BOATRACS Announces Restructuring.SAN DIEGO--(BUSINESS WIRE)--March 23, 1999--BOATRACS Inc. (Bulletin Board: BTRK) announces restructuring of executive team. BOATRACS is pleased to announce the appointment of John O'Bryant as chief financial officer of BOATRACS Inc. beginning April 5, 1999. O'Bryant will be replacing Curt McLeland who has left the company to pursue other business interests. O'Bryant brings to BOATRACS a wealth of experience including senior financial management positions with ZERO Cases a division of Applied Power Inc. and Coopervision Inc. "We eagerly anticipate the arrival of Mr. O'Bryant and believe he will be an important asset in pursuit of our growth plans", said Jon Gilbert, president and chief executive officer of BOATRACS. Peter A. Carides, currently managing director of BOATRACS' Europe B.V., will relocate to BOATRACS headquarters in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , to focus on the worldwide operations of the BOATRACS Division. Carides will be responsible for the day to day operations of the BOATRACS division, including all international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. . "Peter brings tremendous value to the BOATRACS business. His successes in Europe over the last year, as well as his vision for business opportunities will be enormously valuable for us to achieve our BOATRACS' worldwide expansion plans," said Gilbert. Daniel W. Negroni Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. , moves to a new role as vice president, sales and marketing of Enerdyne Technologies Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BOATRACS Inc. Enerdyne focuses on digital video compression Encoding digital video to take up less storage space and transmission bandwidth. See video codec and data compression. video compression - Compression of sequences of images. and transmission technologies. Gilbert also stated that "Danny will be able to leverage his strategic sales and marketing skills, honed at BOATRACS, into the Enerdyne markets." One advantage of the BOATRACS/Enerdyne union is the use of Enerdyne's digital video compression technology by the customers of BOATRACS. BOATRACS is a distributor of satellite based tracking and communication systems in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European marine markets, including the OmniTRACS System manufactured by QUALCOMM, Inc. The BOATRACS system provides two-way communications between vessels at sea or on inland waterways and base stations on land, or with other vessels, e-mail addresses, phone and fax numbers. It also allows for near real-time vessel tracking. BOATRACS currently has systems on vessels operating on both U.S. coasts, in Europe, Mexico, Canada, the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , and inland river and waterways and has developed a worldwide solution through Inmarsat services. The BOATRACS software division develops customized, integrated marine business applications for use on the vessel and in the office. ENERDYNE TECHNOLOGIES Inc., a BOATRACS wholly owned subsidiary, is the market leader in providing versatile, high performance digital video compression products to the government, transportation, military and commercial markets. ENERDYNE designs and builds products in a dedicated facility, where they offer electrical, mechanical and software engineering; quality assurance; environmental testing; system integration; and product support. Statements within this news release which are not historical facts, including statements about strategies and expectations for new and existing products, technologies, and opportunities, 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. that involve risks and uncertainties. Risk factors are detailed in the company's Securities and Exchange Commission filings, particularly its 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. for the year ended 12/31/97. |
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