A. Robert Mancuso, Acrodyne President and CEO, Resigns Nat Ostroff, Chairman, To Assume Duties Corporate Headquarters to Relocate to Maryland.Business and Technology Editors BLUE BELL, Penn.--(BUSINESS WIRE)--July 6, 2000 Acrodyne Communications, Inc., announced today that effective July 1, 2000, A. Robert Mancuso submitted his resignation of his position as President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Acrodyne Communications, Inc., and upon confirmation by the Board of Directors of Acrodyne, Nat Ostroff, Chairman, will immediately assume the positions and duties. An announcement was also made that the corporate headquarters of Acrodyne will be relocated to Hunt Valley, MD. Mr. Mancuso made the decision to not relocate to Maryland and, therefore, has exercised the alternatives afforded him in his employment agreement with Acrodyne. Mr. Mancuso had been President and CEO of Acrodyne Communications, Inc. since May 1994. He had also served as the Chairman of the Board of Directors of the Company from October 1994 through January 1999. Mr. Mancuso had also served as President and CEO of Acrodyne Industries, Inc., since its acquisition by the company in 1994. He has guided Acrodyne into the digital transition in the broadcast industry. He will remain as a member of the Board of Directors and will be available to perform special duties when required. Mr. Mancuso commented, "I am proud of the recent company accomplishments, especially the strategic alliance with the Sinclair Broadcast Group The Sinclair Broadcast Group (SBG) NASDAQ: SBGI is the operator of the largest number of local television stations in the United States with a total of 59 stations across the country in 38 primarily small and medium markets, many of which are located in the South and . Sinclair has given us both the intellectual and financial resources to transform the company from a niche to a mainstream supplier of TV transmission equipment. As evidence of this transformation was the recent licensing from Sinclair of their Quantum (IOT IOT In Order To IOT Index-Organized Table IOT British Indian Ocean Territory (ISO 3-letter country code) IOT Interoperability Testing IOT Initial Operational Test IOT In-Orbit Test ) high power transmitter product line, and the strategic alliance with Rohde & Schwarz to exclusively market their medium power solid state products in the United States. The company is fortunate to have Nat Ostroff assume the position as company President/CEO at this time. Nat has the business acumen, technical competence technical competence, n the ability of the practitioner, during the treatment phase of dental care and with respect to those procedures combining psychomotor and cognitive skills, consistently to provide services at a professionally acceptable level. , and proven track record to position the company for significant revenue growth and profitability." Mr. Ostroff has served as chairman of the Board of Directors since he was elected at the special meeting of the stockholders of the company on January 27, 1999. Mr. Ostroff will continue to be Vice President for New Technology at Sinclair Broadcast Group, a position he has held since January of 1996. Prior to joining Sinclair, he was the President and CEO of Comark Communications, Inc. Mr. Ostroff founded Acrodyne Industries, Inc. in 1968 and served as its first President and CEO. In addition to owning and/or developing patents for processes and equipment used within the broadcast industry, he has presented technology and policy papers throughout the world and is a recognized expert in the broadcast community. Mr. Ostroff joined Comark in 1981 and became its President and CEO in 1984. He continued in that position after Comark's acquisition by Thomson-CSF in 1986. He served in that position until 1995 when he left to join Sinclair. During his tenure at Comark, he was responsible for the invention and introduction of IOT television transmitter technology to broadcasters and received a personal prime time EMMY award in 1991 for Outstanding Engineering Achievement for that effort. Mr. Ostroff commented, "Bob has guided Acrodyne into the digital future. His decision to not continue in his present position is regretfully re·gret·ful adj. Full of regret; sorrowful or sorry. re·gret ful·ly adv.re·gret accepted. I am pleased that he will remain intimately connected to Acrodyne in his continuing role as a Director and Consultant." Acrodyne Industries, Inc., the operating subsidiary of Acrodyne Communications, Inc., and a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACRO acro Acronym ACRO Australian Creative Resources Online ACRO Association of Clinical Research Organizations ACRO American College of Radiation Oncology ACRO Aircraft Crashes Record Office (Geneva, Switzerland) acro acrolein ) has been an established and respected manufacturer of television broadcast equipment for over three decades. Acrodyne is a leading producer of technically advanced, high quality television transmitters. Sinclair Broadcast Group (NASDAQ:SBGI SBGI Society of British Gas Industries ) is a diversified broadcasting company that currently owns or programs 61 television stations. Sinclair's television group reaches approximately 25% of U.S. television households and includes ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. , CBS (Cell Broadcast Service) See cell broadcast. , FOX, NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , WB, and UPN affiliates. Forward-looking statements: This press release contains "forward-looking statements" concerning future expectation, plans or strategies that involve a number of risks and uncertainties. The Company wishes to caution readers that certain factors may have affected the Company's actual results and could cause results for subsequent periods to differ materially from those expressed in any forward-looking statements to reflect subsequently occurring events or circumstances. |
|
|||||||||||||||||||||||

ful·ly adv.
Printer friendly
Cite/link
Email
Feedback
Reader Opinion