Mike Ransford Joins Syntec Optics (Nasdaq: OPTX) as Site Manager

Rhea-AI Summary

Syntec Optics (Nasdaq: OPTX) has appointed Michael J. Ransford as Site Manager to oversee technology and operations. Ransford brings over 30 years of experience in engineering, operations, and business leadership. His background includes significant contributions to optical infrastructure during the internet revolution, operational efficiency improvements at Semrock (later acquired by IDEX), and experience in thin film coating business. At IDEX, he advanced to Site Manager and later VP of Life Sciences Optics, where he successfully consolidated multiple optics facilities in Rochester, NY. His expertise aligns with Syntec's focus on data center optical connectivity products, manufacturing efficiency, and long-term M&A strategy.

Positive

• Appointment of experienced executive with 30+ years in engineering and operations
• Strategic hire aligned with company's data center optical connectivity products growth
• Addition of M&A expertise supporting company's long-term acquisition strategy
• Brings operational efficiency improvement experience from publicly listed company

Negative

• None.

ROCHESTER, NEW YORK, Dec. 16, 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 Michael J. Ransford as Site Manager. In this role, Ransford will oversee technology and operations.

With over 30 years of experience in engineering, operations, and business leadership, Ransford brings a wealth of expertise to Syntec Optics. His impressive career began at the forefront of the internet revolution in the 90s, contributing optics to the critical infrastructure using DWDM technology. Syntec Optics can benefit from this knowledge for its data center optical connectivity products, the growth of which is driven by artificial intelligence deployment. Mike later worked at Semrock, which was subsequently acquired by publicly listed company IDEX, where he contributed to operational efficiency improvements during top-line growth. Syntec Optics can benefit from this background for building efficiency while scaling manufacturing. At IDEX, Ransford advanced to Site Manager, applying his knowledge to global facilities. He later became VP of Life Sciences Optics at IDEX, successfully consolidating multiple optics facilities in Rochester, NY, with the support of government aid. Most recently, he worked in the thin film coating business, an area of vendor improvement for Syntec. He worked closely with investors, leading operations to drive growth from optics M&A using rigorous financial and operational performance metrics. All of this experience benefits Syntec Optics in its long-term M&A strategy.

“We are thrilled to welcome Mike to the Syntec Optics team,” said Dean Rudy, CFO at Syntec Optics. “His extensive experience and leadership skills, coupled with his proven track record of driving operational excellence and business growth, will be invaluable as we continue to innovate and expand our operations. We are confident that Mike will significantly contribute to our ongoing success.”

Ransford holds a Master’s degree in Electrical Engineering from Johns Hopkins University and a Bachelor’s in Electrical Engineering from the University of Michigan.  

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 Michael Ransford's new role at Syntec Optics (OPTX)?

Michael Ransford has been appointed as Site Manager at Syntec Optics (OPTX), where he will oversee technology and operations.

How will Ransford's experience benefit Syntec Optics' (OPTX) data center products?

Ransford's experience with DWDM technology during the internet revolution will benefit Syntec's data center optical connectivity products, particularly in AI-driven growth areas.

What is Ransford's role in Syntec Optics' (OPTX) M&A strategy?

Ransford's experience working with investors and leading operations in optics M&A will support Syntec Optics' long-term M&A strategy.

How will Ransford's IDEX experience benefit Syntec Optics (OPTX)?

His experience at IDEX, particularly in improving operational efficiency during growth and consolidating multiple optics facilities, will help Syntec in scaling manufacturing efficiently.