FARO Technologies (NASDAQ:FARO)
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FARO Adds CFO to Executive Team; Announces Future CEO Transition
Plan
LAKE MARY, Fla., Feb. 18 /PRNewswire-FirstCall/ -- FARO Technologies, Inc.
(NASDAQ:FARO) today announced the appointment of Barbara R. Smith as Chief
Financial Officer, effective February 21, 2005. Ms. Smith, a 23-year veteran of
Alcoa Inc., will take over the CFO duties from co-founder Greg Fraser, who will
remain as Executive Vice President of the Company. "We are positioning
ourselves for continued strong growth during the next few years, in particular
with an emphasis on growing our Asian markets, new technology and business
acquisitions and continued penetration into our existing markets," said Simon
Raab, Chairman and CEO. With the addition of Ms. Smith to the executive team,
both founders will be able to contribute their time and focus to these
strategic initiatives.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO )
"Barbara Smith's appointment is a result of an extensive search based on very
high and clearly defined expectations for qualifications and personality fit
within our senior executive team," said Raab. "Barbara's extensive experience
in several of Alcoa's manufacturing segments is ideally suited to our needs as
we continue to grow."
The Company also announced that, as part of the Board of Directors' strategic
planning process with respect to CEO succession, it intends to enter into a
transition agreement with Simon Raab, CEO. The Company expects that, beginning
in March 2006, Mr. Raab will share CEO duties with Jay Freeland, President and
COO, allowing Mr. Raab to focus on research and development and strategic
initiatives.
"To date Jay has met all expectations set when he joined the Company, and I
have no hesitation in entering into a transition agreement, which will have him
begin to assume some CEO duties a year from now," Raab continued. "This
agreement will allow me to focus on those things where I bring the most value
to the Company, while providing for a smooth CEO transition."
This press release contains forward-looking statements (within the meaning of
the Private Securities Litigation Reform Act of 1995) that are subject to risks
and uncertainties, such as statements about our plans, objectives, projections,
expectations, assumptions, strategies, or future events. Statements that are
not historical facts or that describe the Company's plans, objectives,
projections, expectations, assumptions, strategies, or goals are
forward-looking statements. In addition, words such as "may," "believes,"
"anticipates," "expects," "intends," "plans," "seeks," "estimates," "will,"
"should," "could," "projects," "forecast," and similar expressions or
discussions of our strategy or other intentions identify forward-looking
statements. Other written or oral statements, which constitute forward-looking
statements, also may be made by the Company from time to time. Forward-
looking statements are not guarantees of future performance and are subject to
various known and unknown risks, uncertainties, and other factors that may
cause actual results, performances, or achievements to differ materially from
future results, performances, or achievements expressed or implied by such
forward-looking statements. Consequently, undue reliance should not be placed
on these forward-looking statements.
Factors that could cause actual results to differ materially from what is
expressed or forecasted in forward-looking statements include, but are not
limited to:
* The failure of the Company to come to enter into a transition agreement with
Simon Raab;
* the failure of Jay Freeland to assume a greater role in the management of the
Company;
* the other risks detailed in the Company's Annual Report on Form 10-K and
other filings from time to time with the Securities and Exchange Commission.
Forward-looking statements in this release represent the Company's judgment as
of the date of this release. The Company undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events, or otherwise.
About FARO
FARO Technologies, Inc. (NASDAQ:FARO) and its international subsidiaries
design, develop, and market software and portable, computerized measurement
devices. The Company's products allow manufacturers to perform 3-D inspections
of parts and assemblies on the shop floor. This helps eliminate manufacturing
errors, and thereby increases productivity and profitability for a variety of
industries in FARO's worldwide customer base. Principal products include the
FARO Laser ScanArm; FARO Gage and Gage-PLUS; Platinum, Titanium and Advantage
FaroArms; the FARO Laser Tracker X and Si; and the CAM2 family of advanced
CAD-based measurement and reporting software. FARO Technologies is ISO 9001
certified and ISO-17025 laboratory registered. Learn more at
http://www.faro.com/ .
http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO
http://photoarchive.ap.org/
DATASOURCE: FARO Technologies, Inc.
CONTACT: Greg Fraser, Executive Vice President, FARO Technologies, Inc.,
+1-407-333-9911; or Vic Allgeier, The TTC Group, +1-212-227-0997, for FARO
Technologies, Inc.
Web site: http://www.faro.com/