Apollo International to Increase Florida Facility by 50 Percent, Open Production Plant in South Africa and Double Work Force World Wide.APOLLO BEACH, Fla.--(BUSINESS WIRE)--Sept. 16, 1997-- Also Adds New CFO See Chief Financial Officer. and Director of Applications Engineering to Management Team Apollo International of Delaware Inc. (the "company") (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 :AIOD AIOD Association Internationale pour l'Ostéosynthèse Dynamique AIOD Automatic Identified Outward Dialing AIOD Automatic Identification Of Outward Dialing AIOD Association for Independent Oil Distributors AIOD Acrobat Install on Demand ) announced today that as a result of the five-year, $38 million contract recently signed with Beijing East Bridge Machine & Electrical Equipment A piece of electrical equipment is a machine, powered by electricity and usually consists of an enclosure, a variety of electrical components and often a power switch. Examples of Electrical Equipment
The company also announced that it has strengthened its top management with the hiring of Stuart Frank as CFO and Jeffrey Lane McElray as Director of Application Engineering. Commenting on these developments, David Clarke, 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 the company said, "We are now in a very rapid growth mode, created in part by the deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. of the utility industry. These additions are part of our overall plan to accommodate this growth. After a lengthy delay we have finally completed our IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. and we are now in a position to implement these important additions to our facilities and management team." He continued, "Regarding facilities expansion, the South Africa facility will position us to be able to serve all of Africa as well as Australia and the Far East on an efficient basis. The Florida expansion will allow us to take, in house, a portion of the manufacturing process we have been subcontracting. This will result in better quality control, faster turn around times and increased gross margins." He concluded, "With reference to the managerial additions, we are very fortunate as a young and small company to have attracted such talented and accomplished individuals as Stuart Frank and Jeff McElray. Mr. Frank has a `Big Six' accounting background, having started his accounting career with Ernst & Young, an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration and a law degree. He also has CFO experience with several public companies, including Omega International Inc. Mr. McElray is recognized as one of the leading experts in the field of relay protection. He has published numerous papers in this area and is a guiding force in many of the professional engineering societies in our field." Apollo International of Delaware designs, engineers and manufactures proprietary, intelligent electric-motor protection relays, and electric-power-substation monitoring and feeder protection equipment. Their smart systems provide cost effective solutions for electric utilities and users of medium and large industrial electric motors. -0- Statements contained in this press release that are not based upon current or historical fact are forward looking in nature. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed from time to time in the company's filings with the Securities and Exchange Commission. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide website at www.kcsa.com . CONTACT: Apollo International of Delaware Christine Clewes, 813/645-7677 or KCSA Bob Giordano/Paul Holm/Joseph A. Mansi, 212/682-6300 ext. 201/205 |
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