Image Sensing Systems Announces a Change in Executive Leadership
August 13 2012 - 8:30AM
Image Sensing Systems, Inc. (Nasdaq:ISNS), announced today that
Kenneth R. Aubrey's employment as president and chief executive
officer (CEO) of Image Sensing Systems, Inc. has been terminated,
effective immediately. The board has named Kris B. Tufto, a member
of Image Sensing Systems' board, as interim president and CEO.
Tufto has served as a member of the board since September 2011. He
will continue to serve on the board, but will step down from the
three board committees because his role as interim president and
CEO positions him as a non-independent board member. The Board
expects to initiate a search for a new president and CEO in the
near-term.
"Our view is that Image Sensing Systems' assets are strong and
yet the company is underperforming against the opportunity," said
Jim Bracke, chairman of the board. "The board's decision to make a
leadership change was made after ongoing consideration and a
deliberative process that determined that Image Sensing Systems was
not taking full advantage of the strength of its product offering
given the market opportunity. The board has determined that the
time is right for a leadership change and fresh perspective, and we
are pleased to have Kris lead us during this interim period as we
further position Image Sensing Systems to capitalize on future
growth opportunities."
Tufto brings significant leadership experience in software,
technology and product marketing to his new role as interim CEO. He
has served on the board of Sajan, Inc., a publicly-held company,
since February 2010. From 2010 to 2012, Tufto was chief revenue
officer at Code42, a software solutions and data protection
company. Previously, he was chief executive officer at
MarketingBridge, a global channel marketing company, and a
consultant at W3i, a provider of application and mobile marketing
solutions. Tufto has also served in leadership positions for
various technology companies. He has a Bachelor's of Sciences
Degree in Electrical Engineering from North Dakota State
University.
"I welcome the opportunity to lead Image Sensing Systems during
this very exciting period and look forward to working with the team
to build upon the significant assets in place to help Image Sensing
Systems accelerate value creation for its shareholders. The recent
passage of the MAP-21 transportation bill should unlock much of the
pent-up demand for ITS spending, and Image Sensing Systems can
benefit from this significant event. Additionally, our
state-of-the-art and industry-leading Hybrid Duo product continues
to gain traction, and we are ready to take advantage of the growth
opportunities ahead of us," said Kris Tufto.
The company also announced that it continues to augment its
leadership team with the addition of Dale Parker as a board
director, replacing Tufto on the three board committees. Parker has
a deep leadership background, and currently serves as board
chairman of HickoryTech Corporation, a communications solutions
provider. He retired earlier this year after serving as interim
chief financial officer of Ener1, Inc., an energy storage
technology company, since 2011. Previously he served in numerous
chief financial officer and vice president roles for manufacturing
companies.
Image Sensing Systems has also announced that Michael Doyle has
stepped down as a board director.
Image Sensing Systems will hold an investment community
conference call today at 10:30 a.m. CDT to discuss the leadership
change. To participate, dial 877-941-8609 and reference conference
ID 4559935. Please dial in at least 10 minutes prior to the
call.
About Image Sensing
Image Sensing Systems, Inc. is a provider of software-based
detection solutions for the Intelligent Transportation Systems
(ITS) sector and adjacent markets including security, police and
parking. We have sold more than 125,000 units of our industry
leading Autoscope® machine-vision, RTMS® radar and CitySync
automatic number plate recognition (ANPR) products in over 60
countries worldwide. This depth of our experience coupled with the
breadth of our product portfolio uniquely positions us to provide
powerful hybrid technology solutions and to exploit the convergence
of the traffic, security and environmental management markets. We
are headquartered in St. Paul, Minnesota. Visit us on the web at
imagesensing.com.
The Image Sensing Systems, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13894
Safe Harbor Statement: Statements made in
this release concerning the Company's or management's intentions,
expectations, or predictions about future results or events are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements reflect
management's current expectations or beliefs, and are subject to
risks and uncertainties that could cause actual results or events
to vary from stated expectations, which variations could be
material and adverse. Factors that could produce such a variation
include, but are not limited to, the following: the inherent
unreliability of earnings, revenue and cash flow predictions due to
numerous factors, many of which are beyond the Company's control;
developments in the demand for the Company's products and services;
relationships with the Company's major customers and suppliers; the
mix of and margins on the products we sell; unanticipated delays,
costs and expenses inherent in the development and marketing of new
products and services, including ANPR products; adverse weather
conditions in our markets; the impact of governmental laws and
regulations; increased international presence; our success in
integrating acquisitions; and competitive factors. Our
forward-looking statements speak only as of the time made, and we
assume no obligation to publicly update any such statements.
Additional information concerning these and other factors that
could cause actual results and events to differ materially from the
Company's current expectations are contained in the Company's
reports and other documents filed with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2011 filed in March 2012.
CONTACT: INVESTORS
Greg Smith, Chief Financial Officer
Image Sensing Systems, Inc. Phone: 651.603.7700
MEDIA
Al Galgano
Padilla Speer Beardsley Phone: 612.455.1720
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