Matt Carey to Lead Business Development and Delivery at Syntec Optics (Nasdaq: OPTX)

Rhea-AI Summary

Syntec Optics (Nasdaq: OPTX) has appointed Matt Carey to lead Business Development and Delivery. In this newly created role, Carey will oversee customer sales/program management, engineering, order fulfillment, and shipping teams. He brings nearly eight years of previous experience with Syntec Optics in various positions, including manufacturing engineer and program manager, where he contributed to building the company's manufacturing ERP system. Prior to rejoining, Carey served as a Logistics Officer in the US Army, managing operations and tracking high-value assets worth $900 million. His appointment aims to foster innovation and enhance customer service delivery at the company, which provides mission-critical products to defense, biomedical, and communications equipment manufacturers.

Positive

• Strategic hire with proven track record and deep company knowledge
• Military experience managing $900M in assets demonstrates high-level operational expertise
• Integration of sales, engineering, and fulfillment under unified leadership could improve operational efficiency

Negative

• None.

Insights

Market Research Analyst

Evaluating this personnel announcement through a strategic lens, this news has material impact on Syntec Optics' immediate market position or financial performance. While Matt Carey brings relevant experience from both his previous tenure at Syntec and military logistics background, the appointment to a newly created mid-level position doesn't significantly alter the company's competitive landscape or near-term business prospects.

For context, Syntec Optics operates in the specialized optics manufacturing sector, with a relatively modest market cap of $89.5 million. The management change, though potentially beneficial for operational efficiency, is unlikely to drive material changes in revenue or profitability that would influence investor sentiment or stock performance.

The news would have carried more weight if it involved C-suite changes, strategic pivots, or came with specific growth targets or business initiatives. While Carey's experience with $900 million in military asset management is notable, the position's focus on internal operations and delivery suggests evolutionary rather than revolutionary changes to the business.

ROCHESTER, NEW YORK, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Syntec Optics Holdings, Inc. (“Syntec Optics” or the “Company”) (Nasdaq: OPTX), a leading provider of mission-critical products to advanced technology defense, biomedical, and communications equipment manufacturers, today announced the appointment of Matt Carey to head Business Development and Delivery.

Having worked at Syntec Optics previously and returning, Carey brings a wealth of experience and a deep understanding of the Company’s engineering, customer interaction, and operations. In this newly created role, he will oversee the customer sales/program management, engineering, order fulfillment, and shipping teams, fostering a collaborative environment to drive innovation and ensure seamless customer service.

Carey’s career at Syntec Optics spans nearly eight years, during which he held various positions, including manufacturing engineer and program manager. He played an instrumental role in various ways, like building the company's manufacturing ERP system and taking the opportunity to participate in trade shows, showcasing Syntec Optics’ commitment to customer engagement. While with Syntec, Carey further enhanced his expertise by pursuing education in supply chain management at RIT.

Prior to rejoining Syntec Optics, Carey served as a Logistics Officer in the US Army, where he honed his skills in managing complex operations and tracking high-value assets.  His military experience included overseeing a real-time inventory of military gear worth $900 million, providing him with invaluable insights into streamlining processes and optimizing efficiency.

“We are delighted to welcome Matt back to the Syntec Optics team,” said Dean Rudy, CFO at Syntec Optics. “His diverse experience, deep knowledge of our company, and proven leadership abilities make him the ideal candidate to spearhead our new business and delivery efforts.  Matt’s unique perspective and commitment to customer satisfaction will be instrumental in driving our continued growth and success.”

About Syntec Optics

Syntec Optics Holdings, Inc. (Nasdaq: OPTX), headquartered in Rochester, NY, is one of the largest custom and diverse end-market optics and photonics manufacturers in the United States. Operating for over two decades, Syntec Optics runs a state-of-the-art facility with extensive core capabilities of various optics manufacturing processes, both horizontally and vertically integrated, to provide a competitive advantage for mission-critical OEMs. Syntec Optics recently launched new products, including Low Earth Orbit (LEO) satellite optics, lightweight night vision goggle optics, biomedical equipment optics, and precision microlens arrays. To learn more, visit www.syntecoptics.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to the transactions contemplated by the business combination and related agreements, future results of operations and financial position, revenue and other metrics, planned products and services, business strategy and plans, objectives of management for future operations of Syntec Optics, market size, and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Syntec Optics), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Syntec Optics and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) risk outlined in any prior SEC filings; 2) ability of Syntec Optics to successfully increase market penetration into its target markets; 3) the addressable markets that Syntec Optics intends to target do not grow as expected; 4) the loss of any key executives; 5) the loss of any relationships with key suppliers including suppliers abroad; 6) the loss of any relationships with key customers; 7) the inability to protect Syntec Optics’ patents and other intellectual property; 8) the failure to successfully execute manufacturing of announced products in a timely manner or at all, or to scale to mass production; 9) costs related to any further business combination; 10) changes in applicable laws or regulations; 11) the possibility that Syntec Optics may be adversely affected by other economic, business and/or competitive factors; 12) Syntec Optics’ estimates of its growth and projected financial results for the future and meeting or satisfying the underlying assumptions with respect thereto; 13) the impact of any pandemic, including any mutations or variants thereof and the Russian/Ukrainian or Israeli conflict, and any resulting effect on business and financial conditions; 14) inability to complete any investments or borrowings in connection with any organic or inorganic growth; 15) the potential for events or circumstances that result in Syntec Optics’ failure to timely achieve the anticipated benefits of Syntec Optics’ customer arrangements; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in prior SEC filings including registration statement on Form S-4 filed with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Syntec Optics does not give any assurance that Syntec Optics will achieve its expected results. Syntec Optics does not undertake any duty to update these forward-looking statements except as otherwise required by law.

For further information, please contact:

Sara Hart

Investor Relations

InvestorRelations@syntecoptics.com

SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)

FAQ

What is Matt Carey's new role at Syntec Optics (OPTX)?

Matt Carey has been appointed to head Business Development and Delivery at Syntec Optics (OPTX), overseeing customer sales/program management, engineering, order fulfillment, and shipping teams.

What is Matt Carey's previous experience with Syntec Optics (OPTX)?

Carey previously worked at Syntec Optics for nearly eight years as a manufacturing engineer and program manager, where he helped build the company's manufacturing ERP system.

What military experience does Matt Carey bring to Syntec Optics (OPTX)?

Prior to rejoining Syntec Optics, Carey served as a Logistics Officer in the US Army, where he managed complex operations and tracked high-value assets worth $900 million.

How will Matt Carey's appointment impact Syntec Optics' (OPTX) operations?

Carey's appointment aims to foster innovation and ensure seamless customer service by integrating customer sales, program management, engineering, order fulfillment, and shipping teams under unified leadership.