Adrenalina President Resigns

ADMIN

• August 26 2009
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According to press release on SportsoneSource.com, “Adrenalina announced in a filing with the Securities & Exchange Commission that Jeffrey Geller, president and chief operating officer, has left the company to pursue other interests.” Geller resigned from Adrenalina’s Board of Directors on July 20, according to the document. Here’s some additional information:

“The filing noted that Geller does not have any dispute or disagreement with the company. The company and Geller terminated his employment contract, in exchange for continued health and dental benefits for 18 months, the full vesting of all outstanding options and a 36 month consulting agreement with monthly compensation of $2,000 per month.

On April 28 the action sports retailer announced that, in light of its ongoing evaluations of its assets, business and cash requirements, it was unable to file its Form 10-K for the period ended December 31, 2008 within the prescribed period of time. The company said it is researching strategic alternatives to enhance operating performance and stockholder value, including restructuring its balance sheet, reducing costs and negotiating with its creditors to address the company’s liquidity issues and implementing a revised strategic plan.”