COPPELL, Texas, April 13 /PRNewswire-FirstCall/ -- CLST Holdings, Inc. (OTC Pink Sheets: CLST) today announced that it has completed the sale of its operations in Mexico to Soluciones Inalembricas S.A. de C.V. and Prestadora de Servicios en Administracion y Recursos Humanos, S.A. de C.V. for $20.0 million in cash. In addition, the Company is entitled to its share of the 2007 operating profits of the operations up to the date of closing.
On April 9, 2007, Sherrian Gunn was named President and Chief Executive Officer of the Company. Ms. Gunn, who is 51 years old, joined the Company in 2001 as Controller - U.S. Region. In August of 2002, she was named Director of Investor Relations, and in January of 2006, she was promoted to Vice President, Investor Relations and Treasury. Prior to joining the Company, Ms. Gunn held various positions with Johnson & Johnson Medical Inc., a subsidiary of Johnson & Johnson, including Operations Controller and Financial Controller.
On April 9, 2007, the Company entered into an employment agreement with Sherrian Gunn, whereby Ms. Gunn agreed to remain employed by the Company to provide wind-down services in connection with the dissolution and liquidation of the Company following the closing of the sale (the "U.S. Sale") of the Company's U.S. and Miami-based Latin American operations to wholly-owned subsidiaries of Brightpoint, Inc. Pursuant to the terms of the agreement, Ms. Gunn will continue her employment with the Company for one year, which may be extended by mutual agreement of the parties. In addition, Ms. Gunn is entitled to certain compensation following termination without cause by the Company, or upon her resignation following a change in control of the Company, as such term is defined in the agreement. Ms. Gunn is also entitled to receive a closing bonus upon completion of the term, plus one extension of the term, if necessary.
The company has further announced that on April 9, 2007, Michael J. Farrell resigned as President, Chief Executive Officer, Chief Administrative Officer and Treasurer of the Company, and Juan Martinez Jr. resigned as Vice President, Corporate Controller. Mr. Farrell and Mr. Martinez resigned in connection with the closing of the U.S. Sale.
This news release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995.
