ADDvantage Technologies Announces CFO Transition
February 20 2020 - 4:44PM
ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage
Technologies” or the “Company”) today announced that Kevin Brown,
the Chief Financial Officer of ADDvantage Technologies Group, will
be leaving the Company effective March 6, 2020. Mr. Brown has
accepted a new opportunity in Houston where he and his family
reside. He has been commuting to Dallas and Tulsa, Oklahoma for
over a year.
“Kevin has been instrumental in the Company’s
turnaround, and he led the integration of Fulton Technologies after
the acquisition in early January of last year,” said CEO Joe Hart.
“We accomplished a lot during his time here, and he helped
establish a framework for the business to take advantage of the
upcoming opportunities with 5G. We will miss Kevin’s energy,
intelligence and insight, but family matters are important for both
Kevin and the ADDvantage team.”
Over the last year, the Management Team has:
- Purchased, successfully integrated and ramped up Fulton
Technologies, establishing the Company’s Wireless segment
- Completed moving Triton Datacom to a new facility
- Continued the turnaround of Nave Communications
- Implemented a new ERP system at Fulton, laying the foundation
for the Company to be on a single cloud-based ERP in the future for
all of its subsidiaries
- Built a Financial Planning & Analysis Organization to
assist with modelling, budgeting and cash flow planning
- Moved the Company’s headquarters to Dallas and consolidated all
accounting functions in a single location
- Expanded the Company’s credit facilities and borrowing
capacity
- Expanded our inventory analysis process at Nave and Triton
Joe Hart and the Board of Directors will begin
the search for a long-term replacement in Dallas to help take
ADDvantage to the next level. In the meantime, Scott Francis, who
serves as the Company’s Chief Accounting Officer and former CFO,
will serve as the company’s Principal Financial Officer.
About ADDvantage Technologies Group, Inc.
ADDvantage Technologies Group, Inc. (Nasdaq: AEY) is a
communications infrastructure services and equipment provider
operating a diversified group of companies through its Wireless
Infrastructure Services and Telecommunications segments. Through
its Wireless segment, Fulton Technologies provides turn-key
wireless infrastructure services including the installation,
modification and upgrading of equipment on communication towers and
small cell sites for wireless carriers, national integrators, tower
owners and major equipment manufacturers. Through its
Telecommunications segment, Nave Communications and Triton Datacom
sell equipment and hardware used to acquire, distribute, and
protect the communications signals carried on fiber optic, coaxial
cable and wireless distribution systems. The Telecommunications
segment also offers repair services focused on telecommunication
equipment and recycling surplus and related obsolete
telecommunications equipment.
ADDvantage operates through its subsidiaries,
Fulton Technologies, Nave Communications, and Triton Datacom. For
more information, please visit the corporate web site at
www.addvantagetechnologies.com.
Cautions Regarding Forward-Looking
Statements
The information in this announcement may include
forward-looking statements. All statements, other than statements
of historical facts, which address activities, events or
developments that the Company expects or anticipates will or may
occur in the future, are forward-looking statements. These
statements are subject to risks and uncertainties, which could
cause actual results and developments to differ materially from
these statements. A complete discussion of these risks and
uncertainties is contained in the Company’s reports and documents
filed from time to time with the Securities and Exchange
Commission.
For further information:Hayden IRBrett Maas(646)
536-7331aey@haydenir.com
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