Allied Motion Appoints Delwin D. Hock as Chairman.DENVER -- Allied Motion Technologies Inc. (Nasdaq:AMOT AMOT Aegis Master Operability Test AMOT ATES Master Operability Test ) announced today that Delwin D. Hock hock: see wine. has been appointed as the Chairman of the Company's Board of Directors. Mr. Hock has served as a director of the Company since February 1997. He retired from his position as Chief Executive Officer of Public Service Company of Colorado, a gas and electric utility, in January 1996 and as Chairman of the Board of Directors of that company in July 1997. The Company's Board has determined that Mr. Hock is "independent" as defined in the listing standards of the Nasdaq Small Cap Market. He is a member of the audit and compensation committees of the Company's Board of Directors. The Company's former Chairman, Eugene Prince, is approaching the Company's mandatory retirement A mandatory retirement age is the age at which persons who hold certain jobs or offices are required by statute to step down, or retire. Typically, mandatory retirement ages are justified by the argument that certain occupations are either too dangerous (military personnel) age of 75 for Board members. In connection with the transition to his retirement, he has decided to step-down as Chairman, a position he has held since 1981. Mr. Prince currently indicates he will remain as a director of the Company until he reaches age 75 in January 2007, subject to his being reelected by the Company's shareholders. He was reelected to the board for another one-year term at the April 28, 2005 shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. . Prior to its termination by mutual consent on April 28, 2005, a consulting agreement between the Company and Mr. Prince provided that, as long as he owned at least 10% of the issued shares of the Company, the Board of Directors agreed to nominate nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. Mr. Prince for election to the Board of Directors and if elected, to request that he be nominated nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. for Chairman of the Board of Directors. Headquartered in Denver, Colorado, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world. |
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