Amerigon Institutes Senior Executive Management Changes; Appoints Three New Directors; Names New Chairman.IRWINDALE, Calif.--(AutomotiveWire)--June 28, 1999-- Amerigon Inc. (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 :ARGNA) Monday announced that following the private placement of $9 million of convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. completed on June 8, it has promoted Richard A. Weisbart, 53, to president and chief executive officer, effective immediately. He replaces Lon E. Bell, Ph.D., 58, as chief executive officer; Bell was named vice chairman of the board and director of technology. Weisbart has been Amerigon president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. since joining the company in May 1997. The company also appointed three new directors, expanding the board to seven, and named a new chairman of the board. Oscar ("Bud") B. Marx, 60, president of TMW TMW Tomorrow TMW The Mana World (game) TMW Tell Me Why TMW Tactical Missile Wing TMW Too Much Work TMW Ten Most Wanted (TV show) TMW Tamworth, New South Wales, Australia - Tamworth Enterprises, a private investment firm, was appointed a director and named chairman of the board, replacing Bell as chairman. Marx was formerly vice president of the Ford Motor Company Automotive Components Group (currently known as Visteon). The two other new directors are James P. Paulsen, 59, retired Ford Motor Company executive who was formerly president of Ford's China Operations and executive director of Ford's corporate quality office; and Paul Oster, 42, chief financial officer of TMW Enterprises. The company has previously announced that it is working with a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. automaker for a planned model-year 2000 launch of its Climate Control Seat(TM) system (CCS (1) (Common Channel Signaling) A communications system in which one channel is used for signaling and different channels are used for voice/data transmission. Signaling System 7 (SS7) is a CCS system, also known as CCS7. See SS7. (TM)). It is also working with European, Asian, and other North American automotive companies and their seat suppliers to introduce the CCS system in 2001 and 2002 model year vehicles. Bell commented, "As Amerigon expands the commercialization and development of its CCS system and AmeriGuard(TM) collision avoidance radar, I believe my best role for the company will be to focus on furthering the development of these technologies to maintain our technological leads in our principal market areas." Amerigon, an emerging player in the global automotive industry, develops and markets proprietary products for automotive OEMs. The Climate Control Seat(TM) (CCS(TM)) technology provides active heating, cooling and dehumidification for seat occupants. CCS will debut in a model year 2000 vehicle. The company's other products include its AmeriGuard(TM) radar sensor systems designed to extend the driver's field of view in such vehicle applications as enhanced parking aids, back-up warning systems and side object detection. This release contains forward-looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that involve risks and uncertainties. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements, including, without limitation,, demand for the company's products, uncertainties in the development of high technology products, risks and delays in obtaining customer orders, technological change, competition and other risks and uncertainties that are detailed in the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other reports filed by it with the Securities and Exchange Commission. |
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