United PanAm Financial Corp. (Nasdaq:UPFC) and its subsidiaries
announced today the appointment of Giles Bateman as Chairman of the UPFC
Audit Committee effective as of January 1, 2009. Mr. Bateman, a member
of the UPFC Board since April 2006, will replace Julie Sullivan as Chair
of the UPFC Audit Committee. On December 1, 2008, Ms. Sullivan gave
notice of her resignation as a member of the UPFC Board and as Chairman
of the Audit Committee in order to devote her time to other professional
endeavors that currently demand significantly more of her time. Ms.
Sullivan's resignation will be effective December 31, 2008. With Ms.
Sullivan’s resignation, the Board will have a vacancy, and the
independent members of the UPFC Board have undertaken to identify
qualified potential independent director candidates to fill this vacancy.
"We want to recognize and thank Ms. Sullivan for her service as a Board
member and as Chair of the Audit Committee and it is with regret and
appreciation for her service that we accept her resignation,” said
Guillermo Bron, the Chairman of the Board. "We are appreciative that Mr.
Bateman is willing to act as Audit Committee Chair and are confident in
his financial expertise and capability.”
Giles Bateman was a co-founder of The Price Company in 1976 and served
as Chief Financial Officer and Vice Chairman there until 1991. Mr.
Bateman served as non-executive chairman of CompUSA Inc., a publicly
traded retailer of computer hardware, software, accessories and related
products, from 1994 until he retired in 2000. Mr. Bateman has served as
a director of UPFC since April 2006 and currently serves as Chairman of
UPFC’s Compensation Committee. In addition, Mr. Bateman serves as a
director, and the chair of the audit committee, of WD-40 Company and as
a director of Lifetime Fitness, Inc. He also serves as a director of
three private companies.
UPFC is a specialty finance company engaged in automobile finance, which
includes the purchasing, warehousing, securitizing and servicing of
automobile installment sales contracts originated by independent and
franchised dealers of used automobiles. UPFC conducts its automobile
finance business through its wholly-owned subsidiary, United Auto Credit
Corporation.
Forward Looking Statements
This press release may contain forward-looking statements as referenced
in the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are inherently unreliable and actual results may vary.
Factors which could cause actual results to differ from these
forward-looking statements include changes in the competitive
marketplace, changes in the interest rate environment, economic
conditions, outcome of pending litigation, risks associated with credit
quality and other factors discussed in the company’s filings with the
Securities and Exchange Commission. The company undertakes no obligation
to publicly update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise.
