Global Consumer Acquisition Corp. Announces New CEO and Board of Directors

NEW YORK, Dec. 29 /PRNewswire-FirstCall/ -- Global Consumer Acquisition
Corp. (Amex: GHC, GHC.U, GHC.WS), (the "Company" or "GCAC") today announced
the appointment of a new Chief Executive Officer and Board of Directors. The
company's Chairman, Jason Ader, will replace Scott LaPorta as Chief Executive
Officer and will remain Chairman of the Company.
Simultaneously, Global Consumer announced the appointment of a new Board
of Directors that includes Michael B. Frankel, Andrew Nelson, Richard A.C.
Coles, and Mark Schulhof. The Company's current Board, Scott LaPorta, Robert
M. Foresman, Carl H. Hahn, Philip Marineau, Marc Soloway and Steven Westly,
have resigned.
Global Consumer's management team believes SPAC investment opportunities
that present the highest possible return for investors are currently in the
United States, as opposed to internationally.
"When GCAC first came to market in November 2007, the best investment
opportunities for SPACs were outside the United States," commented Jason Ader,
Chairman and CEO of Global Consumer Acquisition Corp. "Today, we see
tremendous opportunity right in our backyard, particularly in our core
competence of hospitality, leisure, and gaming, and in distressed assets, and
we look forward to working with the new Board of Directors, who are all based
in the U.S., that can pursue the deal-making process in those markets. I
would like to thank the resigning directors for their excellent and dedicated
service to GCAC."
As of October 25, 2008, Global Consumer Acquisition Corp. had a balance of
approximately $316 million in trust assets held at JPMorgan Chase Bank, with
Continental Stock Transfer & Trust Company as trustee. All of the trust assets
are invested in the JP Morgan U.S. Treasury Plus Money Market Fund.
About Global Consumer Acquisition Corp's New Board of Directors
Michael B. Frankel has been a private investor and advisor since June
2008. Prior to that time, from 1982 to June 2008, Mr. Frankel was employed at
Bear Stearns & Co., Inc. where he was a Senior Managing Director since July
1990. While at Bear Stearns, Mr. Frankel was responsible for establishing and
managing the Global Equity Capital Markets Group, was a member of the
Commitment Committee, and managed the investment banking-research department
relationship. Prior to joining Bear Stearns, from 1958 to 1982, Mr. Frankel
was employed at L.F. Rothschild & Co. where he was a General Partner since
1973. At L.F. Rothschild & Co, Mr. Frankel managed the Institutional Equities
Department. Mr. Frankel holds a B.S. in Economics from Lafayette College.
Andrew Nelson has been the Chief Financial Officer and Assistant Secretary
of Global Consumer Acquisition Corp. since its formation in 2007. Mr. Nelson
has also served as Managing Director of Finance & Accounting at Hayground Cove
Asset Management, LLC, sponsor of Global Consumer Acquisition Corp., since
September 2005. Mr. Nelson is also a member of Hayground Cove's Risk
Committee. From 2006 to 2007, Mr. Nelson also served as Controller of India
Hospitality Corp. Prior to joining Hayground Cove, Mr. Nelson worked at
Context Capital Management, a hedge fund located in San Diego, California
specializing in the convertible arbitrage strategy, as a Senior Operations
Consultant from September 2004 to August 2005. Mr. Nelson is a Chartered
Financial Analyst and is enrolled in the Executive M.B.A. Program at New York
University.
Richard A.C. Coles is a Co-Managing Principal of the Emmes Group of
Companies and is a Member of their Investment Committee. Mr. Coles is the
primary Principal responsible for the day-to-day oversight of Emmes Asset
Management Company LLC and Emmes Realty Services LLC and plays a key role in
the execution of the property level value enhancing strategies undertaken by
the firm in respect of the assets owned and/or managed by the firm, as well as
sourcing new acquisition opportunities for the firm and its partners and
clients. Prior to joining Emmes, Mr. Coles worked as an asset manager and a
development director of the Enterprise Development Company, overseeing
numerous development and leasing projects for retail, urban specialty and
office assets. Mr. Coles holds a B.A. from Boston College and an M.B.A. in
Finance and Accounting from New York University, Stern School of Business.
Mark Schulhof is Chief Executive Officer and President of Quadriga Art II,
Inc., a leading provider of services to the non-profit community worldwide
since 1994. Mr. Schulhof's responsibilities at Quadriga Art II, Inc. include
the oversight of all day-to-day operations and development of strategic growth
initiatives in all channels of the business. Mr. Schulhof holds a Bachelor of
Arts from Franklin & Marshall College and holds a Masters in Politics and
Public Policy from The Eagleton Institute of Politics at Rutgers University.
About Global Consumer Acquisition Corp.
Global Consumer Acquisition Corp. is a blank check company organized for
the purpose of effecting a merger, capital stock exchange, asset or stock
acquisition, exchangeable share transaction, joint venture or other similar
business combination with one or more domestic or international operating
businesses in the global consumer products industry.
Forward Looking Statements
This report, and the information incorporated by reference in it, includes
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). Our forward-looking statements
include, but are not limited to, statements regarding our expectations, hopes,
beliefs, intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying assumptions, are
forward-looking statements. The words "anticipates," "believe," "continue,"
"could," "estimate," "expect," "intend," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "would" and similar expressions
may identify forward-looking statements, but the absence of these words does
not mean that a statement is not forward-looking. The forward-looking
statements contained or incorporated by reference in this report are based on
our current expectations and beliefs concerning future developments and their
potential effects on us and speak only as of the date of such statement. There
can be no assurance that future developments affecting us will be those that
we have anticipated. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond our control) or other
assumptions that may cause actual results or performance to be materially
different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, those factors
described under the heading "Risk Factors" filed in our Annual Report on Form
10-K for the year ended December 31, 2007. Should one or more of these risks
or uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those projected
in these forward-looking statements. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under applicable
securities laws.
Contact: Andrew Nelson
Chief Financial Officer
(212) 445-7800

SOURCE Global Consumer Acquisition Corp.

Andrew Nelson, Chief Financial Officer of Global Consumer Acquisition Corp.,
+1-212-445-7800