Global Sports, Inc. Announces New Board Member
KING OF PRUSSIA, PENNSYLVANIA, AUGUST 18, 1999 - GLOBAL SPORTS, INC. (NASDAQ: GSPT) today announced that Charles R. Lax has been named to its Board of Directors, expanding the total number of directors to five, including four outside members.
Mr. Lax is a general partner and co-founder of SOFTBANK Capital Partners LP (http://www.softbank.com), Newton Center, Massachusetts, where he focuses on late stage investments in e-commerce, financial services and digital media. Mr. Lax was a co-founder and is a general partner with SOFTBANK Technology Ventures, where he sponsored investments that include the following, Multex.com (NASDAQ: MLTX), E*Trade Group (NASDAQ: EGRP), The Street.com (NASDAQ: TSCM), GeoCities, Launch Media, Impulse Buy Network, Art Technology Group and Yoyodyne. Mr. Lax also co-founded Flatiron Partners, a joint venture between SOFTBANK and Chase Capital Partners. Prior to the formation of SOFTBANK Technology Ventures, Mr. Lax had served as Vice President of SOFTBANK Holdings since 1996.
Before joining SOFTBANK, Mr. Lax was a venture partner at VIMAC Partners LLC, Boston, Massachusetts. Prior to entering the venture capital field, Mr. Lax served in various management positions with Phoenix Technologies Ltd., Economica, Inc., and Alpha Software Corporation.
Mr. Lax currently serves on the boards of several public and private companies including, Interliant (NASDAQ: INIT), 1-800-Flowers.com (NASDAQ: FLWS), Webhire (NASDAQ: HIRE), Art Technology Group (NASDAQ: ARTG), Gamesville (http://www.gamesville.com), Limitrader (http://www.limitrader.com), Third Age Media (http://www.thirdage.com), and Reciprocal (http://www.reciprocal.com). Mr. Lax is a magna cum laude graduate of Boston University where he earned a Bachelors of Science degree.
Commenting on the appointment of Mr. Lax, Michael Rubin, Chairman and Chief Executive Officer of Global Sports, Inc. said, “I am very excited to welcome Charley to our board. His deep experience working with Internet companies at all stages of development is a tremendous asset to our organization. I look forward to working closely with him as we work toward our goal of creating the leading e-commerce sporting goods company.”
Mr. Lax, said, “I am thrilled to be joining Global’s board. I truly believe that their business model of e-commerce enabling bricks-and-mortar sporting goods retailers is a breakthrough business concept.”
Global Sports, Inc. (http://www.GS-Interactive.com), through its Global Sports Interactive Division, is an e-commerce company that has entered into exclusive agreements to operate the Internet businesses of multiple sporting goods retailers, including The Sports Authority through an e-commerce partnership agreement, and The Athlete’s Foot, Sport Chalet, MC Sports and Sports and Recreation through e-commerce outsourcing contracts. On July 26, 1999 SOFTBANK Capital Partners LP invested $80 million into Global Sports, Inc., which represents approximately 30% of the company’s currently outstanding shares. Global Sports, Inc. shares are included in the Russell 2000 index.
SOFTBANK Capital Partners LP (SBCP) is the newest Internet venture investment group sponsored by SOFTBANK Corp. SBCP recently closed its first fund with $1.25 billion. Formed by SOFTBANK’s founder and President Masayoshi Son, Vice Chairman, Ron Fisher and co-founder of SOFTBANK Technology Ventures, Charles Lax, SBCP focuses on making late stage pre-IPO and post IPO investments. Portfolio companies include Global Sports, Inc., 1-800-Flowers.com, Optimark, Webhire and Webvan. SBCP is based in Newton Center, Massachusetts.
Contact:
Company Contact:
Michael R. Conn
Senior Vice President Strategic Development
(610) 768-0900
Connm@Globalsportsinc.com
