EDGEWOOD, N.Y., March 22, 2012 /PRNewswire/ -- Tii Network
Technologies, Inc. ('Tii') (NASDAQ:TIII), a leader in designing,
manufacturing and marketing network products for the communications
industry, today announced that the Company's Board of Directors has
appointed Brian J. Kelley, President and Chief Executive
Officer. Mr. Kelley, Chairman of the Board, has served as
interim President and Chief Executive Officer since October 24, 2011. The Board commented, "We were
fortunate to have had Brian step up and assume interim leadership
of Tii. After considering various alternatives, the Board
determined Brian's experience and talent made him the best
candidate, and we are pleased that he has assumed responsibilities
of President and CEO."
Mr. Kelley stated, "I am appreciative of the opportunity to
serve as the President and Chief Executive Officer of Tii. Over the
past five months, I have worked with sales, engineering,
manufacturing and administrative members of management to provide a
seamless transition for our customers, suppliers and employees. We
have worked to strengthen operations, manufacturing, forecasting
requirements, customer management and inventory control. Tii
has an excellent market position and is well positioned to continue
to meet its strategic goals to be a 'best in class' provider to the
telecommunications industry."
Mr. Kelley, 60, was elected to the Company's Board in
April 2008 and has served as Chairman
of the Company's Board since May 2010. Mr. Kelley served as a
Director of OEM Capital Corp., a technology focused investment
banking firm, from November 2010
until January 2012. From December
2006 until he joined OEM Capital Corp., Mr. Kelley was
President of TAMCO Technology, a business development company
focused on telecommunications asset management and financing
solutions. From January 1994
until August 2006, Mr. Kelley served
as President and Chief Executive Officer of Cognitronics
Corporation, a company that designed and marketed voice processing
systems to the telecommunications industry. From 1986 until 1994,
Mr. Kelley served in senior management positions with TIE
Communications, Inc., a company engaged in the engineering,
distribution and sale, of telecommunications products, services and
software. Mr. Kelley holds a Bachelor of Arts degree in
Economics from the University of New
Hampshire and a Masters in Business Administration degree
from the University of Connecticut.
Forward Looking Statement
Certain statements are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of
1995. When used in this release, words such as "may,"
"should," "seek," "believe," "expect," "anticipate," "estimate,"
"project," "intend," "strategy" and similar expressions are
intended to identify forward looking statements regarding events,
conditions and financial trends that may affect our future plans,
operations, business strategies, operating results and financial
position. Forward-looking statements are subject to a number of
known and unknown risks and uncertainties that could cause our
actual results, performance or achievements to differ materially
from those described or implied in the forward-looking statements
as a result of several factors. We undertake no obligation to
update any forward-looking statement to reflect future events.
Among those factors are:
- exposure to increases in the cost of our products, including
increases in the cost of our petroleum-based plastic products and
precious and semi-precious metals;
- general economic and business conditions, especially as they
pertain to the telecommunications industry;
- potential changes in customers' spending and purchasing
policies and practices, which are effected by customers' internal
budgetary allotments that have been, and may continue to be,
impacted by the current economic climate;
- pressures from customers to reduce pricing without achieving a
commensurate reduction in costs;
- our ability to market and sell products to new markets beyond
our principal copper-based telephone operating company ("Telco")
market which has been declining over the last several years, due
principally to the impact of alternate technologies;
- our ability to timely develop products and adapt our products
to address technological changes, including changes in our
principal market;
- the ability of our contract manufacturer to obtain raw
materials and components used in manufacturing our products;
- competition in our principal market and new markets into which
we have been seeking to expand;
- our dependence on, and ability to retain, our "as-ordered"
general supply agreements with certain of our principal customers
and our ability to win new contracts;
- our dependence on third parties for certain product
development;
- our dependence on products and product components from our
China and Mexico contract manufacturer, including
on-time delivery that could be interrupted as a result of third
party labor disputes, political factors or shipping disruptions,
quality control and exposure to changes in costs, including wages,
and changes in the valuation of the Chinese Yuan and Mexican
Peso;
- weather and similar conditions, including the effect of
typhoons or hurricanes on our contract manufacturer's facilities in
China and Mexico, which can disrupt production;
- the effect of hurricanes in the
United States which can affect the demand for our products
and the effect of harsh winter conditions in the United States which can temporarily
disrupt the installation of certain of our products by Telcos;
- our ability to attract and retain technologically qualified
personnel; and
- the availability of financing on satisfactory terms.
Relating to our Recent Acquisitions:
- our ability to successfully complete the integration of our
recently acquired businesses, including their products, sales
forces and employees into our business;
- our ability to retain the general supply agreements of the
acquired Porta Copper Products Division with two significant
customers;
- our ability to penetrate the markets and customers of the
acquired products with our products, and to penetrate our existing
markets with the recently acquired products;
- our ability to execute our plans with our contract manufacturer
to improve gross margins of the products of the acquired Porta
Copper Products Division;
- the stability of the Pound Sterling and Mexican Peso relative
to the U.S. dollar exchange rate.
SOURCE Tii Network Technologies, Inc.