Castelle Names Richard Fernandez to New VP-Operations Post; Position Created to Promote Cost Containment and Efficiency amid Continued Growth.Business Editors/High-Tech Writers MORGAN Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. HILL, Calif.--(BUSINESS WIRE)--Dec. 30, 2002 Castelle (Nasdaq:CSTLC), a leading provider of fax solutions for Fortune 1000 companies and small to medium-sized Me´di`um-sized` a. 1. Having a medium size; as, a medium-sized man s>. Adj. 1. medium-sized - intermediate in size medium-size, moderate-size, moderate-sized businesses, today announced the promotion of Richard Fernandez, 43, to the newly created position of Vice President of Operations. Fernandez, who has served as Castelle's Senior Director of Operations since June of this year, will gain a vice president-level position overseeing the Company's growing business activities, enabling Castelle to maintain its focus on top-line growth and cost-containment efforts. Fernandez will continue to report directly to Scott McDonald Scott Douglas McDonald (born 21 August 1983, Melbourne, Australia) is a professional football (soccer) player who currently plays in Scotland for Celtic as a striker. After a £400,000 bid from Rangers was rejected in January 2007,[1] , President and 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. . "Richard has been making significant contributions to the company's overall operational efficiencies and cost effectiveness since he started at Castelle," stated McDonald. "His industry experience combined with the success he had in contributing to Castelle's growth and higher profitability in 2002 are tremendous assets as we enter 2003 as a stronger company, both operationally and financially. I am confident that Richard's extraordinary leadership will successfully guide our efforts in the New Year as we continue our expansion plans in the extremely large, but untapped markets." About Richard Fernandez Fernandez has over 22 years of operations, materials planning, warehousing and off-shore manufacturing experiences that he brings to Castelle. Prior to Castelle, Fernandez has held operations positions at a number of technology companies in the Silicon Valley, including Conxion Corporation, CIDCO CIDCO City and Industrial Development Corporation (Mumbai, India) Incorporated, Computer Products Incorporated, MAD Intelligent Systems and Magnetic Peripherals Incorporated. Fernandez takes his new position as Castelle prepares for continued sales and earnings growth. As of the third quarter of 2002, which ended September 30, the Company had achieved five straight quarters of profitability with net earnings rising to $0.05 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, up from $0.01 a year earlier. Sales in the third quarter of 2002 were $2.54 million, compared to $2.50 million for the third quarter 2001 and up sequentially from $2.26 million in the second quarter of 2002. The third-quarter 2002 sales were the highest since the fourth quarter of 2000. About Castelle Castelle develops office automation systems that allow organizations to easily implement faxing and printing over local area networks and the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . A market leader in fax solutions for small to medium-sized workgroups, Castelle's FaxPress fax servers provide a simple way to integrate fax with email, desktop and back-end applications. The Company also manufactures LANpress print servers, which enable users to locate printers anywhere on the network. Castelle products are designed to be easy to use and maintain, and they provide an economical way for companies to share resources over the network. Castelle was founded in 1987 and is headquartered in Morgan Hill, Calif. Its products are used by Fortune 1000 companies as well as small to medium-sized businesses and are available through a worldwide network of distributors, value-added resellers A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. , systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. , e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. retailers, and the Castelle Online Store. Visit Castelle online at www.castelle.com. If you would like to be added to Castelle's investor email lists, please contact Karin Smith at karin.smith@castelle.com. FaxPress is a trademark, and LANpress is a registered trademark of Castelle. 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. This press release contains forward-looking statements including the ability by the Company to grow its sales, maintain profitability, introduce new products periodically and statements regarding management's strategy and the Company's expectations of future operating results. These statements are subject to risks and uncertainties, including but not limited to the impact on our results from fluctuations in demand for our products, introduction of new products by our competitors, fluctuations in our stock price and the potential delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. of our stock by the NASDAQ SmallCap Market. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements as contained in our reports to the Securities and Exchange Commission, including our Forms 10-K and 10-Q. The Company assumes no obligation to update the forward-looking information. |
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