Lancer (AMEX:LAN)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Lancer Charts. Click Here for more Lancer Charts.](/p.php?pid=staticchart&s=A%5ELAN&p=8&t=15)
Lancer Appoints New Independent Auditor and Names Richard C. Osborne
Non-Executive Board Chair
SAN ANTONIO, March 1 /PRNewswire-FirstCall/ -- Lancer Corporation today
announced that the Audit Committee of its Board of Directors has appointed BDO
Seidman, LLP as Lancer's independent auditor.
BDO Seidman, LLP is a national professional services firm providing assurance,
tax, financial advisory and consulting services to private and publicly traded
businesses. For more than 90 years, they have provided quality service and
leadership through the active involvement of their most experienced and
committed professionals.
BDO Seidman serves clients through more than 35 offices and 250 alliance firm
locations nationwide. As a member firm of BDO International, BDO Seidman serves
clients by leveraging a global distribution network of resources comprised of
nearly 600 member firm offices in 100 countries.
Additionally, Lancer's Board of Directors has elected Richard C. Osborne as
Chairman of the Board of Directors following the adoption of a Board policy
requiring a non-executive Board Chair. Pursuant to the new policy, Alfred A.
Schroeder has resigned his position as Chairman. Mr. Schroeder will continue to
lead Lancer's research and development efforts.
Alfred A. Schroeder, 67, is a co-founder of Lancer, and has served as Chairman
of the Board of Directors since Lancer's inception in 1967. Mr. Schroeder
commented, "Today, having an independent Board Chair is considered a best
practice in corporate governance. Our Board collectively agreed that it was
appropriate for Lancer to adopt this policy."
Richard Osborne, 60, has served on the Lancer Board since 2001. He is a
Managing Director with Madison Capital Partners, a private equity investment
firm. From 1989 to 1999, Mr. Osborne served as Chairman, Chief Executive
Officer and President of Scotsman Industries, a New York Stock Exchange listed
company and a multinational manufacturer of beverage dispensing equipment, ice
machines, display cases, walk-in coolers and refrigeration equipment.
Commenting on his election as Chairman of Lancer Corporation, Mr. Osborne said,
"It's an honor to have the trust of the entire Board to fill this role. Our
priority is for Lancer's executive teamto focus its attention on building our
business and driving long-term value for our shareholders."
Lancer is a leading innovator, manufacturer and marketer of beverage dispensing
systems serving customers worldwide. Headquartered in San Antonio, Texas,
Lancer also maintains facilities in Mexico, Australia, Belgium, New Zealand and
the United Kingdom. Lancer is a vertically integrated manufacturer, employing
approximately 1,400 people, with 2002 sales of $139 million. Lancer designs and
manufacturers a complete range of fountain soft drink dispensers, frozen
beverage dispensers, dispensing valves, beer dispensing equipment, and an
extensive line of beverage dispensing parts and accessories, which are marketed
through a network of Company sales representatives and authorized distributors.
This news release contains various forward-looking statements and information
that are based on management's belief as well as assumptions made by and
information currently available to management. Although the Company believes
that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to have
been correct. Such statements contain certain risks, uncertainty and
assumptions.Should one or more of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those expected.
DATASOURCE: Lancer Corporation
CONTACT: Scott Adams of Lancer Corporation, +1-210-310-7065
Web site: http://www.lancercorp.com/