Data I/O Announces Appointment of Edward Smith to Board of Directors
February 24 2022 - 4:10PM
Business Wire
Data I/O Corporation (NASDAQ: DAIO), the leading global provider
of advanced data and security deployment solutions for flash,
flash-memory based intelligent devices and microcontrollers,
announced that Mr. Edward Smith has joined the Board of Directors
of Data I/O, effective February, 23, 2022. Mr. Smith is the CEO of
SMTC Corporation, a global Electronics Manufacturing Services
(“EMS”) provider focused on partnering with leading original
equipment manufacturers and emerging technology companies to
provide the full range of end-to-end EMS services, from prototyping
and design, to manufacturing and logistics. The addition of Mr.
Smith expands Data I/O’s Board of Directors to 6, with 5 members
being independent.
Mr. Smith is a globally recognized leader in the electronics and
semiconductor distribution industries. As CEO of SMTC since 2017
when it was publicly traded on Nasdaq, he led the company through 3
years of growth including a series of acquisitions until being
acquired by an affiliate of H.I.G. Capital in 2021. Mr. Smith is a
seasoned and successful executive with more than 25 years’
experience in the EMS industry and the electronic components
distribution industry. Prior to joining SMTC, he served as
President of Avnet Inc. for 7 years and held various other senior
positions since 1994. At Avnet, he grew the Americas component
operations from $1.2 billion to $4.0 billion, and started a global
embedded business which grew to $2.2 billion in 7 years. Earlier,
Mr. Smith served as President and Chief Executive Officer of SMTEK
International Inc., a tier II manufacturer in the EMS industry,
from 2002 to 2004. Under his leadership, SMTEK’s share price
increased from $0.35 to $15.23 when it was acquired. Mr. Smith also
has gained extensive corporate governance experience while serving
on a number of boards as a director. He is the founder and
currently runs the We Will Never Forget charitable foundation in
honor of the victims and first responders of the attacks on
9/11.
“Ed Smith’s appointment to our Board of Directors expands our
end markets, financial markets, and corporate governance knowledge
and capabilities on the Board,” said Anthony Ambrose, President and
CEO of Data I/O Corporation. “We stand to benefit on multiple
levels as Ed has proven experience in returning value to
shareholders as the CEO of a Nasdaq listed company, has led, bought
and sold multiple companies in the semiconductor and electronics
distribution industries, and has professional ties throughout the
world that we will leverage to accelerate our marketing strategies.
All of these qualities make him an excellent addition to the Board
for Data I/O.”
“I am very pleased to have been appointed to the Board of Data
I/O,” said Ed Smith. “Having been in the industry for more than 25
years, I have worked with Data I/O’s technology many times and have
learned first-hand of its superior data programming and secure
provisioning technologies. I look forward to working with the Board
and the management team to drive substantial growth and advance its
leadership globally.”
About Data I/O Corporation
Since 1972 Data I/O has developed innovative solutions to enable
the design and manufacture of electronic products for automotive,
Internet-of-Things, medical, wireless, consumer electronics,
industrial controls and other electronic devices. Today, our
customers use Data I/O security deployment and programming
solutions to reliably, securely, and cost-effectively bring
innovative new products to life. These solutions are backed by a
global network of Data I/O support and service professionals,
ensuring success for our customers.
Learn more at dataio.com
Forward Looking Statement and Non-GAAP financial
measures
Statements in this news release concerning economic outlook,
expected revenue, expected margins, expected savings, expected
results, orders, deliveries, backlog and financial positions,
silicon chip shortages, supply chain expectations, as well as any
other statement that may be construed as a prediction of future
performance or events are forward-looking statements which involve
known and unknown risks, uncertainties and other factors which may
cause actual results to differ materially from those expressed or
implied by such statements. Forward-looking statement disclaimers
also apply to the global COVID-19 pandemic, including the expected
effects on the Company’s business from COVID-19, the duration and
scope, impact on the demand for the Company’s products, and the
pace of recovery for the COVID-19 pandemic to subside. These
factors include uncertainties as to the ability to record revenues
based upon the timing of product deliveries, installations and
acceptance, accrual of expenses, coronavirus related business
interruptions, changes in economic conditions, part shortages and
other risks including those described in the Company's filings on
Forms 10-K and 10-Q with the Securities and Exchange Commission
(SEC), press releases and other communications.
Non-GAAP financial measures, such as EBITDA, Adjusted EBITDA
excluding equity compensation and impairment & related charges,
and Adjusted gross margin should not be considered a substitute
for, or superior to, measures of financial performance prepared in
accordance with GAAP. We believe that these non-GAAP financial
measures provide meaningful supplemental information regarding the
Company’s results and facilitate the comparison of results.
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version on businesswire.com: https://www.businesswire.com/news/home/20220224005925/en/
Joel Hatlen Chief Operating and Financial Officer Data I/O
Corporation 6645 185th Ave. NE, Suite 100 Redmond, WA 98052 Darrow
Associates, Inc. Jordan Darrow (512) 551-9296
jdarrow@darrowir.com
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