Danier Announces Interim Chief Financial Officer

Jul 13, 2015 - 17:10

TORONTO, ONTARIO--(Marketwired - July 13, 2015) - Danier Leather Inc. (TSX:DL) ("Danier" or the "Company") announced today that Bryan Tatoff, its Chief Financial Officer, has informed the Company that he will be resigning to pursue other opportunities.

Mr. Tatoff will remain in his current role through July 24, 2015 to facilitate an orderly transition. Danier has appointed Brent Houlden to assume the role of Interim Chief Financial Officer.

Mr. Houlden has extensive retail strategy and operations expertise with deep financial skills. During his 26 years as a partner of Deloitte LLP, Mr. Houlden held various senior leadership positions, including building Deloitte's Consulting and Financial Advisory practices as well as leading its retail practice in Canada. Mr. Houlden holds an MBA (Queen's University), two accounting degrees (CPA, CA and CPA (Illinois)) and the Institute of Corporate Directors Designation (ICD.D.).

In making the announcement, Jeffrey Wortsman, Chief Executive Officer of Danier said: "I would like to thank Bryan for his contributions to our Company over the past 18 years. On behalf of Danier, we wish him the best. We look forward to working with Brent who brings significant retail experience to the Company."

About Danier

Danier Leather Inc. is a leading integrated designer, manufacturer, and retailer of high-quality fashion-oriented leather apparel and accessories. The Company's merchandise is marketed exclusively under the well-known Danier brand name and is available at its 86 shopping mall, street-front and outlet stores as well as the online store at danier.com. For more information about the Company and our products, visit www.danier.com.

Forward-Looking Statements

This press release contains forward-looking information and forward-looking statements which reflect the current view of Danier with respect to the Company's objectives, plans, goals, strategies, results of operations, financial and operating performance and business prospects and opportunities. Wherever used, the words "may", "will", "anticipate", "intend", "estimate", "expect", "plan", "believe" and similar expressions identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the times at which, such events, performance or results will be achieved. All of the statements in this press release containing forward-looking statements or forward-looking information, if any, are qualified by these cautionary statements.

Forward-looking statements and forward-looking information are based on information available at the time they are made, underlying estimates, opinions and assumptions made by management and management's current good faith belief with respect to future strategies, prospects, events, performance and results and are subject to inherent risks and uncertainties surrounding future expectations generally. Such risks and uncertainties include, but are not limited to, decreases in sales and gross margins from existing stores, a decline in general economic conditions, consumer confidence, or consumer spending or increases in consumer debt levels, risks associated with foreign supply, sourcing and manufacturing, including increasing leather prices and increasing constraints on foreign vendors' capacity, branding, merchandising, allocation, fashion and apparel and leather industry risks that can adversely affect demand for the Company's products and result in inventory mark-downs and reduced gross margin, the Company's inability to successfully implement its strategies and plans or financial, capital expenditure, cost reduction or budgetary activities and initiatives, uncertainty regarding the Company's ability to secure alternative sources of financing on favourable terms or at all, uncertainty concerning the outcome of the Company's ongoing strategic review process, including whether such process will result in any transaction or alternatives, the Company being unable to successfully grow revenues, gross profit, gross margin and generate net earnings or to generate the necessary cash flows and earnings to satisfy its obligations and pursue its objectives, increased write-downs or impairment changes on the Company's assets, or any other material disruption to or decline in the Company's operations. For additional information with respect to Danier's inherent risks and uncertainties, reference should be made to Danier's continuous disclosure materials filed from time to time with the Canadian Securities Regulatory Authorities, including the Company's most recent annual information form, quarterly and annual reports and financial statements and notes thereto, and supplementary information, which are available on SEDAR at www.sedar.com and in the Investor Relations section of the Company's website at www.danier.com. Additional risks and uncertainties not presently known to the Company or that Danier currently believes to be less significant may also adversely affect the Company.

Danier cautions readers that such factors and uncertainties are not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual strategies, prospects, events, performance and results may vary significantly from those expected. There can be no assurance that the actual strategies, prospects, results, performance, events or activities anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company.

Potential investors and other readers are urged to consider these factors carefully in evaluating forward-looking information and forward-looking statements and are cautioned not to place undue reliance on any forward-looking information or forward-looking statements. Danier disclaims any intention or obligation to update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

Investor Relations Contact
Jeffrey Wortsman
President and Chief Executive Office
Tel: (416) 762-8175 ext. 302
Email: jeffreyw@danier.com

Brent Houlden
Interim Chief Financial Officer
Tel: (416) 762-8175 ext. 311
Email: bhoulden@danier.com