NEW YORK, Aug. 16, 2006 (PRIMEZONE) -- Industrial Enterprises of America, Inc. (OTCBB:IEAM) a specialty automotive aftermarket supplier, today announced the addition of Michael Jay Solomon to the Company's Board of Directors. Mr. Solomon, the co-founder and former Chairman and CEO of Telepictures Corporation, brings 50 years of experience as a successful executive and entrepreneur in domestic and international film and television production and distribution.
Mr. Solomon is currently the Chief Executive Officer and founder of Solomon Entertainment Enterprises, a worldwide content provider for all forms of television, home video, internet and wireless phones. From 2003 through 2005, he served as the Chairman of AGU Entertainment Corp., now The Tube Media Corp., a publicly traded company.
Previously, Mr. Solomon had a five-year tenure with Warner Bros. which, under his leadership, became the largest television program distribution company in the world, experiencing over a 400% increase in television revenues and the establishment of an international presence. Prior to joining Warner Bros., he co-founded Telepictures Corporation which went on to become one of the largest television production and distribution companies in the world.
"Michael brings an incredible wealth of knowledge and wisdom to Industrial Enterprises of America from having run the largest publicly traded U.S. television syndication company, Telepictures, as Chairman and CEO," stated Chief Executive Officer, John Mazzuto. "As an independent Director, we look forward to his input to help the Company evaluate and execute future business opportunities."
Mr. Solomon serves on the Board of Overseers of New York University's Stern School of Business and is a Founder of The Sam Spiegel Film & Television School in Jerusalem. He was educated at New York University's Stern School of Business and Boston's Emerson College, where he was awarded an honorary Doctor of Law degree.
About Industrial Enterprises of America, Inc.
Industrial Enterprises of America, Inc., headquartered in New York, NY, is an automotive aftermarket supplier that specializes in the sale of anti-freeze, auto fluids, and other automotive additives & chemicals. The company has distinct proprietary brands that collectively serve the retail, professional, and discount automotive aftermarket channels.
Statement Under The Private Securities Litigation Reform Act
Except for the historical information contained herein, the matters discussed in this press release may include forward-looking statements or information. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of Industrial Enterprises of America set forth herein and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects", "forecasts" or similar expressions, are forward-looking statements. Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties which could cause the Company's future results to differ materially from those anticipated, including: (i) the Company's history of ongoing operating losses; (ii) the overall marketplace and clients' usage of products, including demand therefore, the impact of competitive technologies, products and pricing, particularly given the substantially larger size and scale of certain competitors and potential competitors, control of expenses, and revenue generation by the acquisition of new customers; Other risks are detailed from time to time in the Company's 2005 Annual Report on Form 10-K, as amended, its Quarterly Reports on Form 10-QSB, and in its other Securities and Exchange Commission reports and statements. The Company assumes no obligation to update any of the information contained or referenced in this press release.