Lancer Appoints New Independent Auditor and Names Richard C. Osborne Non-Executive Board Chair
01 Março 2004 - 8:04PM
PR Newswire (US)
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/
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