-- New Directors Add Broad Areas of Expertise to the Company --
LOUISVILLE, KY, March 10, 2010 - Libra Alliance Corporation (OTC BB: LBAL), a provider of telecommunications services to businesses and residential consumers through its wholly owned subsidiary Lightyear Network Solutions, LLC, today announced the addition of four new members to the Company’s Board of Directors.
“We are very pleased to add Chris Sullivan, Ron Carmicle, Brent Rice and Rick Dees to our Board of Directors. These gentlemen possess significant business development, operational, legal and marketing expertise that I believe will be of tremendous value to our organization as we continue to implement our growth strategy,” said J. Sherman Henderson, Chief Executive Officer of Libra Alliance Corp.
Mr. Henderson added, “As we navigate the market as a public company, our newly appointed board of directors will have an increasingly important role in the years ahead. We appreciate their dedication to the company and our shareholders, and their expanded responsibilities as they provide their business acumen and help us exploit new business opportunities intended to grow our business and increase shareholder value.”
On February 12, 2010, Libra Alliance Corporation completed a securities exchange transaction pursuant to which it acquired Lightyear Network Solutions, LLC. Lightyear will continue to focus on servicing the telecommunications needs of its approximately 60,000 business and residential customers while pursuing a strategy to increase revenue and earnings via a combination of organic and acquisition growth.
Along with Mr. Henderson, the additional board members also serve as directors of LY Holdings, LLC, which is Libra’s majority shareholder. The new board members are:
- Chris Sullivan is a founder of the Outback Steakhouse restaurant company, which opened its first store in 1988 and, until 2007 he served as CEO and Chairman of the Board of OSI Restaurant Partners, Inc., formerly a public company with approximately $3.6 billion in annual revenue (became privately held in 2007). Mr. Sullivan is employed by and serves as a member of the boards of directors of KHI Holdings, LLC and MVP Holdings, LLC, both privately owned. Mr. Sullivan is a graduate of the University of Kentucky with a degree in Business and Economics.
- Ronald L. Carmicle has been the President of River City Development Corporation for more than 30 years. River City Development specializes in the construction and installation of brick, concrete block, limestone and architectural precast. He also currently serves as Chairman of Central Bank of Jefferson County, Chairman of the Construction Training Institute, Vice Chair of the Kentucky State Fair Board, and Board Member of the Daniel Pitino Foundation. Mr. Carmicle is a graduate of Western Kentucky University.
- W. Brent Rice is an attorney and long-time partner in the firm of McBrayer, McGinnis, Leslie and Kirkland in Lexington, Kentucky and a real estate developer. His practice is concentrated in business law, utility law, sports and entertainment, and governmental relations. Mr. Rice received his undergraduate degree from the University of Kentucky and his law degree from the University of Louisville Law School.
- Rigdon O. “Rick” Dees, III is a world-renowned radio and comedic performer. His internationally syndicated radio show, the “Rick Dees Weekly Top 40”, is heard each weekend by more than 70 million people around the world. Mr. Dees has garnered many accolades, including a Grammy Award nomination, Billboard Radio Personality of the Year ten years in a row, the Marconi Award, the National Radio Hall of Fame, and his induction into the National Association of Broadcasters’ Hall of Fame. Mr. Dees graduated from the University of North Carolina at Chapel Hill with a bachelor’s degree in Radio, TV and Motion Pictures, and is an inductee in the North Carolina Broadcast Hall of Fame.
About Libra Alliance Corporation
Through its wholly owned subsidiary, Lightyear Network Solutions, LLC, Libra provides telecommunication services to large, medium and small businesses and to residential consumers utilizing its extensive network of independent agents and representatives throughout the United States. Lightyear began operations in 1993 when J. Sherman "Sherm" Henderson III founded a predecessor company under the name of UniDial. Sherman Henderson was named one of the top 25 Most Influential People in Telecommunications and was elected for six consecutive terms as Chairman of COMPTEL, the leading industry association representing communication service providers. Lightyear’s product and service offerings include: local PRI and digital T1, enhanced internet services, frame relay, MPLS, Point-to-Point, Voice Over IP (VoIP), local and long distance, calling cards, and conferencing. Lightyear has also begun offering wireless services to customers in the US through milestone wholesale contracts with multiple wireless voice and data service providers. Lightyear built its own VoIP network in 2004 to enhance its product offerings to its customers and has partnered with some of the most prominent names in telecom including: Verizon, AT&T, Level 3, Qwest, Sprint, Embarq, PAETEC, Sylantro, Cisco, Adtran, Voicecom, Iperia and Acme Packet. Libra Alliance Corporation is headquartered in Louisville, Kentucky. Additional information can be found at www.lightyear.net.
This press release contains "forward-looking statements" for purposes of the Securities and Exchange Commission's "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. These forward-looking statements are subject to various risks and uncertainties that could cause Libra’s actual results to differ materially from those currently anticipated. These forward-looking statements may include, without limitation, statements about our marketing and acquisition opportunities, business strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward looking statements are reasonable, the risks and uncertainties which could cause our actual results to differ materially from those currently anticipated includes changes in market conditions, our ability to integrate acquired operations, the ability to obtain additional financing on satisfactory terms, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and risk factors described in our filings with the Securities and Exchange Commission. Libra undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
Libra Alliance Corporation
J. Sherman Henderson III, Chief Executive Officer
Financial Communications Contacts:
Porter, LeVay & Rose, Inc.
Marlon Nurse, V.P. – Investor Relations
Trilogy Capital Partners
Darren Minton, Executive Vice President