U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): February 4, 2003
Commission file number 0-22464
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KOALA CORPORATION
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(Exact name of small business issuer
as specified in its charter)
Colorado 84-1238908
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
7881 South Wheeling Court, Englewood, CO 80112
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(Address of principal executive offices)
(303) 539-8300
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(Issuer's telephone number)
Not Applicable
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(Former name, former address, and former fiscal year,
if changed since last report)
ITEM 5. OTHER EVENTS
On February 4, 2003, Richard Akright was elected to the Board of Directors
of Koala Corporation (the "Company"). Previously, Mr. Akright has served in
financial positions with KMC Telecom, Inc. and Qwest Communications
International, Inc., and as Chief Financial Officer of Supernet, Inc. Mr.
Akright has over ten years of public accounting experience. Mr. Akright
graduated from Colorado State University with a M.S. in Business Administration
and Western Illinois University with a B.B. in Accounting. Mr. Akright will also
chair the Company's Audit Committee.
The Company issued a press release announcing the appointment, a copy of
which is attached hereto as Exhibit 99.1
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits.
99.1 Press Release issued February 7, 2003.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
KOALA CORPORATION
Date: February 7, 2003 By: /s/ Jeffrey L. Vigil
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Jeffrey L. Vigil, Vice President,
Finance and Administration
Exhibit 99.1
FOR IMMEDIATE RELEASE
--------------------- NEWS
February 7, 2003 Nasdaq-KARE
KOALA CORPORATION APPOINTS RICHARD AKRIGHT
TO BOARD OF DIRECTORS
Akright also Selected to Head Company's Audit Committee
DENVER, Colorado - Koala Corporation (Nasdaq-KARE), a diversified
business-to-business provider of family-friendly solutions, today announced that
Richard Akright has been appointed to the Company's board of directors. Akright,
who joins the board with more than 10 years of public accounting experience,
also has been selected as chairman of Koala's audit committee.
Akright most recently worked with KMC Telecom, Inc., a fiber-based integrated
communications provider with annual revenue of approximately $500 million. He
served as vice president of finance for KMC's $300 million Next Generation
Platform operating segment. In addition to financial management functions,
Akright developed customized data outsourcing packages that addressed customers'
specific needs in areas of cost management and expense reduction.
Akright also served as chief financial officer of Qwest Internet and Multimedia
Markets, a $1 billion division of Qwest Communications International, Inc. His
duties included development and implementation of budgeting and forecasting
processes, assistance with marketing and operational plans, and assistance in
establishing strategic business partnerships with the likes of IBM, AOL,
Microsoft and KPMG Consulting.
Akright also has worked in the oil and gas, distribution and manufacturing
industries, and has specific experience in financial and tax reporting,
treasury, human resources, and insurance and risk management.
"Richard joins the board with extensive experience in an array of industries for
several dynamic and complex companies," said Chairman John T. Pfannenstein. "His
broad business background and explicit knowledge of financial management and
control issues will be an important resource to our board, the audit committee
and Koala's senior management team."
Akright will assume the Audit Committee leadership role from Nancy Pierce, who
will remain on the committee and also will head the board's compensation
committee.
"I am honored to have been named to Koala's board and look forward to assisting
my fellow directors with the guidance of this promising Company," Akright said.
"Koala has become a household name with many family oriented businesses and I
believe the Company has a very bright future. I look forward to helping the
board and management team address both the challenges and extraordinary
opportunities that lie ahead."
Akright received a master's in business administration from Colorado State
University and a Bachelor of Business degree in accounting from Western Illinois
University. He also spent 10 years with Deloitte & Touche LLP in roles ranging
from staff accountant to senior manager.
Continued on Page 2
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Founded in 1986, Koala Corporation is an integrated provider of products and
solutions designed to help businesses become "family friendly" and allow
children to play safely in public. The Company develops and markets a wide
variety of infant and child protection and activities products, which are
marketed under the Company's recognizable "Koala Bear Kare" brand name. Koala's
strategic objective is to address the growing commercial demand for safe, public
play environments for children, as well as products and solutions that help
businesses create family-friendly atmospheres for their patrons.
Statements made in this news release that are not historical facts may be
forward-looking statements. Such statements include projections regarding future
earnings results and are based upon the Company's current expectations and
assumptions, which are subject to a number of risks and uncertainties. Actual
results may differ materially from those projected in any forward-looking
statement. There are a number of important factors that could cause actual
results to differ materially from those anticipated by any forward-looking
information. A description of risks and uncertainties attendant to Koala
Corporation and its industry and other factors which could affect the Company's
financial results are included in the Company's filings with the Securities and
Exchange Commission including its most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q.
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CONTACTS:
Geoff High
Pfeiffer High Public Relations, Inc.
303/393-7044
geoff@pfeifferhigh.com