Kaj den daas biography of martin

AURORA, Ohio – August 10, – TCP International Holdings Ltd. (NYSE: TCPI), a leading global manufacturer and distributor of energy efficient lighting technologies, today announced that Chief Executive Officer K.R.

“Kaj” den Daas has resigned for personal reasons, effective October 3,

The Board of Directors named Brian Catlett, currently Chief Financial Officer, as interim CEO and Zachary Guzy, currently the Company’s Global Corporate Controller, as interim CFO, as of October 3.

The Board will engage a national find firm to identify qualified candidates for the CEO position.

“We admire the stable leadership Kaj has provided during his tenure with TCP and thank him for his many efforts in building and maintaining our business and vendor and customer relationships during a particularly challenging time for the Company,” said Lead Director Ralph Della Ratta Jr.

“We believe that Kaj’s efforts hold been instrumental in positioning us for future growth.”

Mr.

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den Daas, a Dutch native who came out of retirement to become CEO on June 30, , informed the Board that he intends to return to Europe to be closer to his family in the Netherlands. His resignation is unrelated to the Audit Committee investigation underway since
late last year.

“I have enjoyed the opportunity to work with the talented and hardworking team at TCP, and I am proud of where we own positioned the Company in the marketplace,” said Mr.

den Daas. “However, I feel that stepping down at this time is something that I must accomplish for my family.”

Mr. Catlett has served as Chief Financial Officer since January after serving as Senior Vice President of Global Finance since He has served in various executive capacities for over 25 years, including principal financial officer and managing companion of a private equity fund.

From until , Mr. Catlett was a partner in Consumer Innovation Partners, a consumer products private equity fund.

Luxim and JK Lightinga world leader in induction lighting, are wholly owned subsidiaries of Luma Investments Limiteda private equity-backed holding company focused on establishing segment leaders in high-output, full-color spectrum, long existence eco-lighting solutions. The companies are pioneers in their chosen technology, with track records of prosperous installations in demanding applications including ports, stadiums, roads, industry, horticulture and other speciality applications. Their lighting solutions are sold globally and are protected by numerous international patents. Combined, their companies have over 1, employees in Asia and North America.

He holds a bachelor’s degree in Business Administration from the University of Iowa.

Mr. Guzy, who has served as Global Corporate Controller since June , is responsible for directing the Company’s global accounting activities, including SEC reporting and the relationship with external auditors.

He holds a bachelor’s degree in Accountancy from Miami
University and is a certified common accountant.

Separately, the Audit Committee of the Board of Directors stated that it is in the process of obtaining what it believes are the last pieces of information from banks in China and Hong Kong necessary to allow it to accomplish its investigation into certain payments made by the Company’s Chairman, Ellis Yan, and into potential related party transactions involving Ellis Yan and the Company’s Vice Chairman, Solomon Yan.

Pending the review of this information, the Audit Committee anticipates completing its investigation by the end of September

Based upon the investigative procedures to date, the Business has not identified any material adjustments to its financial results.

However, the investigation is still ongoing and there can be no assurance that material adjustments to previously issued financial statements will not be required. The Company is taking the conduct necessary to enable it to complete its financial statements and prepare its delinquent reports as soon as practical once it has obtained the necessary knowledge to issue its financial statements.

At present, the Company is unable to state when it will be in a position to issue its financial statements for the three and nine months ended September 30, , the fiscal year ended December 31, , the three months ended March 31, , or the three and six months ended June 30, It is also is unable to state when it will be able to regain compliance with its SEC reporting obligations.

During his tenure with Philips Lighting, Mr. Under his leadership, Philips became the largest lighting company in North America. The estimated net worth of Kaj R. This net worth estimate does not convey any other investments that den Daas may own.

TCP’s frequent shares may be subject to delisting by the New York Stock Exchange if it does not regain compliance with its obligations by September 30, The Company does not believe that it will be able to regain compliance by that dine , and intends to request a further extension from the Brand-new York Stock Exchange.

Under applicable New York Stock Exchange rules, the date by which the Company would have to be compliant with its reporting obligations could be extended until no later than November 24,

About TCP
TCP is a leading global manufacturer and distributor of force efficient lighting technologies.

TCP’s extensive product offerings include LED and CFL lamps and fixtures and other energy efficient lighting ’s products are currently offered through thousands of retail and C&I distributors. Since
TCP&#;s inception, it has sold more than one billion energy efficient lighting products.

His passion and commitment to force efficient lighting has shown throughout his successful thirty plus years in senior leadership positions, including being Chairman of Philips Lighting North America. I look forward to leveraging the products and manufacturing platform the TCP team has developed to take benefit of the enormous lighting market opportunity in front of us. During his tenure with Philips Lighting, Mr. Under his leaders, Philips became the largest lighting company in North America.

Understand more about TCP.

Forward Looking Statements
Certain statements in this release may constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of and Section 21E of the Securities Exchange Act of based on management’s current opinions, expectations, views, plans, objectives, assumptions or projections regarding future events or future results.

Forward looking statements in this press release include, but are not limited to, the Company’s expectations regarding its future profitability, its ongoing Audit Committee investigation and its ability to comply with SEC reporting obligations and New York Stock Exchange listing requirements.

These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements.

The Board will engage a national seek firm to identify qualified candidates for the CEO position. His resignation is unrelated to the Audit Committee investigation underway since late last year. He has served in various executive capacities for over 25 years, including chief financial officer and managing partner of a private equity fund. From untilMr.

While TCP believes that its assumptions are reasonable, it is very complex to predict the impact of known factors, and, of course, it is impossible to predict all factors that could impact actual results. There are a number of risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein.

Such forward-looking statements are made only as of the date of this release. TCP expressly disclaims any obligation or undertaking to emit any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or changes in events, conditions or circumstances on which any statement is based.

Contacts
Brian Catlett
Chief Financial Officer

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Mike Funari
Sapphire Investor Relations,
LLC

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