LED Lighting Provider Orion Energy Systems Names Seasoned Business Leader and Public Company Director Alan B. Howe to its Boa...
May 17 2019 - 8:31AM
Orion Energy Systems, Inc.
(NASDAQ: OESX) (Orion Lighting), a provider of
enterprise-grade LED lighting and energy project solutions, today
announced the expansion of its Board of Directors with the
appointment of Alan B. Howe.
Mr. Howe has over 30 years of extensive hands-on operational and
board level experience combined with corporate finance, business
development and corporate governance expertise. He is the founder
and Managing Partner of Broadband Initiatives, LLC, a San
Diego-based boutique corporate advisory firm that advises the
boards and senior management of small and microcap companies. Mr.
Howe puts particular emphasis on guidance and direction aimed at
creating shareholder value, and as a result, he possesses a strong
base of institutional investor relationships.
Mr. Howe has served on the Board of a diverse base of public
companies as well as in a variety of senior management roles and
has participated in the successful sale of many of these
companies. Certain past public company experience includes
serving as Chairman of Ditech Networks (DITC) and JPS Industries
(JPST); as Interim CEO and Director of Sunrise Telecom (SRTI); as a
Director of MagicJack Vocaltec Ltd. (CALL), Cafepress (PRSS), Urban
Communications (UBN.V), Aldila (ALDA) and Livewire Mobile
(LVWR).
Mike Altschaefl, Orion’s CEO and Board Chair, commented, “Alan
is an excellent addition to our Board. He brings a broad base of
expertise and relevant experience in creating shareholder value in
small and microcap companies. We believe his insights will prove
very beneficial in guiding our strategy and plans for Orion’s
future."
"Having recently demonstrated Orion’s unique capabilities and
value proposition, including our ability to execute large-scale
contracts, we are optimistic about the company's prospects. We look
forward to working with Alan as we execute on our strategic vision
and our business and operational goals in order to best serve
Orion's stakeholders.”
Mr. Howe previously served as V.P. of Strategic Development at
Covad Communications (a $500 million national telecommunications
company) where he successfully helped identify, analyze and
negotiate an acquisition that transformed it into the largest
wireless fixed internet provider in the U.S. He served as CFO of
Teletrac, Inc., where he raised $193 million to fund acquisition
and growth opportunities and identified a strategic merger partner.
He was also part of the original team at Sprint Corporation that
started Sprint PCS.
Mr. Howe said, “I am grateful for the opportunity join Orion's
Board at an exciting time in the company's transformation and
return to growth. I look forward to working with the Board and
management to advance business opportunities, financial performance
and shareholder value."
About Orion Energy SystemsOrion is a provider
of enterprise-grade LED lighting and energy project solutions.
Orion manufactures and markets connected lighting systems
encompassing LED solid-state lighting and smart
controls. Orion systems incorporate patented design elements
that deliver significant energy, efficiency, optical and thermal
performance that drive financial, environmental, and work-space
benefits for a wide variety of customers, including nearly 40% of
the Fortune 500.
Safe Harbor Statement Certain matters
discussed in this press release are "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may generally be identified as such
because the context of such statements will include words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should," "will,"
"would" or words of similar import. Similarly, statements that
describe our future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements are
subject to certain risks and uncertainties that could cause results
to differ materially from those expected, including, but not
limited to, the following: (i) our ability to achieve our expected
revenue growth, gross margin, and EBITDA objectives in fiscal 2020
and beyond; (ii) our ability to achieve profitability and positive
cash flows; (iii) our levels of cash and our limited borrowing
capacity under our revolving line of credit; (iv) the availability
of additional debt financing and/or equity capital; (v) our
increasing emphasis on selling more of our products through third
party distributors and sales agents, including our ability to
attract and retain effective third party distributors and sales
agents to execute our sales model; (vi) our ability to develop and
participate in new product and technology offerings or applications
in a cost effective and timely manner; (vii) our ability to manage
the ongoing decreases in the average selling prices of our products
as a result of competitive pressures in the evolving LED market;
(viii) our ability to manage our inventory and avoid inventory
obsolescence in a rapidly evolving LED market; (ix) our lack of
major sources of recurring revenue and the potential consequences
of the loss of one or more key customers or suppliers, including
key contacts at such customers; (x) our ability to adapt to
increasing convergence in the LED market; (xi) our ability to
differentiate our products in a highly competitive market; (xii)
the deterioration of market conditions, including our dependence on
customers' capital budgets for sales of products and services;
(xiii) our ability to complete and execute our strategy in a highly
competitive market and our ability to respond successfully to
market competition; (xiv) our increasing reliance on third parties
for the manufacture and development of products and product
components; (xv) our ability to successfully implement our strategy
of focusing mainly on lighting solutions using LED technologies;
(xvi) the market acceptance of our products and services; (xvii)
our ability to realize expected cost savings on the timetable and
amounts expected from our cost reduction initiatives; (xviii)
adverse developments with respect to litigation and other legal
matters pursuant to which we are subject; (xix) our failure to
comply with the covenants in our revolving credit agreement; (xx)
our fluctuating quarterly results of operations as we focus on new
LED technologies and continue to focus investing in our third party
distribution sales channel; (xxi) our ability to recruit, hire and
retain talented individuals in all disciplines of our company;
(xxii) price fluctuations, shortages or interruptions of component
supplies and raw materials used to manufacture our products;
(xxiii) our ability to defend our patent portfolio; (xxiv) a
reduction in the price of electricity; (xxv) the cost to comply
with, and the effects of, any current and future government
regulations, laws and policies; (xxvi) potential warranty claims in
excess of our reserve estimates; (xxvii) our inability to timely
and effectively remediate any material weaknesses in our internal
control of financial reporting and/or our failure to maintain an
effective system of internal control over financial reporting; and
(xxviii) the other risks described in our filings with the SEC.
Shareholders, potential investors and other readers are urged to
consider these factors carefully in evaluating the forward-looking
statements and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements made
herein are made only as of the date of this press release and we
undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise. More detailed information about factors that may
affect our performance may be found in our filings with the
Securities and Exchange Commission, which are available at
http://www.sec.gov or at http://investor.oriones.com/ in the
Investor Relations section of our Website.
Twitter:
@OrionLightingIRStockTwits: @Orion_LED_IR
Investor Relations Contacts |
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Bill Hull, CFO |
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William Jones; Tanya Kamatu |
Orion Energy Systems, Inc. |
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Catalyst IR |
(312) 660-3575 |
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(212) 924-9800 or oesx@catalyst-ir.com |
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