Autoscope Technologies Corporation Announces the Resignation of Chad Stelzig and Plan to Name Frank Hallowell as Interim CEO
07 Outubro 2021 - 6:15PM
Autoscope Technologies Corporation (“Autoscope”) (Nasdaq:
AATC) today announced that on October 1, 2021, Chad
A. Stelzig, the President and Chief Executive Officer of Image
Sensing Systems, Inc. (“ISNS”), notified the Board of Directors of
Autoscope and ISNS that he was resigning. ISNS is a
wholly-owned subsidiary of Autoscope. Frank Hallowell, who is the
Chief Financial Officer of Autoscope and ISNS, will assume the role
of Interim CEO of ISNS when Mr. Stelzig’s resignation is
effective. Mr. Stelzig will assist in the transition of
responsibilities over the coming months, and the Board will soon
begin a search for Mr. Stelzig’s successor.
“Frank is a highly skilled and experienced
leader who has served as CFO of Image Sensing Systems and Autoscope
Technologies Corporation. His deep understanding of the Company and
his significant strategic, operational, and financial experience
make him an excellent choice to guide the Company,” said Andrew T.
Berger, the President and Chief Executive Officer of
Autoscope and the Executive Chairman of ISNS.
“I sincerely appreciate all of the opportunities
and experiences offered over the past 10 years of employment at
Image Sensing Systems. What began as an opportunity to lead an
algorithm engineering group evolved into executive leadership
experiences that many aspire to, but few have the opportunity to
experience. For this I am truly grateful, and I will take these
lessons learned into the next chapter of my professional career. I
would also like to thank the board of directors for their guidance
and support over the past five years while I served as President
and CEO, through both the challenges and successes,” said Mr.
Stelzig
“On behalf of the Board, we thank Chad for his
10 years of service and many accomplishments during his tenure as
CEO. Under Chad’s leadership, we were able to realize a
technological, financial, and cultural turnaround that has
positioned the company for future success,” concluded Mr.
Berger.
About Autoscope Technologies
Corporation
Autoscope Technologies
Corporation creates value through owning and supporting
operating subsidiaries and investments, anchored by core
investments in the fields of technology and engineering.
Autoscope's main subsidiary is Image
Sensing Systems, Inc. Image Sensing Systems, Inc. (ISNS) is a
global company committed to providing above-ground technology
products for advanced traffic management systems, traffic data
collection applications, and related markets. ISNS pioneered video
image processing, also known as machine vision, for vehicle
detection and continues to be a technology leader today. ISNS'
industry leading products include the Autoscope® video detection
family and the RTMS® radar detection family.
With more than 140,000 instances sold in over 70
countries worldwide, Image Sensing Systems remains dedicated to
helping improve safety and efficiency for cities and highways by
providing meaningful and reliable data through innovative
technologies, applications, and solutions.
Safe Harbor
Statement: Statements made in this release concerning
the Company’s or management’s intentions, expectations, or
predictions about future results or events are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements reflect management’s current
expectations or beliefs, and are subject to risks and uncertainties
that could cause actual results or events to vary from stated
expectations, which variations could be material and adverse.
Factors that could produce such a variation include, but are not
limited to, the following: the inherent unreliability of earnings,
revenue and cash flow predictions due to numerous factors, many of
which are beyond the Company’s control; developments in the demand
for the Company’s products and services; relationships with the
Company’s major customers and suppliers; the mix of and margins on
the products we sell; unanticipated delays, costs and expenses
inherent in the development and marketing of new products and
services; adverse weather conditions in our markets; the impact of
governmental laws, regulations, and orders, including as a result
of the COVID-19 pandemic caused by the coronavirus;
international presence; tariffs and other trade barriers; our
success in integrating any acquisitions; potential disruptions to
our supply chains (including disruptions caused by geopolitical
events, military actions, work stoppages, nature disasters, or
international health emergencies, such as the COVID-19 pandemic);
and competitive factors. Our forward-looking statements speak only
as of the time made, and we assume no obligation to publicly update
any such statements. Additional information concerning these and
other factors that could cause actual results and events to differ
materially from the Company’s current expectations are contained in
the Company’s reports and other documents filed with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2020 filed on March 11, 2021.
Contact: |
Frank Hallowell, Chief Financial Officer |
|
Andrew Berger, Chairman,
President and Chief Executive Officer |
|
Phone:
612.438.2363 |
|
|
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