Adrenalina announced in a filing with the Securities & Exchange
Commission that Jeffrey Geller, president and chief operating officer,
has left the company to pursue other interests. He resigned from
Adrenalina's Board of Directors on July 20.
The filing noted that Geller does not have any dispute or disagreement
with the company. The company and Geller terminated his employment
contract, in exchange for continued health and dental benefits for 18
months, the full vesting of all outstanding options and a 36 month
consulting agreement with monthly compensation of $2,000 per month.
On April 28 the action sports retailer announced that, in light of its
ongoing evaluations of its assets, business and cash requirements, it
was unable to file its Form 10-K for the period ended December 31, 2008
within the prescribed period of time. The company said it is
researching strategic alternatives to enhance operating performance and
stockholder value, including restructuring its balance sheet, reducing
costs and negotiating with its creditors to address the company’s
liquidity issues and implementing a revised strategic plan.
The Florida company operates five stores: five stores: two stores in Tampa, FL; and one each in Miami, Orlando and Plano TX.