Gencor Announces Chief Executive Officer Transition
September 30 2016 - 8:00AM
Gencor Industries, Inc., (NASDAQ:GENC) (the “Company”) announced
that E.J. Elliott, Founder, Chairman and Chief Executive Officer,
will relinquish the position of Chief Executive Officer effective
October 1, 2016. E.J. Elliott will continue as Chairman
of the Company’s Board of Directors and remain active in the
Company.
Mr. John E. Elliott, age 55 and the son of E.J. Elliott will
assume the role of Chief Executive Officer effective October 1,
2016. He will receive a base salary of $450,000 and stock
options for 30,000 shares of the Company’s stock at a fair market
value exercise price, a ten-year term, and a vesting of one-quarter
per year over four years. John E. Elliott had been an Officer
of the Company from 1985 to 2006, serving as Executive Vice
President and a member of the Company’s Board of Directors.
Most recently he served as Vice President. Previously, he was
Managing Director of Spectrasyne Ltd., an environmental service and
consulting company to the petroleum, chemical, and energy
industry.
Gencor Industries is a diversified heavy
machinery manufacturer of equipment used in the production of
highway construction materials and environmental control machinery
and equipment used in a variety of industrial
applications.
Caution Concerning Forward Looking Statements -
This press release and our other communications and statements may
contain “forward-looking statement,” including statement about our
beliefs, plans, objectives, goals, expectations, estimates,
projections and intentions. These statements are subject to
significant risks and uncertainties and are subject to change based
on various factors, many of which are beyond our control. The
words “may,” “could,” “should,” “would,” “believe,” “anticipate,”
“estimate,” “expect,” “intend,” “plan,” “target,” “goal,” and
similar expressions are intended to identify forward-looking
statements. All forward-looking statements, by their nature,
are subject to risks and uncertainties. Our actual future
results may differ materially from those set forth in our forward
looking statements. For information concerning these factors
and related matters, see our Annual Report on Form 10-K for the
year ended September 30, 2015: (a) “Risk Factors” in Part I, Item
1A and (b) “Management’s Discussion and Analysis of Financial
Position and Results of Operations” in Part II, Item 7.
However, other factors besides those referenced could adversely
affect our results, and you should not consider any such list of
factors to be a complete set of all potential risks or
uncertainties. Any forward-looking statements made by us
herein speak as of the date of the press release. We do not
undertake to update any forward-looking statement, except as
required by law.
Contact: Eric Mellen, Chief Financial Officer
407-290-6000
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