Insignia Systems, Inc. Announces Shareholder Approval Of Sale Of In-Store Marketing Business To Park Printing; Expects The Sale To Close After The Market Close As Of August 3, 2023

Author: Happy Mohamed | July 31, 2023 09:02am

Insignia Systems, Inc. (NASDAQ:ISIG) ("the Company") today announced that its shareholders approved its previously announced agreement to sell its in-store marketing business to an affiliate of Park Printing, Inc. ("Park Printing") at the Company's annual meeting of shareholders held on July 27, 2023. The Company expects the sale to close after the market close as of August 3, 2023.

Following completion of the sale, the Company will be focused on building a scalable non-bank lending platform, which purchases existing loans and/or originates and funds new loans. The Company's Chairman, Mark Jundt, commented: "Upon the closing of the sale of our in-store marketing business, we will be completing a significant transformation of our Company. We believe the transition to our non-bank lending platform as our primary business will provide new growth avenues and the opportunity for enhanced shareholder value creation going forward. The Company's new mission will be to create exceptional financing solutions and connect our customers with competitive funding choices."

In connection with the sale of the in-store marketing business, the Company announced that Kristine Glancy, the Company's President and Chief Executive Officer, will be departing from the Company at the end of August 2023.

Ms. Glancy joined the Company in 2016, and during her tenure her responsibilities and accomplishments included:

• Transforming the in-store signage business and expanding the customer reach to include additional large retailers
• Creating a new in-store marketing business delivering $60 million in sales from 2018 through Q2 2023, with an average 50% annual growth rate
• Recruiting and building a talented team to drive the business
• Managing a major lawsuit leading to a favorable $20 million settlement for the Company
• Leading a strategic review process with other executive leadership and the Board, culminating in the negotiated sale of the in-store marketing business to Park Printing and the strategic transformation of the Company

"The Company has greatly benefitted from Kristine's effective leadership and invaluable contributions as CEO since she joined" said Nick Swenson, a member of the Board and longstanding shareholder. "Her remarkable success in driving the growth of the Company, in many ways, positioned us for the sale of the in-store marketing business and our pivot to non-bank lending going forward."

"We understand Kristine's desire to pursue new executive leadership opportunities in the consumer packaged goods and retail sectors, given that our focus is now shifting to non-bank lending. On behalf of the Board," said Mr. Swenson, "I want to thank Kristine for her vision, passion and leadership and wish her the very best in her future endeavors."

Posted In: ISIG