WESTPORT, CT, June 22, 2006 Compass Diversified Trust (Nasdaq NMS: "CODI") (the "Trust") announced today that it has strengthened its capabilities with the addition of three new members to the Trust's finance team, effective immediately.
Ken Terry was named corporate controller; Gary Bilello was appointed vice president of internal audit; and Jim Ferrara was made the director of taxes. The new team members will be based in Westport, CT and, with the exception of Mr. Bilello, will report to James Bottiglieri, chief financial officer of Compass Diversified Trust. Mr. Bilello will report directly to the Board of Director's Audit Committee.
"We are pleased to improve our finance team with the addition of this talented group of individuals," said I. Joseph Massoud, chief executive officer of Compass Diversified Trust. "Ken, Gary and Jim each bring their own unique skill set to our organization, and their arrival are consistent with our overall growth strategy following the recent completion of our initial public offering. We look forward to their valuable contributions as we continue to grow our business."
Mr. Terry will be responsible for certain Treasury functions, SEC reporting and general accounting operations. Previously, Mr. Terry served as controller for Star Gas Corporation and was the chief financial officer for Vestron Video. Mr. Terry has held other various senior financial positions at other public companies and is an alumnus of KPMG, LLP.
Mr. Bilello will establish the internal audit function and lead the Trust's Sarbanes-Oxley compliance efforts. Mr. Bilello most recently served as the director of internal audit at Perma-Fix Environmental Services, Inc. and is an alumnus of Deloitte & Touche, LLP and BDO Seidman, LLP.
Mr. Ferrara is responsible for working with PricewaterhouseCoopers LLP in the preparation of investor tax reporting. Mr. Ferrara will also support the financial reporting function and assist in Sarbanes-Oxley compliance as they relate to income taxes. Mr. Ferrara most recently handled many of the same functions at Star Gas and also served as the director of taxes at Dorr Oliver. Jim is an alumnus of PWC.
About Compass Diversified Trust
Compass Diversified Trust and its subsidiary, Compass Group Diversified Holdings LLC, (collectively, "Compass") were formed to acquire and manage a group of small to middle market businesses that are headquartered in the United States. Compass has acquired controlling interests in four businesses: CBS Personnel Holdings, Inc., a human resources outsourcing firm; Crosman Acquisition Corporation, a recreational products company; Compass AC Holdings, Inc., an electronic components manufacturer; and Silvue Technologies Group, Inc., a global chemical hardcoatings manufacturer. Compass works with the management teams of North American based small to middle market businesses to identify and capitalize on diverse acquisition opportunities that satisfy Compass' acquisition criteria. Compass seeks to acquire controlling interest in businesses that have stable and growing cash flows, maintain strong niche market presences and have positive macroeconomic outlooks.
This press release may contain certain forward-looking statements, including statements with regard to the future performance of Compass and each of the four initial businesses. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Form 10Q filed by Compass with the Securities and Exchange Commission for the quarter ended March 31,2006 and other filings with the Securities and Exchange Commission. Compass undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Compass Diversified Trust
Chief Financial Officer