Giga-tronics Names Thomas E. Vickers to Board of Directors
Giga-tronics announced the appointment of Thomas E. Vickers to its Board of Directors, enhancing its financial and operational capabilities. Vickers brings over 35 years of experience, including key roles in finance at OmniComm Systems and Ocwen Financial. He replaces Jamie Weston, who served four years on the board. CEO John Regazzi expressed confidence that Vickers' expertise will aid in expanding solutions for a broader customer base. Giga-tronics is traded on OTCQB under the symbol 'GIGA' and focuses on RADAR filters and components for military applications.
- Thomas E. Vickers' extensive financial and operational experience could strengthen the company's board.
- Vickers' background includes successful financial leadership in technology and financial sectors.
- The transition may cause temporary disruptions as a new board member adjusts.
- There may be concerns regarding continuity and experience following Jamie Weston's departure.
DUBLIN, Calif., Sept. 28, 2020 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (OTCQB: GIGA) (the “Company”) today announced the appointment of Thomas E. Vickers to its Board of Directors.
Mr. Vickers has more than 35 years of experience in corporate finance and operations management. Presently, he is the President of Stack Financial Inc., a finance and accounting advisory firm that provides family office, CFO on demand, finance and accounting services to various clients. Previously, he served as Chief Financial Officer and Senior Vice President of Human Resources for OmniComm Systems Inc., a healthcare technology company, where he was a key member of the executive team that successfully completed that company’s acquisition by Anju Software. At OmniComm he had primary responsibility for planning, implementing, managing and controlling all financial activities and worked directly with the CEO to determine budget, disbursements and expenditures of money and capital assets. Prior to that, Mr. Vickers spent six years at Ocwen Financial Corporation, a financial services company providing mortgage servicing solutions, where he first served as Director and Controller and later as Director, Servicing Operations. Earlier in his career, Mr. Vickers was Vice President of Operations for S & J, and before that he worked at Precision Response Corporation where he served in financial and operational roles of increasing responsibility, culminating as Vice President, Financial Operations. He holds a BBA in Finance, a BBA in Accounting and an MTX in Taxation from Florida Atlantic University, as well as an MBA in Finance from the University of Miami. He is also Chartered Financial Analyst® charter holder.
John Regazzi, CEO of Giga-tronics, commented, “We’re very pleased to announce Tom’s addition to the Board. He brings extensive financial and operational capabilities and as we focus on expanding our unique solutions to address a broader base of customers, we believe Tom’s experience and perspective will provide valuable input to the Company. As we welcome Tom, we would also like to thank Jamie Weston for his service and contributions as a Giga-tronics board member.”
As per recent SEC filings, Mr. Vickers was one of three investors along with Cornelis Wit, former CEO of OmniComm and Lutz Henckels, COO and CFO of Giga-tronics, who purchased shares from Spring Mountain Capital. Mr. Vickers replaces Jamie Weston, Managing Director of Spring Mountain who is stepping down from the board. “It has been a pleasure serving on the Giga-tronics board for the past four years and I leave the board knowing the business is on the right track to achieve its ambitious goals,” stated Mr. Weston.
About Giga-tronics Incorporated
Giga-tronics Incorporated is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should", or “would” occur. Forward-looking statements include, among others, those concerning future product developments, future prospects, future operating results (including, for example, future revenue, growth, expenses, margin and profitability), growth in market share and expected and potential sales to customers. Forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include the Company’s ability to successfully manufacture its RADAR/EW test products, to identify customer needs and to design and implement new features; the timely receipt of components from third-party suppliers, the receipt or timing of future orders for products or services and cancellations or deferrals of existing or future orders; the adequacy of the Company’s capital resources; the Company’s ability to manage expenses; the results of pending or threatened litigation; the Company’s ability to successfully implement its business plan; the Company’s need to modify its business plan as a result of these or other risks; the volatility in the market price of the Company’s common stock; the circumstances relating to the COVID-19 pandemic and governmental responses; the Company’s use of proceeds from its PPP loan and the ability of the Company to qualify for forgiveness of the loan. You should not place undue reliance on any forward-looking statements, which are made as of the date of this press release. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements. For further discussion, see the Company’s most recent annual report on Form 10-K for the fiscal year ended March 28, 2020 Part I, under the heading "Risk Factors" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" and those in other public files the Company may make with the SEC.
| Company Contact: | Agency Contact: |
| Lutz Henckels | John Nesbett/Jennifer Belodeau |
| Executive Vice President, CFO and COO | IMS Investor Relations |
| (925) 328-4650 ext. 4698 | 203.972.9200 |
| lhenckels@gigatronics.com | jnesbett@institutionalms.com |
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