Image Sensing Systems Announces Kris Tufto as President and Chief Executive Officer
October 31 2012 - 8:45AM
Image Sensing Systems, Inc. (Nasdaq:ISNS), announced today that the
board has appointed Kris Tufto as president and chief executive
officer (CEO), effective immediately. Tufto previously served as
interim president and CEO, and has been a member of the board since
September 2011. He will continue in his role as board director.
"Kris' depth of experience in software, technology and product
marketing positions him as the clear choice to lead this company
and best capitalize on future growth opportunities," said Jim
Bracke, chairman of the board. "The board is confident that Kris
can return the company to historical profitability levels and, in
the long term, maximize shareholder value. We are pleased to have
his fresh leadership perspective and breadth of experience."
Tufto has significant leadership experience in technology
companies. He has been a member of 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.
"During my time at Image Sensing Systems, I have found that the
company has strong assets including a market-leading product
offering, a state-of-the-art technology platform and a talented
team of employees. Yet, I believe that certain of our assets
continue to underperform their potential. I'm looking forward
to leading Image Sensing Systems in taking advantage of the
opportunities that lie ahead," said Tufto.
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. The company has sold more than 125,000 units of its
industry leading Autoscope® machine-vision, RTMS® radar and
CitySync automatic number plate recognition (ANPR) products in over
60 countries worldwide. This depth of experience coupled with the
breadth of our product portfolio uniquely positions Image Sensing
Systems to provide powerful hybrid technology solutions and to
exploit the convergence of the traffic, security and environmental
management markets. The company is headquartered in St. Paul,
Minnesota. Visit the company's website 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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