
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In the UK and Ireland, practically all stock options are personal to the employee and non-transferable. Many CEOs who might be inclined to do something like this, therefore, are prevented from doing so by the plan rules. It would interesting to know if this company also has a broad based plan?
Thanks for posting this. Let's hear it for CEOs who understand the importance of their employees.
I encountered something similar back in 2002. The Chariman and the CEO both voluntarily agreed to cancel a sizeable number of options at a time the plan was running low on shares. A portion of the shares was used to make a number of retention grants to hand-picked managers. Certainly far from landing the options in the hands of front-line employees as in the case of U.S. Drycleaning Corporation but nonetheless a selfless act during a time when executives were oftentimes eagerly gobbling up enormous equity awards.