Vinco Ventures Appoints Richard Levychin, CPA, CGMA to its Board of Directors for Governance and Leadership

Rhea-AI Summary

Vinco Ventures (Nasdaq: BBIG) announced the appointment of Richard Levychin as an independent director and Chair of the Audit Committee, effective November 11, 2022. Levychin brings over 25 years of financial experience and will enhance the Company’s compliance with Nasdaq requirements. His role is pivotal for overseeing financial reporting processes, which supports Vinco’s strategic plans. This appointment fulfills the independent director criteria necessary for continued Nasdaq listing, demonstrating the Company’s commitment to regulatory compliance and sound governance.

Positive

• Appointment of Richard Levychin enhances governance and oversight.
• Levychin's extensive experience in financial matters supports company compliance with Nasdaq.
• Satisfies Nasdaq's independent director and audit committee requirements.

Negative

• None.

Mr. Levychin Appointed Chair of Audit Committee

Vinco Regains Full Compliance With Nasdaq Independent Director and Audit Committee Requirements

ROCHESTER, N.Y., Nov. 16, 2022 (GLOBE NEWSWIRE) -- Vinco Ventures, Inc. (Nasdaq: BBIG) (“Vinco Ventures,” “Vinco,” or the “Company”), a digital media and content technologies holding company, today announced the appointment of Richard Levychin, CPA, CGMA to its Board of Directors, effective November 11, 2022. Mr. Levychin will serve as an independent director and as Chair and financial expert of the Audit Committee.

“We are pleased to welcome Mr. Levychin to Vinco’s Board of Directors. He brings comprehensive public and private financial knowledge with over 25 years of experience as a business advisor and auditor. Mr. Levychin’s past experience is key as he steps into the role of Chair and financial expert of the Audit Committee,” said Ross Miller, CEO of Vinco Ventures. “As we continue to execute on our strategic plans to further our success as a company, we are happy to report that Mr. Levychin’s appointment satisfies the independent director and audit committee requirements for continued listing on Nasdaq. Given the primary role of the Audit Committee is to oversee the financial reporting and disclosure process, this demonstrates continued execution on the Company’s remediation plan to regain compliance with Nasdaq’s Rule to timely file all required periodic reports with the Securities and Exchange Commission.”

Mr. Levychin currently is a Partner in NY-based Galleros Robinson’s Commercial Audit and Assurance practice focusing on privately and publicly held companies. Prior to this, Mr. Levychin was the Managing Partner at KBL, LLP, a Public Company Accounting Oversight Board (“PCAOB”) certified independent registered accounting firm, since 1994. Mr. Levychin has over 25 years of experience in various industries including media, entertainment, real estate, manufacturing, not-for-profit, technology, retail, technology, and professional services. Richard received his bachelor’s degree in business administration from Baruch College, and since then has received many accolades including having been honored with the Baruch College Alumni Association’s “Alumni Leadership Award for Business.”

“I am excited to bring my years of experience inside the board room of both public and private companies to Vinco Ventures. I look forward to helping Vinco’s multifaceted initiatives on a worldwide scale,” commented Mr. Levychin.

“I am delighted to welcome Mr. Levychin to Vinco. In the next phase in our company, we must have strong experienced and collaborative voices on our Board,” said Roderick Vanderbilt, Chairman of Vinco Ventures.

About Vinco Ventures 
Vinco Ventures (Nasdaq: BBIG) is focused on the development of digital media and content technologies. Vinco Ventures' consolidated subsidiary, ZVV Media Partners, LLC, a joint venture of Vinco Ventures and ZASH Global Media and Entertainment Corporation, has an 80% ownership interest in Lomotif Private Limited. Vinco Ventures owns a 100% ownership interest in AdRizer, LLC.

For more information, please visit investors.vincoventures.com and follow us on LinkedIn and Twitter.

Forward-Looking Statements and Disclaimers
This press release contains “forward-looking statements” as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which are based upon beliefs of, and information currently available to, Vinco Ventures’ management as well as estimates and assumptions made by Vinco Ventures’ management. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used in this presentation the words “estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate,” “projected,” and other words or the negative of these terms and similar expressions as they relate to the applicable company, or its management identify forward-looking statements. Such statements reflect the current view of Vinco Ventures with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to Vinco Ventures and its subsidiaries and consolidated variable interest entities including Lomotif, their industry, financial condition, operations and results of operations. Such factors include, but are not limited to, the expected benefits from Vinco Ventures’ investments in Lomotif and related growth initiatives and strategies such as the blended media, cross-platform distribution strategy, the expected benefits of Lomotif’s participation in and sponsorship of live entertainment events, the expected benefits from acquisition of AdRizer and planned integration of the AdRizer technology with Lomotif and Honey Badger and synergies between AdRizer, Lomotif and Honey Badger and such other risks and uncertainties described more fully in documents filed by Vinco Ventures with or furnished to the Securities and Exchange Commission, including the risk factors discussed in Vinco Ventures’ Annual Report on Form 10-K for the period ended December 31, 2021 filed on April 15, 2022, which are available at www.sec.gov. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

For further information, please contact:

Investor Contact
KCSA Strategic Communications
Allison Soss
BBIGinvestors@kcsa.com

Media Contact
Vinco Ventures, Inc.
Media@vincoventures.com

FAQ

What is the significance of Richard Levychin's appointment for Vinco Ventures?

Richard Levychin's appointment is significant as it fulfills Nasdaq's requirements for independent directors and enhances the governance of Vinco Ventures, strengthening its financial oversight.

When was Richard Levychin appointed to Vinco Ventures' Board of Directors?

Richard Levychin was appointed to Vinco Ventures' Board of Directors effective November 11, 2022.

How does Levychin's experience benefit Vinco Ventures?

Levychin's 25 years of experience in public and private financial sectors will aid Vinco Ventures in navigating financial reporting and compliance, enhancing overall governance.

What role will Richard Levychin serve at Vinco Ventures?

Richard Levychin will serve as an independent director and Chair of the Audit Committee at Vinco Ventures.

How does this appointment impact Vinco Ventures' compliance with Nasdaq?

This appointment ensures Vinco Ventures meets Nasdaq's requirements for independent directors, which is crucial for maintaining its listing status.