LOS ANGELES, Feb. 6, 2009 -- Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced the appointment of Jeffrey P. Mirvis to its board of directors, succeeding Irv Siegel who recently resigned, as previously announced.
The appointment brings the company in compliance with NASDAQ Marketplace Rule 4350(c)(1), which requires that a majority of the board of directors be comprised of independent members.
The process of selecting Jeffrey Mirvis was led by a committee comprised of three independent directors.
"Jeff Mirvis brings to the company a wealth of experience, particularly product manufacturing and logistics. Our operations in Malaysia and Singapore, as well as relationships with suppliers in the region, complement Jeff's experience and knowledge within Asia and in North America. His extensive expertise, which includes working with multi-national customers, will be invaluable for our existing and future business. In addition, Jeff's knowledge and relationships within the commercial banking sector will be extremely useful as our organization grows. We look forward to benefiting from his advice as the company focuses on domestic business expansion and foreign opportunities," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America, Inc.
Mirvis is currently the chief executive officer of MTG Industries, a privately held apparel company based in Los Angeles, assuming the position in 2000. Prior to joining MTG Industries in 1990, he served as a banker with Union Bank of California.
He earned a Bachelor of Arts degree in economics from the University of California at Santa Barbara. He is involved in numerous educational and charitable organizations in Los Angeles.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with facilities located in California, Tennessee, Mexico, Malaysia and Singapore. Additional information is available at www.motorcarparts.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company, including expected benefits from the company's new board member. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC)in June 2008 and in its Form 10-Qs filed with the SEC thereafter for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
CONTACT: Maier & Company, Inc.
Gary S. Maier
(310) 442-9852