Diversified Holding Company Air T, Inc. Names Brett Reynolds as SVP and CFO
May 09 2018 - 6:00AM
Air T, Inc., (NASDAQ:AIRT), a diversified holding company with
operations in air cargo, aviation ground support equipment and
services, and aircraft engine sales, today announced that it has
appointed Brett Reynolds as Senior Vice President, Chief Financial
Officer and Principal Financial Officer, effective immediately. Mr.
Reynolds will be based in Air T’s executive offices in Minneapolis.
Candice Otey, Air T’s former CFO, based in Denver, NC, will
continue to serve as Chief Accounting Officer of Air T, Inc. as
well as CFO of Air T’s wholly-owned Mountain Air Cargo, Inc. and
CSA Air, Inc. air cargo subsidiaries.
Air T Chairman and CEO, Nick Swenson, commented,
“We are excited to welcome Brett Reynolds to the Air T family,
expanding the capabilities and experience of our senior management
team as we pursue new growth avenues. Brett brings an impressive
resume and track record of financial management as well as relevant
skills in the area of mergers, acquisitions and their successful
integration. He also has substantial public company experience
which should contribute to enhancing Air T’s visibility and
investor relations profile. This is a win-win for the Company as
Brett’s appointment will allow Candice Otey to devote more time to
her role as CFO of our air cargo subsidiaries and as Air T’s Chief
Accounting Officer.”
Brett Reynolds, commented: “I am thrilled to
join the Air T organization to help build upon their substantial
track record in buying and growing companies to create long-term
shareholder value. The Air T platform offers tremendous potential
for continued growth and improved profitability and cash flow
through additions to the holding company platform combined with
strategic guidance and operational discipline. I couldn’t imagine a
more perfect opportunity to help build a high-performing company in
an entrepreneurial setting.”
Mr. Reynolds brings over 25 years of experience
as a results-oriented senior financial executive with significant
public company and mergers, acquisition and integration expertise.
He most recently served as SVP and CFO of Cogentix Medical, Inc., a
publicly-traded medical device manufacturer that was purchased by
Laborie Medical Technologies for $239 million in April 2018.
Cogentix was formed in March 2015 through the merger of
publicly-traded companies Vision Sciences and Uroplasty. Mr.
Reynolds joined Uroplasty as SVP and CFO in August 2013. He
previously served for seven years as CFO of Synovis Life
Technologies, Inc., a publicly-traded medical device manufacturer
purchased by Baxter International for $325 million in 2012. Prior
to Synovis, Mr. Reynolds served in executive financial positions at
Chiquita Processed Foods, LLC, Imation Corp. and Deloitte &
Touche LLP.
As part of Mr. Reynolds joining Air T, Inc., he
will be granted a warrant to purchase 25,000 shares of the
Company’s common stock (the “Warrant”). The Warrant will have an
exercise price equal to the lower of: (a) the 120-day
volume-weighted average price (‘VWAP’) starting the day on which
the trading window opens following the filing of the Company’s Form
10K for fiscal 2018; or (b) the price at which the Company
repurchases 25,000 shares of its common stock at the soonest
available opportunity following the next open trading window,
subject to maximum volume restrictions of 20% of daily volume when
the stock price is above $27.50 per share, will have a term of ten
years, and will become exercisable in equal installments on the
first, second, third, fourth and fifth anniversaries of the date of
issuance; provided Mr. Reynolds remains an employee of the Company.
The Warrant was a condition of employing Mr. Reynolds and the terms
and conditions were approved by the independent members of the
Board of Directors and the Compensation Committee under NASDAQ
Listing Rule 5635(c)(4).
ABOUT AIR T, INC.
Established in 1980, Air T, Inc. is a
diversified holding company with four core industry segments:
overnight air cargo, aviation ground support equipment
manufacturing, aviation ground support maintenance services, and
aircraft engine aftermarket and parts. The Company’s ownership
interests consist of a broad set of operating and financial assets
that are designed to expand, strengthen and diversify Air T's cash
earnings power. For more information, visit www.airt.net.
FORWARD LOOKING STATEMENT
Statements in this press release, which contain
more than historical information, may be considered forward-looking
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995), which are subject to risks and
uncertainties. Actual results may differ materially from those
expressed in the forward-looking statements because of important
potential risks and uncertainties, including, but not limited to,
the risk that contracts with major customers will be terminated or
not extended, future economic conditions and their impact on the
Company's customers, the timing and amounts of future orders under
the Company's Global Ground Support subsidiary's contract with the
United States Air Force, and risks and uncertainties related to
business acquisitions, including the ability to successfully
achieve the anticipated benefits of the acquisitions, inflation
rates, competition, changes in technology or government regulation,
information technology disruptions, and the impact of future
terrorist activities in the United States and abroad. A
forward-looking statement is neither a prediction nor a guarantee
of future events or circumstances, and those future events or
circumstances may not occur. The Company is under no obligation,
and it expressly disclaims any obligation, to update or alter any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACTMediaAnthony
Giombetti818-821-7530anthony@giombettipr.com
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