American Locker (NASDAQ:ALGIE)
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American Locker Group Incorporated announced that the
Board of Directors has named John Harris, Harold Rabin, Mary Stanford
and James Vanasek as new Directors of the Company. Continuing as
members of the Board are Edward F. Ruttenberg, Alan H. Finegold and
Steven Bregman. The new Directors fill vacancies created by the recent
resignations of Anthony J. Crisafio, Donald I. Dussing, Jr., Roy J.
Glosser, Thomas Lynch, IV, and Jeffrey C. Swoveland as Directors.
Mr. Ruttenberg, Chairman of the Board and Chief Executive Officer
stated: "The Board of Directors is very pleased to welcome such well
qualified persons to serve on the Board and key committees of the
Board as the Company proceeds with the implementation of its
restructuring plan."
Mr. Harris has served as Principal of Harris Capital Advisors, a
consulting, investment analysis and private equity financing firm
located in Dallas, Texas, since 2001. Mr. Harris also served as Vice
President of Emerson Partners, a real estate private equity fund, from
2001 to 2003. Prior to that, Mr. Harris was a partner at SunTx Capital
Partners, a private investment firm also located in Dallas, Texas,
from 2000 to 2001. He will serve on the Executive Compensation
Committee of the Board.
Dr. Rabin has been a diagnostic radiologist with Quantum Imaging
and Therapeutic Associates for over 25 years. Dr. Rabin currently
serves as a member of the group's Finance Committee and previously
served as its President. In addition, Dr. Rabin is a member of the
Medical Executive Committee of Holy Spirit Hospital in Camp Hill,
Pennsylvania. He will serve on the Executive Committee of the Board.
Dr. Rabin is Mr. Ruttenberg's brother-in-law and beneficially owns
approximately 42,000 shares of the Company's common stock.
Dr. Stanford, PhD., has been an Associate Professor of Accounting
at the Neeley School of Business at Texas Christian University since
2002. Dr. Stanford previously was an Associate Professor of Accounting
at Syracuse University from 1999 to 2002. She will serve on the Audit
Committee.
Mr. Vanasek has served as Principal of VN Capital Management, LLC,
a private hedge fund, since 2002. Prior to that, Mr. Vanasek was an
investment banking associate at JPMorgan. VN Capital beneficially owns
121,508 shares, or 12.7% of the outstanding common stock. He will
serve on the Audit and Executive Compensation Committees.
The matters discussed in this press release which contain
forward-looking statements, including without limitation, statements
relating to the Company's plans, strategies, objectives, expectations,
intentions and adequacy of resources, are made pursuant to the Safe
Harbor Provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that such forward-looking statements
involve certain known and unknown risks, some of which are beyond the
Company's control, including, among others, risks related to (i) the
Company's plans, strategies, objectives, expectations, and intentions,
which are subject to change at any time at the discretion of the
Company, (ii) the successful implementation of the Company's
restructuring plan, including a significant reduction of annual
selling, general and administrative expenses, the relocation of the
Company's headquarters in Texas, and the restructuring of its bank
debt on acceptable terms, (iii) new product development by the
Company, (iv) the Company's liquidity and capital resources, (v) the
Company's competition, and (vi) other risks and uncertainties
indicated from time to time in the Company's filings with the
Securities and Exchange Commission. The Company's actual results could
differ materially from those expressed in any forward-looking
statement made by or on the Company's behalf. In light of these risks
and uncertainties, there can be no assurance that the forward-looking
information will, in fact, prove to be accurate. The Company has
undertaken no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.