MINNEAPOLIS, Dec. 12, 2018 /PRNewswire/
-- Communications Systems, Inc. (NASDAQ: JCS) ("CSI"
or the "Company"), a global provider of connectivity
infrastructure and services for deployments of broadband networks,
today announced that Curtis A. ("Curt") Sampson has retired as the
Company's Chairman of the Board, but that he will continue as a
member of the Board with the title, "Chairman Emeritus." Mr.
Sampson founded CSI in 1969, took the Company public in 1981, and
then led it to become a national force in telecommunications
components and systems. Under Curt Sampson's leadership, CSI
also spun off two other public companies operating cable television
systems and rural telephone companies. Mr. Sampson is very
well known in the local business community, where he has been a
powerful entrepreneurial force in many successful ventures over the
years. In 2012, he was inducted into the "Minnesota Business
Hall of Fame." In his new capacity as Chairman Emeritus, Mr.
Sampson's advice and good counsel will continue to be available to
the Board. The other members of the CSI Board and all of
CSI's employees wish to thank him for his leadership and service
for almost 50 years and look forward to his continuing
contributions. Please visit Curt's Hall of Fame
induction for more information.
The Company also announced today that Roger Lacey, CSI's Chief Executive Officer and
Vice Chairman, has been named as the Executive Chairman of the CSI
Board of Directors. Mr. Lacey will continue to serve as
CEO of CSI, but the Company anticipates that in 2019 a new CEO will
be appointed to lead CSI. The Company also announced
that, in connection with the changes in the Chairman position,
Randall D. Sampson, Curt Sampson's son and CEO of Canterbury Park
Holding Corporation (NASDAQ: CPHC), has been named as the Company's
Governance Lead Independent Director. Randall Sampson has been a CSI director since
1999, and currently serves as Chair of the Board's Audit &
Finance Committee.
About Communications Systems
Communications Systems,
Inc. provides connectivity infrastructure and services for global
deployments of broadband networks. Focusing on innovative,
cost-effective solutions, CSI provides customers the ability to
deliver, manage, and optimize their broadband network services and
architecture. From the integration of fiber optics in any
application and environment to efficient home voice and data
deployments to optimization of data and application access, CSI
provides tools for maximum utilization of the network from the edge
to the user. With partners and customers in over 50
countries, CSI has built a reputation as a reliable global
innovator focusing on quality and customer service.
Forward-Looking Statements
This press release includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding future financial performance, and future growth. These
statements are based on Communications Systems' current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by these statements due to changes in
economic, business, competitive or regulatory factors, and other
risks and uncertainties affecting the operation of Communications
Systems' business. These risks, uncertainties and contingencies are
presented in the Company's Annual Report on Form 10-K and, from
time to time, in the Company's other filings with the Securities
and Exchange Commission. The information set forth in this press
release should be read in light of these risks. Further, investors
should keep in mind that the Company's financial results in any
particular period may not be indicative of future results.
Communications Systems is under no obligation to, and expressly
disclaims any obligation to, update or alter its forward-looking
statements, whether as a result of new information, future events,
changes in assumptions or otherwise.
Contacts:
Communications Systems, Inc.
Mark D. Fandrich
Chief Financial Officer
952-582-6416
mark.fandrich@commsysinc.com
Roger H. D. Lacey
Chief Executive Officer
952-996-1674
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SOURCE Communications Systems, Inc.