NEWPORT BEACH, Calif., Nov. 7, 2005 (PRIMEZONE) -- World Am, Inc. (OTCBB:WDAM) today announced the appointment of Robert A. Hovee, a veteran senior executive, private investor and entrepreneur, as Chairman & Chief Executive Officer, effective immediately. He succeeds James H. Alexander, who will continue as a Director of the company, in addition to serving as Special Assistant to the Chairman. As part of the restructuring, the company will move its headquarters from Westminster, Colorado to Newport Beach, California. These changes are among the first to be implemented following the company's completion last month of the acquisition of its wholly owned subsidiary, Senz-It, Inc. As part of the agreement, SUTI Holdings, LP, obtained the right to appoint a minimum of three directors to the World Am board. It also received a majority of the voting power of the company.
Mr. Hovee is the founder and CEO of RAH Consulting Group, Inc., a private company focused on new product development, strategic planning, organizational issues, operations and international marketing. He has been an active private investor, board member and advisor to early-stage technology companies for the past 10 years. During this time, he has invested in 15 companies, and served on the boards of more than 20 private and public companies engaged in diverse industries.
Earlier, Mr. Hovee was Chairman & CEO of Life Support Products, Inc., a private medical technology venture he led for 11 years. During that time, he repositioned it from a struggling specialty respirator company to become a market leader in emergency medicine in the U.S., as well as in several foreign countries. In December 1993, the company was sold to a NASDAQ level firm.
Prior positions held by Mr. Hovee reflect a broad range of disciplines and increasing levels of responsibility with such firms as Atari (personal computer group), Allergan Pharmaceuticals, Inc, Spalding Sports Worldwide, and Boise Cascade Corporation.
The recipient of two B.A. degrees in Marketing and International Business from the University of Washington, he went on to earn a Masters in International Management from the Garvin Graduate School of International Management (Thunderbird), where he was the recipient of the Barton, Kyle, Yount Scholarship.
Mr. Hovee has been a member of business, academic and philanthropic organizations for more than 20 years. Currently, he is actively involved with the University of California, Irvine (UCI) as Chairman of the UCI Medical Center Executive Counsel, and also serves on the advisory boards of The Paul Merage School of Business, the Department of BioMedical Engineering, and the UCI Medical School.
He currently is a member of the board of directors of three privately held companies -- Curlin Medical, Inc., Select University Technologies, Inc., and Metagenics, Inc.
Additional information on the company is available at http://www.world-am.com or http://www.isotecinc.com .
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the World Am, Inc. Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.