Bally Total Fitness (NYSE:BFT) today announced that the Company has appointed Marc D. Bassewitz to serve as Senior Vice President and General Counsel, effective January 1, 2005. In his new capacity, Mr. Bassewitz will oversee all corporate legal responsibilities, including regulatory compliance and corporate governance. For the past several years, Mr. Bassewitz has served as lead outside counsel for the Company in his position at Latham & Watkins LLP.
Mr. Bassewitz succeeds Cary A. Gaan, who will transition to the newly created role of Senior Vice President, Special Counsel to the President. Mr. Gaan's primary responsibility will be to handle special high priority projects for the CEO and the Company. Mr. Gaan has served as General Counsel to Bally since 1977.
"I am very pleased that Marc Bassewitz has joined our company. Marc's expertise and talent is a key addition to the company's senior management team," said Paul Toback, chairman, CEO and president, Bally Total Fitness. "At the same time, I am also happy that Cary Gaan has assumed the role of special counsel to the president. Cary brings three decades of invaluable experience to his new role and I am grateful to have his continued advice and counsel."
Prior to joining Bally, Mr. Bassewitz has been a partner in the Chicago office of Latham & Watkins LLP where he specialized in advising public companies on issues including capital markets as well as merger and acquisition transactions. Throughout his two decade career at Latham & Watkins, Mr. Bassewitz has handled debt and equity financing transactions, managed acquisition and disposition transactions, and engaged in numerous M&A, recapitalization and restructuring transactions on behalf of companies and financial and strategic buyers. Mr. Bassewitz, an expert on corporate governance, has led the Company Representation Group in Latham's Chicago office and regularly advised clients on Sarbanes-Oxley and stock exchange compliance matters. Mr. Bassewitz received his JD from the University of Michigan and is a member of the Illinois and New York Bars.
About Bally Total Fitness
Bally Total Fitness is the largest and only nationwide commercial operator of fitness centers, with approximately four million members and 440 facilities located in 29 states, Mexico, Canada, China, Korea and the Caribbean under the Bally Total Fitness(R), Crunch Fitness(SM), Gorilla Sports(SM), Pinnacle Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada(R) brands. With an estimated 150 million annual visits to its clubs, Bally offers a unique platform for distribution of a wide range of products and services targeted to active, fitness-conscious adult consumers. For more information, visit http://www.ballyfitness.com.
Forward-looking statements in this release including, without limitation, statements relating to the Company's plans, strategies, objectives, expectations, intentions, and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, the following: the outcome of the SEC investigation and Bally's internal investigation, including review and restatement of its previously announced or filed financial results; the audit of the restated financial statements; Bally's ability to secure consents under its debt instruments, including waivers of existing and future reporting covenant defaults under its public note indentures; the identification of one or more other issues that require restatement of one or more prior period financial statements; the communication by Bally's management and independent auditors of the existence of material weaknesses in internal controls over financial reporting; general economic and business conditions; competition; success of operating initiatives, advertising and promotional efforts; existence of adverse publicity or litigation; acceptance of new product and service offerings; changes in business strategy or plans; quality of management; availability, terms, and development of capital; business abilities and judgment of personnel; changes in, or the failure to comply with, government regulations; regional weather conditions and other factors described in prior filings of the Company with the Securities and Exchange Commission.