ARC Group Worldwide Announces New Interim Chief Executive Officer and Board Member
June 23 2017 - 5:00PM
ARC Group Worldwide, Inc. (“ARC” and the “Company”)
(NASDAQ:ARCW), a leading global provider of advanced manufacturing
and metal 3D printing solutions, today announced the appointment of
Drew M. Kelley as Interim Chief Executive Officer and Board Member,
replacing Jason T. Young, who is leaving his position with the
Company and ARC’s Board to pursue other interests. Mr. Kelley
has served as the Company’s Chief Financial Officer since October
2013, and prior to joining the Company, was an accomplished
investment banker and equity research analyst. The
appointment will be effective July 1, 2017.
Mr. Kelley commented, “I appreciate the confidence
the Board has placed in me and look forward to working with the
entire ARC organization as we establish and implement initiatives
designed to improve operational efficiency, increase financial
profitability, and create a stronger balance sheet. Due to
poor decisions and execution by the Company over the past several
months, ARC will evaluate all aspects of our business and consider,
where appropriate, non-cash write-offs in order to put these
matters behind us as we enter our new fiscal year this July.
To that end, we have already initiated a robust review of our cost
structure across all business units, and have, with the Board’s
approval, completed operational adjustments and other measures
necessary to achieve these established objectives. Overall, I
am confident this process will create a more fiscally disciplined
company, while at the same time improving service to our customers
and strengthening our leading role within the advanced
manufacturing sector.”
Commenting on the change, ARC’s Chairman of the
Board, Alan G. Quasha said, “We thank Mr. Young for his service as
CEO of ARC and wish him success as he pursues other
opportunities.” Mr. Quasha continued, “In connection with
these leadership changes, the Company will refocus its efforts to
build upon its core capabilities of metal injection molding (“MIM”)
and metal 3D printing. I am confident that through these
initiatives we can improve the Company’s profitability and cash
flow generation, as well as reduce our debt obligations to our
targeted ratio of two times debt-to-EBITDA.”
About ARC Group
Worldwide, Inc.
ARC Group Worldwide is a global advanced
manufacturing and metal 3D printing service provider focused on
accelerating speed to market for its customers. ARC provides a
holistic set of precision manufacturing solutions, from design and
prototyping through full run production. These solutions
include metal injection molding, plastic and metal 3D printing,
metal stamping, plastic injection molding, clean room injection
molding, rapid tooling, thixomolding, and flanges. Further,
ARC utilizes technology to improve automation in manufacturing
through robotics, software and process automation, as well as lean
manufacturing to improve efficiency.
Forward Looking
Statements
This press release may contain “forward-looking”
statements as defined in the Private Securities Litigation Reform
Act of 1995, which are based on ARC’s current expectations,
estimates and projections about future events. These include,
but are not limited to, statements, if any, regarding business
plans, pro-forma statements and financial projections, ARC’s
ability to expand its services and realize growth. These
statements are not historical facts or guarantees of future
performance, events or results. Such statements involve
potential risks and uncertainties, and the general effects of
financial, economic, and regulatory conditions affecting our
industries. Accordingly, actual results may differ
materially. ARC does not have any obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise. For
further information on risks and uncertainties that could affect
ARC’s business, financial condition and results of operations,
readers are encouraged to review Item 1A. – Risk Factors and all
other disclosures appearing in ARC’s Form 10-K for the fiscal year
ended June 30, 2016, as well as other documents ARC files from time
to time with the Securities and Exchange Commission.
Drew M. Kelley
PHONE: (303) 467-5236
Email: InvestorRelations@ARCW.com
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