Cognitronics Names Michael Mitchell as President and Chief Executive Officer
16 August 2006 - 10:00PM
Business Wire
Cognitronics Corporation (AMEX:CGN), a leading provider of call
processing technology, today announced the appointment of Michael
Mitchell to the position of President and Chief Executive Officer,
effective immediately. Mr. Mitchell succeeds Brian J. Kelley, who
has tendered his resignation as an officer and director of the
company. For five years leading up to Cognitronics' acquisition of
the company in November 2005, Mr. Mitchell formerly served as
President and Chief Executive Officer of ThinkEngine Networks, Inc.
His return to the organization is representative of its increased
focus on next-generation voice services and conferencing solutions.
"Cognitronics and ThinkEngine have a long history of delivering
critical network components to our customers," said Michael
Mitchell, President and Chief Executive Officer of Cognitronics.
"As our customers migrate to next generation IP networks, we are
ready to assist them with unique products which ease their network
transition and protect their investment through support and
enhancements to the CX series products. In addition, we intend to
focus significant resources on the next generation ThinkEngine
VSR1000 media server capitalizing on and extending our success in
the conferencing marketplace. Some of the largest conferencing
corporations and tier 1 LECs in North America depend on the VSR1000
for next generation conferencing and IVR services and these
customers can be assured that we will be a leader meeting the needs
of this rapidly changing marketplace." As a material inducement to
Mr. Mitchell's employment, he was granted 200,000 shares of
restricted common stock of the company pursuant to the exemption
from stockholder approval set forth in American Stock Exchange Rule
711. The restricted shares will vest on the earlier of the fourth
anniversary of his employment or a change in control of the
company. During the restricted period, Mr. Mitchell will have the
right to vote such shares at any meeting of stockholders and the
right to receive all dividends paid with respect to such shares.
ABOUT COGNITRONICS Cognitronics is a leading supplier of media
server solutions to the telecommunications industry. The CX Network
Media Servers (CX Series) and VSR1000 are a cost-effective and
highly scalable family of carrier class media server platforms,
delivering advanced network media solutions in VoIP networks as
well as in traditional AIN and TDM circuit switched environments.
For more information, visit the company's website at
www.cognitronics.com. Statements contained herein which are not
historical facts are forward-looking statements. The
forward-looking statements in this release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements involve a number of risks
and uncertainties including, but not limited to, the continuance of
reduced capital expenditures throughout the telecommunications
market, variability of sales volume from quarter to quarter,
product demand, market acceptance, litigation, risk of dependence
on significant customers, third party suppliers and intellectual
property rights, risks in product and technology development and
other risk factors detailed in the company's most recent Form 10-K
and other Securities and Exchange Commission filings.
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