Outdoor Holding CEO Jared Smith departs, Steve Urvan succeeds after settlement

Outdoor Holding announced that Steve Urvan will serve as the company’s CEO and chairman of the board following the recent closing of the divestiture of the company’s ammunition manufacturing division and in connection with the settlement of litigation between Urvan and the company. Urvan’s appointment will be effective at 5:00 p.m. Eastern Time on May 30, provided that, as of such time, Nasdaq has not objected to the settlement transaction described in more detail below. Urvan is the founder of GunBroker.com and single largest shareholder of the company. In connection with this announcement, the company has settled its ongoing litigation with Urvan. The settlement, which will become effective on the effective date, results in an end to high-cost litigation, locks in a fair resolution, and enables the company to fully focus on positioning its e-commerce business to increase profitability and shareholder value. As a function of the settlement, outgoing CEO Jared Smith will immediately resign from the board on the effective date. The board will be comprised of six total members, consisting of the five remaining independent members and Urvan. Along with his appointment as CEO, Urvan will receive financial remuneration as a product of the settlement. For additional information about the terms of the settlement, see the company’s Current Report on Form 8-K filed with the SEC on May 28.