Mike Ertel Appointed President of NBB Corporation: Company Underlines Commitment To Building Bassett Brand

Furniture World Magazine

Ansonia, CT, February 8, 1999 - Mike Ertel has been named President and Chief Operating Officer of NBB Corporation, a mattress and bedding company recently formed by LIS Corporation, an investment company with holdings in the bedding and hotel industries. LIS Corporation has entered into a letter of intent with Bassett Furniture Industries, Inc., to acquire the assets of the Bassett mattress division, headquartered in Lake Wales, FL. NBB Corporation, formed to operate the assets of the Bassett mattress division, will be doing business initially as New Bassett Bedding, a trade name to be used under a license from Bassett Furniture Industries. Ertel's responsibilities will focus on growing the Bassett brand name in bedding and relationships with existing Bassett mattress retailers, once the transaction closes. "We see tremendous potential in the highly-recognizable Bassett brand name and are very impressed with the Bassett mattress organization and the facilities we are acquiring. We will be maintaining those facilities and are committed to grow the Bassett brand with current Bassett retailers as well as with Bassett Furniture Direct Stores and Bassett galleries in independent furniture stores. We are excited about the future of NBB and plan to develop other brands of premium and ultra premium mattresses to expand our distribution through other retailers," said Ertel. Under the terms of the proposed agreement, NBB will acquire or assume leases for Bassett's 10 bedding factories and will offer employment to all of Bassett's mattress division's workers. Ertel spent 16 years with Hillenbrand Industries, Inc.'s Batesville Casket Company, the leading supplier of metal and hardwood caskets in North America. During that time he held a number of management positions with the company including Senior Vice President, Marketing; Executive Vice President, Operations; Vice President & General Manager, Premium Products Group and Vice President & General Manager, Customer Service Operations. Prior to that Ertel worked for General Electric, Bemis Company and 3M Company. Ertel holds a Master of Science in Industrial Administration from Purdue University's Krannet School, where he graduated first in his class, and a Bachelor of Science in Electrical Engineering, also from Purdue. Ertel sits on the Board of Directors of Batesville Tool & Die, Inc., a supplier of precision stampings to the automobile industry. Ertel will be relocating to the Tampa, FL area. ehamnett@geltzerpr.com