American Custom Components Announces Resignation of CEO.SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE)--June 19, 1998--American Custom Components Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ACCM ACCM Asynchronous Control Character Map ACCM AIDS Community Care Montreal (Montreal, Quebec, Canada) ACCM Annual Conference for Catalog & Multichannel Merchants ACCM Anesthesiology & Critical Care Medicine ) Friday announced that Tony Walk, chief executive officer, chairman of the board and founder of the company has resigned. American's current president, John Groom will retain the position of 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. . Walk's resignation is due to personal circumstances. "Tony Walk has taken this company from inception to the competitive working entity that it is today," said Groom, current president of American. "His knowledge of the industry and his strategies for competitive pricing and unprecedented turnaround times (1) In batch processing, the time it takes to receive finished reports after submission of documents or files for processing. In an online environment, turnaround time is the same as response time. have made American Custom Components a viable competitor in the connector marketplace." Walk commented: "American Custom Components is a successful company because of our unique blend of innovation and experience. We have built our management team up in order to enter new industries and become a leading provider of custom connectors. I have full confidence that American will continue to pioneer new techniques in design and tooling, as well as provide the quality service and product that we do today." American's management team consists of three core members. Groom, former senior director of Engineering at Seagate Technologies (company) Seagate Technology - A major manufacturer of hard disk drives, founded in 1979 as "Shugart Technology" by Alan F. Shugart and Finis Conner. That name is on the original patents for the 5.25" hard disk drive. currently serves as American's president. Mike Orton, an experienced technology executive at firms such as IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , and Laser Magnetic Storage International serves as executive vice president at American. Finally, John Fritch, the director of Materials at Hughes Data Systems is on American's Board of Directors. Founded in 1994 by 30-year industry veteran Walk, American Custom Components utilizes a unique rapid-response development process combining sophisticated components and design engineering with internally maintained molding and tooling facilities. This turnkey capability has allowed American to provide OEMs with new specialty parts in less time than that required by larger competitors -- resulting in numerous contracts with leading disk-drive makers and other cutting-edge technology companies. Included in this release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors.
CONTACT: The Michelson Group Inc.
800/824-4011, Ext. 119
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