American Locker Group Incorporated Announces Four New Directors Appointed
2005年8月4日 - 6:30AM
ビジネスワイヤ(英語)
American Locker Group Incorporated announced that the Board of
Directors has named John Harris, Harold Rabin, Mary Stanford and
James Vanasek as new Directors of the Company. Continuing as
members of the Board are Edward F. Ruttenberg, Alan H. Finegold and
Steven Bregman. The new Directors fill vacancies created by the
recent resignations of Anthony J. Crisafio, Donald I. Dussing, Jr.,
Roy J. Glosser, Thomas Lynch, IV, and Jeffrey C. Swoveland as
Directors. Mr. Ruttenberg, Chairman of the Board and Chief
Executive Officer stated: "The Board of Directors is very pleased
to welcome such well qualified persons to serve on the Board and
key committees of the Board as the Company proceeds with the
implementation of its restructuring plan." Mr. Harris has served as
Principal of Harris Capital Advisors, a consulting, investment
analysis and private equity financing firm located in Dallas,
Texas, since 2001. Mr. Harris also served as Vice President of
Emerson Partners, a real estate private equity fund, from 2001 to
2003. Prior to that, Mr. Harris was a partner at SunTx Capital
Partners, a private investment firm also located in Dallas, Texas,
from 2000 to 2001. He will serve on the Executive Compensation
Committee of the Board. Dr. Rabin has been a diagnostic radiologist
with Quantum Imaging and Therapeutic Associates for over 25 years.
Dr. Rabin currently serves as a member of the group's Finance
Committee and previously served as its President. In addition, Dr.
Rabin is a member of the Medical Executive Committee of Holy Spirit
Hospital in Camp Hill, Pennsylvania. He will serve on the Executive
Committee of the Board. Dr. Rabin is Mr. Ruttenberg's
brother-in-law and beneficially owns approximately 42,000 shares of
the Company's common stock. Dr. Stanford, PhD., has been an
Associate Professor of Accounting at the Neeley School of Business
at Texas Christian University since 2002. Dr. Stanford previously
was an Associate Professor of Accounting at Syracuse University
from 1999 to 2002. She will serve on the Audit Committee. Mr.
Vanasek has served as Principal of VN Capital Management, LLC, a
private hedge fund, since 2002. Prior to that, Mr. Vanasek was an
investment banking associate at JPMorgan. VN Capital beneficially
owns 121,508 shares, or 12.7% of the outstanding common stock. He
will serve on the Audit and Executive Compensation Committees. The
matters discussed in this press release which contain
forward-looking statements, including without limitation,
statements relating to the Company's plans, strategies, objectives,
expectations, intentions and adequacy of resources, are made
pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that such
forward-looking statements involve certain known and unknown risks,
some of which are beyond the Company's control, including, among
others, risks related to (i) the Company's plans, strategies,
objectives, expectations, and intentions, which are subject to
change at any time at the discretion of the Company, (ii) the
successful implementation of the Company's restructuring plan,
including a significant reduction of annual selling, general and
administrative expenses, the relocation of the Company's
headquarters in Texas, and the restructuring of its bank debt on
acceptable terms, (iii) new product development by the Company,
(iv) the Company's liquidity and capital resources, (v) the
Company's competition, and (vi) other risks and uncertainties
indicated from time to time in the Company's filings with the
Securities and Exchange Commission. The Company's actual results
could differ materially from those expressed in any forward-looking
statement made by or on the Company's behalf. In light of these
risks and uncertainties, there can be no assurance that the
forward-looking information will, in fact, prove to be accurate.
The Company has undertaken no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
American Locker (NASDAQ:ALGIE)
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