EXHIBIT
99.1
U.S.
AUTO PARTS NETWORK, INC. STRENGTHENS BOARD OF DIRECTORS WITH TWO KEY
APPOINTMENTS
MySpace
Co-founder and COO and Former Autobytel CEO Join Board of
Directors
CARSON,
CA (October 22,
2007) ― U.S.
Auto Parts Network, Inc. (NASDAQ: PRTS), a leading online provider of
aftermarket auto parts and accessories, today announced that Josh Berman,
MySpace Co-Founder and Chief Operating Officer and Jeffrey Schwartz, the
former
Chief Executive Officer of Autobytel have joined the Company’s Board of
Directors.
“We
are
very fortunate to welcome Josh and Jeff to the Board of Directors of U.S.
Auto
Parts,” said Robert J Majteles, Chairman of the Board. “We are pleased with the
level of talent we are attracting to our Board of Directors and believe
it is
indicative of the Company’s compelling business platform and significant future
growth opportunities. Together with the recent addition of Barry Phelps,
we
believe we have completed the process of building a strong, public company
Board
of Directors and we look forward to serving our shareholders well.”
“We
believe Josh and Jeff bring to the Board several years of experience and
proven
track records with leading online marketing and automotive companies making
them
valuable resources to U.S. Auto Parts,” said Shane Evangelist, Chief Executive
Officer. “We look forward to having the expertise and guidance of these two
senior executives benefiting U.S. Auto Parts as we prepare the Company
for its
next stage of growth.”
Josh
Berman is the Co-founder and Chief Operating Officer of MySpace.com, a
leading
online lifestyle portal. Under Mr. Berman’s leadership, MySpace has
grown exponentially since its launch in 2004, with an average of 300,000
new
users signing up daily and 115 million current active users
worldwide. Mr. Berman formerly co-founded and managed two successful
Internet companies, ResponseBase Marketing, where he held positions as the
Chief Operating Officer and Chief Financial Officer, and Xdrive
Technologies, where he served as Chief Financial Officer and Senior Vice
President of Corporate Development. Mr. Berman was also a management
consultant with PricewaterhouseCoopers and an international marketing manager
and a senior financial analyst at Twentieth Century Fox. Mr. Berman
received his M.B.A. from the University of Southern California, his B.A.
from
U.C. Santa Barbara, and is a CPA in the State of California.
“As
a
leader in the online auto parts market, I believe U.S. Auto Parts has the
technology, people, and resources to continue to drive growth in the industry
as
well as its market share,” said Mr. Berman. “I look forward to working with the
management team and the Board as we seek to achieve the Company’s strategic
initiatives and capitalize on these opportunities.”
Mr.
Schwartz brings eight years of automotive marketing experience to the Company’s
Board of Directors. He currently serves as Chairman and Chief
Executive Officer of Vertical Passion Media, a media and marketing company
focused on classified listings, content and community in the motors
category. Prior to founding Vertical Passion Media, Mr. Schwartz
served as Chairman and CEO of AutoCentro, an automotive dealership
group. From 2001 to 2006, Mr. Schwartz served in various senior
executive positions at Autobytel, including President and CEO, and most
recently
as Director and Vice Chairman. During Mr. Schwartz’s tenure,
Autobytel became a leading automotive marketing services company, delivering
a
diversified set of marketing, media, and CRM products to its 25,000 dealer
franchises and every major automotive manufacturer. Under Mr.
Schwartz’s leadership, the Company experienced a ten-fold increase in market
capitalization and consistent profitability and cash flow
generation. Prior to Autobytel, Mr. Schwartz was President and CEO of
Autoweb, another NASDAQ listed company, and Vice President, Corporate Affairs
at
The Walt Disney Company. Mr. Schwartz served as director of the
Internet Advertising Bureau and was named Outstanding Public Company Executive
by the American Electronics Association. Mr. Schwartz holds a Bachelors,
Masters, and Ph.D. from the University of Southern California.
“I
am
excited to be joining the U.S. Auto Parts’ team at this exciting stage of the
Company’s development,” said Mr. Schwartz. “I believe U.S. Auto Parts is
well-positioned to build upon its market leading position within the high-growth
aftermarket auto parts and accessories category. I look forward to
utilizing my background and experience to continue the achievements the
existing
management team and Board of Directors have made to date.”
The
Company’s Board now consists of nine directors.
About
U.S. Auto Parts Network, Inc.
Established
in 1995, U.S. Auto Parts is a leading online provider of aftermarket auto
parts,
including body parts, engine parts, performance parts and accessories.
Through
the Company's network of websites, U.S. Auto Parts provides individual
consumers
with a broad selection of competitively priced products that are mapped
by a
proprietary product database to product applications based on vehicle makes,
models and years. U.S. Auto Parts' flagship websites are located at
http://www.partstrain.com and http://www.autopartswarehouse.com
and the Company's corporate website is located at
http://www.usautoparts.net.
U.S.
Auto
Parts is headquartered in Carson, California.
Safe
Harbor Statement under the Private Securities Litigation Reform Act of
1995:
All
statements included or incorporated by reference in this release, other
than
statements or characterizations of historical fact, are forward-looking
statements. These forward-looking statements are based on our current
expectations, estimates and projections about our industry and business,
management’s beliefs, and certain assumptions made by us, all of which are
subject to change. Forward-looking statements can often be identified
by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,”
“believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,”
“potential,” “continue,” “ongoing,” similar expressions, and variations or
negatives of these words. These statements include, but are not
limited to, the impact of Mr. Berman and Mr. Schwartz on the Company’s business
and market position, and the Company’s expectations regarding the Company’s
long-term prospects, future financial operating results and potential
growth. These forward-looking statements are not guarantees of future
results and are subject to risks, uncertainties and assumptions that could
cause
our actual results to differ materially and adversely from those expressed
in
any forward-looking statement.
Important
factors that may cause such a difference, include, but are not limited
to, the
Company’s demand for and pricing of the Company’s products; the competitive
environment in the Company’s industry; the Company’s ability to expand its
product offerings and make changes to its product mix; the Company’s ability to
integrate Mr. Evangelist into its management team; the volume of product
sales;
the gain or loss of customers; the Company’s ability to retain, recruit and hire
key executives, technical personnel and other employees in the positions
and
numbers, with the experience and capabilities, and at the compensation
levels
needed to implement the business and product plans; and the Company’s ability to
timely and accurately identify opportunities in new markets, and manage
integration issues and costs inherent in acquisitions.
Our
Annual Report on Form 10-K, subsequent Quarterly Report on Form 10-Q, recent
Current Reports on Form 8-K, and other Securities and Exchange Commission
filings discuss the foregoing risks as well as other important risk factors
that
could contribute to such differences or otherwise affect our business,
results
of operations and financial condition. The forward-looking statements
in this release speak only as of this date. Unless otherwise required
by law, the Company expressly disclaims any obligation to revise or update
publicly any forward-looking statement for any reason, whether as result
of new
information, future events or otherwise.
Investor
Contacts:
Michael
McClane, Chief Financial Officer
U.S.
Auto
Parts Network, Inc.
michael@usautoparts.com
(310)
735-0085
Anne
Rakunas / Laura Foster
ICR,
Inc.
(310)
954-1100
anne.rakunas@icrinc.com
laura.foster@icrinc.com
Media
Contacts:
Stephanie
Sampiere / Matt Lindberg
ICR,
Inc.
(203)
682-8200
stephanie.sampiere@icrinc.com
matthew.lindberg@icrinc.com