Cerplex Appoints Chief Executive Officer.TUSTIN, Calif.--(BUSINESS WIRE)--July 8, 1997--The Cerplex Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CPLX), a leading provider of electronic repair, spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. and logistics services outsourcing, Tuesday announced the appointment of Stephen J. Hopkins to the position of chief executive officer at the company. Hopkins, a principal of Nightingale nightingale, common name for a migratory Old World bird of the family Turdidae (thrush family), celebrated for its vocal powers. The common nightingale of England and Western Europe, Luscinia megarhynchos, is about 6 1-2 in. (16. & Associates, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , is a senior executive with over 35 years of financial and general management experience in a variety of industries including high technology and electronics. Nightingale is a financial and business advisory management firm serving leading financial and business institutions with core capabilities in operations transitions and restructuring. Hopkins replaces William A. Klein, who is chairman of Cerplex and was fulfilling the interim 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. position since October '96. Founder of Cerplex in 1990, Klein continues at the company as chairman of the board. Klein said that Hopkins brings valuable knowledge and expertise to the company in its current plans to return to profitability this year. "Steve Hopkins has in-depth knowledge of financial and general management functions that support the company's restructuring plan," said Klein. "In addition to nine years experience with General Electric Company's electronic component division, Hopkins held a number of other executive-level positions in the high technology industry. His expertise adds valuable administrative and operational direction to the team." Hopkins said that his objective at Cerplex is to direct and administer the company's current plan to rightsize its infrastructure and lead the company forward in the technology services industry. "Cerplex holds a strong position in its market and the company's reputation for quality service continues," said Hopkins. "However, difficult financial conditions for Cerplex operations in the U.S. in the recent past must be overcome." The senior management team at Cerplex plans to move forward with its current plan for North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. while emphasizing the strength of its European operations. Richard C. Davis Richard C. Davis (born August 8, 1963), is the president, CEO, and founder of Trademark Properties in Charleston, South Carolina. He and his company specialize in "flipping" houses. Davis attended Clemson University, where he was a member of Sigma Nu fraternity. , president of 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. at Cerplex states that the company's service offerings in the United Kingdom and France continue to operate profitably, aiding the company's North America structure, both financially and operationally. "Cerplex's international operations in France and the UK continue to thrive in the market offering value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services similar to those in North America," said Davis. "Our senior management team in Europe and North America are working together while North America recovers from the financial repercussions repercussions npl → répercussions fpl repercussions npl → Auswirkungen pl of corporate costs and legacy business in certain markets." The announcement of Hopkins as CEO follows the company's latest announcement of a consolidation and cost reductions plan in North America, which recently reduced staffing levels in North America by 16 percent. About Cerplex Cerplex is an international independent provider of service outsourcing for the high technology industry. The company specializes in repair services, spare parts sourcing and service management focusing on the computer peripherals, office automation and communication markets. Specialized post manufacturing capabilities include: product repair, remanufacturing and conversion, parts sales and management, returns processing, logistics and service administration. Additionally, the company offers contract manufacturing of high value products and calibration services in Europe. The company's custom developed programs can offer manufacturers and service providers a reduction in service costs, shortened response times, and improved customer satisfaction. The company has transportation hubs and specialized facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe that enable it to support the diverse needs of its global customers. Visit Cerplex's homepage at www.cerplex.com . -0- This news release contains forward-looking statements that involve risks and uncertainties. The company's actual results may differ significantly from the results contained in the forward-looking statements. Forward looking statements include statements regarding the company's objective to return to profitability, and any outcome of its consolidation and cost reduction plan in North America. Factors that might cause such differences include, but are not limited to, the effect of losses and other factors on the company's credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities , business and results of operations; the company's limited capital resources and its ability to fulfill its existing obligations and ongoing capital needs; risks associated with excess or obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. ; the potential impairment of assets; the company's dependence on key customers and their financial viability; the impact of competition; and the company's abilities to effectively manage growth. These and other risk factors are discussed in the company's filing on Forms 8-K, 10-Q and 10-K. CONTACT: The Cerplex Group Inc. Bonni Parsons-Mitchell, 714/258-5159 bparsons@cerplex.com |
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