Minim Announces CEO Transition

Rhea-AI Summary

Minim, Inc. (NASDAQ: MINM) has appointed Jeremy Hitchcock as its Executive Chairman, succeeding Mehul Patel, who has stepped down to pursue other opportunities. Hitchcock, who has a background as the Founder and former CEO of Minim and co-founder of Dyn, emphasized the company's commitment to enhancing its software strategy to capture a significant share of the consumer home networking market. With annual revenues of $50 million and a market capitalization under $5 million (0.1x sales), Hitchcock believes there is considerable potential for value creation. The announcement follows a positive trend in Minim's efforts to improve WiFi connectivity through intelligent software solutions under the globally recognized Motorola brand.

Positive

• Appointment of experienced Executive Chairman Jeremy Hitchcock, boosting leadership strength.
• Commitment to advancing software strategy to enhance customer experience and grow the business.
• Significant market opportunity in consumer home networking indicated by Hitchcock.

Negative

• Departure of former CEO Mehul Patel may raise concerns regarding leadership stability.

MANCHESTER, NH, April 07, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Minim, Inc. (Nasdaq: MINM), the creator of home networking products and software under the globally-recognized Motorola brand, announces Jeremy Hitchcock has been named Executive Chairman. Mr. Hitchcock is the Founder, Chairman and Former CEO of Minim and Dyn (ACQ: Oracle). He assumes his responsibilities effective immediately succeeding Mehul Patel who has stepped down from his role as Chief Executive Officer to pursue other career opportunities.

Jeremy Hitchcock, Executive Chairman of Minim, commented, “On behalf of the board, I want to thank Mehul for his service and contributions to Minim and wish him well in his next chapter.”

Mr. Hitchcock commented, “We remain committed to advancing our software strategy to deliver an exceptional product experience for our customers, grow our business and unlock value for our shareholders. There is a massive market opportunity in consumer home networking, and we believe we can capture a meaningful share with our powerful, intelligent products. Furthermore, at $50 million in annual revenue and a market cap of less than $5 million, or 0.1x sales, there is a measurable opportunity to capture additional value.”

Jeremy Hitchcock is an active angel investor in the New Hampshire startup community. Prior to Minim, Mr. Hitchcock co-founded Dyn, an Internet data company acquired by Oracle in 2017 for over $600 million. In his time working on a dual-use fund called New North Ventures and serving as Minim Board Chairperson, Mr. Hitchcock has led technology development teams to solve security problems at the national, commercial and consumer levels. Mr. Hitchcock holds a B.A. in Management Information Systems from Worcester Polytechnic Institute (WPI) and serves on the boards of the New Hampshire Tech Alliance, Southern New Hampshire University and the Community College System of New Hampshire. Alongside his wife, Liz, he runs an independent bookstore and partners with Manchester Moves, improving biking and walkability in the greater Manchester area.

About Minim

Minim, Inc. (NASDAQ: MINM) was born in 1977 as a networking company and now delivers intelligent software to protect and improve the WiFi connections we depend on to work, learn, and live. Minim’s cloud platform powers intuitive apps and a variety of routers, helping customers take control of their connected experience and privacy. Headquartered in Manchester, N.H., Minim holds the exclusive global license to design and manufacture consumer networking products under the Motorola brand. To learn more, visit https://www.minim.com.

MOTOROLA, the Stylized Motorola Logo and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC, and are used under license. All other trademarks are the property of their respective owners. © 2023 Motorola Mobility LLC.

Investor Relations Contact:
James Carbonara
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(646) 755-7412

FAQ

Who is the new Executive Chairman of Minim?

Jeremy Hitchcock is the new Executive Chairman of Minim, succeeding Mehul Patel.

What is the current market cap of Minim?

Minim's market capitalization is currently less than $5 million.

What are the annual revenues reported by Minim?

Minim has reported annual revenues of $50 million.

What is the primary business focus of Minim?

Minim focuses on delivering intelligent software for home networking under the Motorola brand.

What opportunity does Jeremy Hitchcock see for Minim?

Hitchcock sees a significant opportunity to capture market share in consumer home networking.