6/20/2002 - Measurement Specialties, Inc. (AMEX: MSS) announced that its Board of Directors has adopted a Restructuring Plan to address its financial difficulties, and has appointed Frank Guidone as Chief Executive Officer. Mr. Guidone is a principal of Corporate Revitalization Partners, LLC and has been serving as Chief Restructuring Officer for the Company since May 13, 2002. Joseph R. Mallon Jr. will continue as Chairman of the Board and participate actively in the management of the Company. Mort Topfer, who has been an active member of the Board since his appointment on December 24, 2001, will serve as Vice Chairman of the Board of Directors. Mr. Topfer also serves on the Board of Directors of Dell Computer Corporation and as Managing Director of Castletop Capital, a venture capital company which he founded.
Reporting to Frank Guidone will be: Mark Cappiello, Vice President and General Manager of the Consumer Products Division, Vic Chatigny, Vice President and General Manager of the Sensors Division, Damon Germanton, President and General Manager of the Company’s operations in Asia, and a Chief Financial Officer for whom a search is currently underway.
To streamline the Company’s operations, with the aim of returning to profitability as soon as possible, the Company is taking the following steps:
The Company plans to announce Fiscal Year 2002 results on or before July 15, 2002.
Joseph R. Mallon Jr., Chairman, stated, “Frank is the right person for the CEO role during this time of focused restructuring. Significant progress has been accomplished since his firm was retained, I look forward to working closely together going forward.”
Frank Guidone, Chief Executive Officer, stated, “This is a solid restructuring plan designed to return the company to profitability, and to reduce debt to acceptable formula-based levels.”
Measurement Specialties is a designer and manufacturer of sensors, and sensor-based consumer products. Measurement Specialties produces a wide variety of sensors that use advanced technologies to measure precise ranges of physical characteristics, including pressure, motion, force, displacement, angle, flow, and distance. Measurement Specialties uses multiple advanced technologies, including piezoresistive, application specific integrated circuits (ASICs), micro-electromechanical systems (MEMS), piezopolymers, and strain gages to allow their sensors to operate precisely and cost effectively.
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