This article was originally published in The Rose Sheet
William Patch appointed president and CEO, succeeding Rachmil Lekach, who steps down to pursue other business interests. Prior to joining perfumania.com, Patch worked at VP-Incorporated, a company he founded. While at VP-Incorporated, Patch developed and managed global enterprise network programs, professional services, logistics, acquisitions, sales and strategic planning for clients like Compaq, Dell, IBM and Kodak. Perfumania.com went public in June (1"The Rose Sheet" June 14, 1999, In Brief)
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Online company files registration for initial public offering of 2.5 mil. shares of common stock at $7 to $9 per share at a proposed maximum aggregate offering price of $25.9 mil. with the Securities & Exchange Commission June 4. In addition, 375,000 shares may be purchased by the IPO underwriters within 45 days. Proceeds will be used to fund anticipated debt, repay a $1.6 mil. advance from parent Perfumania, Inc. and for general corporate purposes. The offering represents approximately 33% of Perfumania.com's total shares. The Miami-based e-commerce company has applied for entry on the American Stock Exchange under the symbol PCI. Newport Beach Calif.-based Cruttenden Roth and Pennsylvania Merchant Group (West Conshohocken, Penn.) serve as underwriters. Perfumania announced its intent to spin off its Internet business in March ("The Rose Sheet" March 22, In Brief)
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