Industry News

Private Terminates Their CEO

Mr. Bunimovitz was employed as CEO pursuant to a written employment agreement, which agreement was terminated by the Company under provisions allowing it to terminate the agreement for “cause” (as defined in such agreement).  Mr. Bunimovitz is expected to continue as a director of the Company for the remainder of his term, which expires at the Company’s 2010 Annual Meeting of Shareholders.

BARCELONA, Spain, July 19 /PRNewswire-FirstCall/ — Private Media Group, Inc. (Nasdaq:PRVT – News) a worldwide leader in premium-quality adult entertainment products, today announced that effective July 19, 2010, Berth Milton has assumed the role of acting CEO of Private Media Group, Inc.  Mr. Milton, currently Chairman and President, succeeds Ilan Bunimovitz, who was appointed as CEO in April 2009. Mr. Milton previously served as CEO of the Company from its origins as a publisher of a single magazine in 1991 until 2001, and from 2003 until Mr. Bunimovitz’s appointment in 2009.

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