ADDvantage Technologies Names New Chief Financial Officer
March 06 2019 - 8:30AM
ADDvantage Technologies Group, Inc. (NASDAQ: AEY),
today announced the appointment of Kevin Brown as its new Chief
Financial Officer (“CFO”), effective March 1, 2019. Scott Francis,
who served as the Company’s CFO since 2008, has taken on the role
of Chief Accounting Officer, a new position created at the Company,
reporting to Mr. Brown.
In his role as CFO, Mr. Brown’s day-to-day responsibilities will
include accounting, financial reporting, treasury management,
strategic financial planning, human resources, information
technology, risk management, deal analysis and negotiations. This
appointment comes at a time when the Company is undergoing
significant change, including the anticipated divestment of its
Cable TV segment in the third fiscal quarter 2019 and the
implementation of an aggressive strategy to strengthen and expand
the Telco segment. Mr. Brown will assist Joe Hart, President and
Chief Executive Officer, and the Board of Directors in driving
these initiatives and building value for shareholders.
Mr. Brown is a seasoned financial executive with extensive
experience in the telecommunications industry. Since 2011, he has
served as a Partner at 4M Investments (“4M”), a family office
private equity investment firm. In this role he oversaw the
performance and financial management of 4M’s portfolio companies,
including leading its telecom infrastructure investment efforts and
evaluating tower, fiber, DAS and small cell opportunities. He also
has served in several executive positions within 4M Investments’
portfolio companies, including as Global CFO, and ultimately the
CEO, of Intercomp Global Services (2011 – 2014). Intercomp Global
Services grew to become the largest payroll and accounting services
provider in The Commonwealth of Independent States (CIS), with over
600 employees across Russia, Ukraine and Kazakhstan. Mr. Brown led
the sale and negotiations process to profitably sell the business
to a private equity buyer. Prior to 4M Investments, Mr. Brown
worked at M7 Aerospace LP, serving in varying levels of seniority,
including as its CFO and ultimately as its CEO. He was an integral
part of growing M7 Aerospace from a small aviation company into a
$135 million Aerospace and Defense company with 650
employees. Mr. Brown successfully led the company to a
successful sale to a strategic buyer, Elbit Systems of America.
From 1998 – 2004, he worked in Strategy and Corporate Development
at Crown Castle International, one of the largest telecom
infrastructure businesses in the world, where he was part of the
Strategy and M&A team responsible for evaluating transactions,
deal sourcing and due diligence efforts globally. Mr. Brown holds a
BBA in Finance and Economics from Texas Tech University.
Joe Hart, President and CEO of ADDvantage Technologies, said,
“Kevin’s senior management experience and strong financial acumen,
complemented by his track record of successfully leading businesses
across similar industries, make him uniquely suited to taking on
the CFO role at ADDvantage Technologies. Kevin began his career in
a key M&A role within the telecommunications industry and has
further developed experience leading companies across a multitude
of industries. In his most recent role at a private equity
family firm, he demonstrated his skill in identifying and analyzing
strong growth opportunities in the telecommunication infrastructure
and services markets, and we are proud he has chosen to join the
team at ADDvantage at this critical period in our growth.
“On behalf of the Board, I would like to thank Scott for
diligently leading the financial management of the Company over the
past decade and for agreeing to take on a new role as Chief
Accounting Officer to ensure the continued smooth running of the
business. His contribution has been critical to ADDvantage
Technologies as it navigated the decline in the Cable TV segment as
structural changes reduced the size of the market and entered the
Telco market through several M&A transactions,” concluded Mr.
Hart.
Kevin Brown commented, “ADDvantage is an undervalued business
opportunity, with an established presence in the telecom market
where there is significant opportunity for it to expand its
services, secure new customers and grow both its top and bottom
line. The recent acquisition of Fulton Technologies represents a
significant milestone which, coupled with divesting the Cable TV
segment, is expected to create a stronger company with improved
growth prospects. I look forward to using my experience in the
telecommunication and services sector to work alongside Joe to
implement the Company’s strategic vision to continue to solidify,
enhance and expand our Telco segment operations.”
About ADDvantage Technologies Group, Inc.
ADDvantage Technologies Group, Inc.
(NASDAQ: AEY) supplies the cable television (Cable TV) and
telecommunications industries with a comprehensive line of new and
used system-critical network equipment and hardware from a broad
range of leading manufacturers. The equipment and hardware
ADDvantage sells is used to acquire, distribute, and protect the
communications signals carried on fiber optic, coaxial cable and
wireless distribution systems, including television programming,
high-speed data (Internet) and telephony. Through the acquisition
of Fulton, the Company will provide turn-key wireless
infrastructure services, such as the installation and
decommissioning of equipment on cell sites, for wireless carriers,
national integrators, and equipment manufacturers supporting the
wireless carriers. In addition, ADDvantage operates a
national network of technical repair centers focused primarily on
Cable TV equipment and recycles surplus and obsolete Cable TV and
telecommunications equipment.
ADDvantage operates through its subsidiaries,
Tulsat, Tulsat-Atlanta, Tulsat-Texas, NCS Industries, ComTech
Services, Nave Communications, Triton Datacom, and Fulton
Technologies. For more information, please visit the corporate web
site at www.addvantagetechnologies.com.
The information in this announcement may include
forward-looking statements. All statements, other than
statements of historical facts, which address activities, events or
developments that the Company expects or anticipates will or may
occur in the future, are forward-looking statements. These
statements are subject to risks and uncertainties, which could
cause actual results and developments to differ materially from
these statements. A complete discussion of these risks and
uncertainties is contained in the Company’s reports and documents
filed from time to time with the Securities and Exchange
Commission.
For further information |
KCSA Strategic Communications |
Company Contact: |
Elizabeth Barker |
Scott Francis (918) 251-9121 |
(212) 896-1203 |
|
ebarker@kcsa.com |
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