LSI Industries Inc. Announces Hire of Chief Technology Officer
02 März 2015 - 4:18PM
LSI Industries Inc. (Nasdaq:LYTS) today announced
the appointment of Andrew J. Foerster to the position of Executive
Vice President and Chief Technology Officer, effective March 2,
2015. Mr. Foerster received a Bachelor of Science, Electrical
Engineering from the U.S. Naval Academy; a Master's Degree in
Electrical Engineering from George Mason University; and an MBA
from Marymount University. He is a licensed Professional Engineer.
Prior to joining the Company, he served as Residential and Wiring
Devices Division Engineering Director at Eaton Corporation.
Previous employers include Creative Energy Control LLC, Masco
Technical Innovations, Piller Inc., Schneider Electric (Square D
Company) and General Electric. Mr. Foerster began his career as a
nuclear submarine officer in the U.S. Navy. In conjunction with
this hire, James P. Sferra, Executive Vice President -
Manufacturing, will step into his consulting role, as
planned. He and Mr. Foerster will work closely together in
order to ensure a smooth transition.
Mr. Foerster said, "I am very excited by everything that I have
seen here at LSI. This company is poised to benefit from the
strengthening economy, especially as re-imaging programs continue
to come on board. In addition, the lighting and graphics
industries are on the cusp of several technological
transformations, including the expanded use of lighting controls
and digital messaging, from which LSI is well-positioned to
benefit. I believe that my 25+ years of electrical industry
experience, including expertise in the area of lighting controls
management, combined with my understanding of running a business,
will allow me to make real contributions to LSI Industries."
Mr. Sferra commented, "I am very pleased that Andrew Foerster
has accepted the position of Executive Vice President and Chief
Technology Officer. I believe that he is an excellent fit for
LSI and will be a strong contributor to the growth and future of
this great company. I am looking forward to working with him
as I transition into a consulting role and, eventually,
retirement."
Dennis W. Wells, President and Chief Executive Officer,
commented, "I want to thank Mr. Sferra for his many years of
service to LSI Industries, and to the excellent support and
knowledge that he has shared with me since I joined the Company
last Fall. Mr. Sferra has been looking forward to
transitioning into a consulting role for some time now, and has
indicated his eagerness to work with Mr. Foerster during the
transition period. With regard to Mr. Foerster, I am very
pleased that he has accepted this position. Mr. Foerster is a
seasoned executive with a proven track record for leading technical
innovation. His strong discipline and teamwork focus,
ingrained in him during his time serving in the U.S. Navy, combined
with Six Sigma Green Belt training and knowledge in both the
technology and manufacturing space, will allow Mr. Foerster to
integrate with senior management to make LSI a stronger, leaner and
more innovative company. As I have mentioned before, the
general business environment and outlook are supportive for LSI's
lighting, graphics and technology products. This further
strengthening of our executive team will allow LSI to continue to
offer our customers new leading edge products and services as we
pursue our fundamental strategy of Lighting + Graphics + Technology
= Complete Image Solution."
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
This document contains certain forward-looking statements that
are subject to numerous assumptions, risks or
uncertainties. The Private Securities Litigation Reform
Act of 1995 provides a safe harbor for forward-looking
statements. Forward-looking statements may be identified
by words such as "estimates," "anticipates," "projects," "plans,"
"expects," "intends," "believes," "seeks," "may," "will," "should"
or the negative versions of those words and similar expressions,
and by the context in which they are used. Such
statements, whether expressed or implied, are based upon current
expectations of the Company and speak only as of the date
made. Actual results could differ materially from those
contained in or implied by such forward-looking statements as a
result of a variety of risks and uncertainties over which the
Company may have no control. These risks and
uncertainties include, but are not limited to, the impact of
competitive products and services, product demand and market
acceptance risks, potential costs associated with litigation and
regulatory compliance, reliance on key customers, financial
difficulties experienced by customers, the cyclical and seasonal
nature of our business, the adequacy of reserves and allowances for
doubtful accounts, fluctuations in operating results or costs
whether as a result of uncertainties inherent in tax and accounting
matters or otherwise, unexpected difficulties in integrating
acquired businesses, the ability to retain key employees of
acquired businesses, unfavorable economic and market conditions,
the results of asset impairment assessments, the Company's ability
to maintain an effective system of internal control over financial
reporting, our ability to remediate any material weaknesses in our
internal control over financial reporting and the other risk
factors that are identified herein. You are cautioned to
not place undue reliance on these forward-looking
statements. In addition to the factors described in this
paragraph, the risk factors identified in our Form 10-K and other
filings the Company may make with the SEC constitute risks and
uncertainties that may affect the financial performance of the
Company and are incorporated herein by reference. The
Company does not undertake and hereby disclaims any duty to update
any forward-looking statements to reflect subsequent events or
circumstances.
About the Company
Leadership. Strength. Innovation. These are the
key values upon which LSI Industries Inc. was founded in
1976. Today LSI demonstrates these values in our dedication to
advancing technology throughout all aspects of our
business. From product solutions to production techniques, we
are committed to American innovation through technology. The
fundamental core strategy of LSI Industries is "Lighting + Graphics
+ Technology = Complete Image Solution."
We are a vertically integrated manufacturer which combines
technology, design and manufacturing to produce efficient, high
quality lighting and graphics products. We are dedicated to
advancing solid-state LED technology to make affordable, high
performance, energy efficient lighting and custom graphic products
that provide value to our customers. We offer design support,
engineering, installation and project management for custom
lighting and graphics rollout programs for the retail
environment.
Our major markets include commercial / industrial lighting,
petroleum / convenience store and multi-site retail (including
automobile dealerships, restaurants and national retail
accounts).
For further information, contact Dennis W.
Wells, Chief Executive Officer, at (513) 793-3200.
Additional note: Today's news
release, along with past releases from LSI Industries, is available
on the Company's internet site at www.lsi-industries.com or by
email or fax, by calling the Investor Relations Department at (513)
793-3200.
CONTACT: DENNIS W. WELLS
(513) 793-3200
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