Intevac Announces Appointment of Ryan L. Vardeman to Board of Directors
Intevac (IVAC) has appointed Ryan L. Vardeman to its Board of Directors, effective immediately. Vardeman is a principal and co-founder of Palogic Value Fund, L.P., a substantial shareholder of Intevac. The appointment comes with a cooperation agreement between Intevac and Palogic. Board Chair Kevin Barber expressed confidence that Vardeman will enhance the Board's strength in building stockholder value. Vardeman stated his commitment to supporting management's initiatives to improve profitability, operational efficiency, and value creation.
Intevac (IVAC) ha nominato Ryan L. Vardeman nel suo Consiglio di Amministrazione, con effetto immediato. Vardeman è un principale e co-fondatore di Palogic Value Fund, L.P., un azionista significativo di Intevac. La nomina è accompagnata da un accordo di cooperazione tra Intevac e Palogic. Il Presidente del Consiglio Kevin Barber ha espresso fiducia che Vardeman migliorerà la solidità del Consiglio nella creazione di valore per gli azionisti. Vardeman ha dichiarato il suo impegno a sostenere le iniziative della direzione per migliorare la redditività, l'efficienza operativa e la creazione di valore.
Intevac (IVAC) ha nombrado a Ryan L. Vardeman en su Junta Directiva, con efecto inmediato. Vardeman es un principal y co-fundador de Palogic Value Fund, L.P., un accionista importante de Intevac. El nombramiento viene acompañado de un acuerdo de cooperación entre Intevac y Palogic. El presidente de la Junta, Kevin Barber, expresó confianza en que Vardeman fortalecerá la Junta en la creación de valor para los accionistas. Vardeman declaró su compromiso de apoyar las iniciativas de la gestión para mejorar la rentabilidad, la eficiencia operativa y la creación de valor.
인테박(IVAC)이 Ryan L. Vardeman을 이사회에 즉시 임명했습니다. Vardeman은 Palogic Value Fund, L.P.의 주요 책임자 및 공동 창립자로, 인테박의 중요한 주주입니다. 이번 임명은 인테박과 Palogic 간의 협력 협약을 수반합니다. 이사회 의장인 Kevin Barber는 Vardeman이 주주 가치를 구축하는 데 있어 이사회의 역량을 강화할 것이라고 확신을 표현했습니다. Vardeman은 수익성, 운영 효율성 및 가치 창출을 개선하기 위한 경영진의 이니셔티브를 지원할 것이라고 약속했습니다.
Intevac (IVAC) a nommé Ryan L. Vardeman à son Conseil d'Administration, avec effet immédiat. Vardeman est un associé principal et co-fondateur du Palogic Value Fund, L.P., un actionnaire important d'Intevac. Cette nomination s'accompagne d'un accord de coopération entre Intevac et Palogic. Le président du Conseil, Kevin Barber, a exprimé sa confiance dans le fait que Vardeman renforcera la solidité du Conseil dans la création de valeur pour les actionnaires. Vardeman a déclaré son engagement à soutenir les initiatives de la direction visant à améliorer la rentabilité, l'efficacité opérationnelle et la création de valeur.
Intevac (IVAC) hat Ryan L. Vardeman mit sofortiger Wirkung in seinen Vorstand berufen. Vardeman ist ein Hauptgesellschafter und Mitbegründer des Palogic Value Fund, L.P., einer bedeutenden Aktionärin von Intevac. Die Ernennung erfolgt im Rahmen einer Kooperationsvereinbarung zwischen Intevac und Palogic. Vorstandsvorsitzender Kevin Barber äußerte Vertrauen, dass Vardeman die Stärke des Vorstands bei der Schaffung von Aktionärswert erhöhen wird. Vardeman erklärte sein Engagement zur Unterstützung der Initiativen des Managements zur Verbesserung der Rentabilität, Betriebseffizienz und Wertschöpfung.
- Addition of a major shareholder representative to the Board, potentially improving alignment with stockholder interests
- Strategic focus on improving profitability and operational efficiency
- None.
“We are pleased to welcome Ryan to the Board,” said Kevin Barber, chair of the Board. “We look forward to Ryan’s contributions as a director and believe that he will further enhance the strength of our Board as we focus on building value for all stockholders.”
“I believe that Intevac is an outstanding company,” said Mr. Vardeman. “I look forward to working with the Board and supporting the management team as they continue to execute on initiatives to improve profitability, drive greater operational efficiency and enhance value creation.”
In connection with the appointment of Mr. Vardeman, Intevac and Palogic entered into a customary cooperation agreement. This agreement will be included as an exhibit to a Current Report on Form 8-K, which will be filed by Intevac with the Securities and Exchange Commission.
About Ryan L. Vardeman
Mr. Vardeman serves as a principal and co-founder of Palogic Value Management, L.P., a
About Intevac
Founded in 1991, we are a leading provider of thin-film process technology and manufacturing platforms for high-volume manufacturing environments. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we deploy our materials science expertise primarily to the hard disk drive (HDD) industry. Our industry-leading 200 Lean® platform is our flagship system, supporting the majority of the world’s capacity for HDD disk media production, including the vast majority of the industry’s most advanced, leading-edge, heat-assisted magnetic recording (HAMR) media. The majority of Intevac’s HDD business for the last several years has been focused on enabling the upgrades of the installed base of worldwide media capacity in close partnership with our HDD customers, thus enabling their technology roadmaps. For more information call 408-986-9888, or visit the Company's website at www.intevac.com.
Safe Harbor Statement
This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: quotations from officials of Intevac and Intevac’s plans and expectations for value creation. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from Intevac’s expectations. These risks include, but are not limited to, global macroeconomic conditions and supply chain challenges including shipment delays, availability of components, and freight, logistics and other disruptions, and changes in market dynamics that could change the forecasts and delivery schedules for both our systems and upgrades, each of which could have a material impact on our business, our financial results, and Intevac’s stock price. These risks and other factors are detailed in Intevac’s periodic filings with the
All forward-looking statements in this press release are based on information available to Intevac as of the date hereof, and Intevac does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. Any future product, service, feature, or related specification that may be referenced in this release is for informational purposes only and is not a commitment to deliver any offering, technology or enhancement.
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Cameron McAulay
Chief Financial Officer
(408) 986-9888
Claire McAdams
Investor Relations
(530) 265-9899
Source: Intevac, Inc.
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