Elgin Technologies, Inc. Announces the Resignation of Its Current CEO.Business/Technology Editors
HUDSON, N.H.--(BUSINESS WIRE)--Jan. 28, 2000
Elgin Technologies, Inc. (OTC OTC
See over-the-counter market (OTC). BB:ELGN) announced today that William Mosconi has resigned his position as 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. effective immediately. Mr. Mosconi resigned to pursue other interests. The Board of Directors named Michael Smith Michael or Mike Smith may refer to: Journalists
A person representing a financial institution that is in the business of raising capital for corporations and municipalities.
An investment banker may not accept deposits or make commercial loans. for the past 16 years.
Commenting on the situation, Mr. Smith stated, &uot;The Board has decided that the company must move aggressively in a new direction, and all parties agreed that a change was necessary. We with Bill much success in his future endeavors.&uot; In addition, Mr. Smith stated, &uot;I am excited about the opportunities that exist for our two product categories. The telecommunications infrastructure buildup continues to be strong as the internet drives capacity needs higher. We are also encouraged by the market forecasts for significant growth for energy efficient lighting products. I remain optimistic op·ti·mist
1. One who usually expects a favorable outcome.
2. A believer in philosophical optimism.
op that our prospects for growth are strong.&uot;
Mr. Smith also noted, &uot;We are in the process of reflecting these developments in our proposed Form 10 Registration Statement, which we expect to file with the SEC shortly. As we have previously reported, this filing will be the first step in the Company's becoming a fully reporting entity under the requirements of the Securities Act of 1934. Upon the effectiveness of this filing, the Company intends to apply to have its common stock transactions quoted on the 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 Electronic Bulletin Board.&uot;
Forward-looking statements made in this release are made pursuant to 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. Investors are cautioned that all forward-looking statements involve risks and uncertainties including without limitation risks in technology developments, risks in product development and market acceptance of and demand for the Company's products, risks associated with foreign sales and other risks which will be detailed in the Company's filings with the Securities and Exchange Commission.
Elgin Technologies, Inc. is a leading manufacturer of custom power supplies and service provider for the telecommunications and lighting industry.