Should I say ... Finally, a new CEO !
Thursday April 26, 4:31 pm Eastern Time
Press Release
SOURCE: Vari-L Company, Inc.
Vari-L Company Names New Chief Executive Officer
DENVER, April 26 /PRNewswire/ -- Vari-L Company, Inc. (OTC: VARL - news), a leading provider of advanced components for the wireless
industry, today announced the appointment of Charles R. Bland as president and chief executive officer. Bland, who replaces interim CEO
Pete Pappas, will join the Company on May 7.
Bland, 52, brings to Vari-L more than 25 years of domestic and international management, operations, strategic planning, sales, finance, and
marketing experience. Mr. Bland has worked with a variety of high tech and manufacturing companies, including 22 years with Owens Corning
Fiberglas. During his tenure at Owens Corning, Bland held various senior management positions, including president of Africa/Latin America
operations and president of Asia Pacific operations. As president of Africa/Latin American operations, Bland managed total sales volume of
$85 million and developed and implemented a successful growth strategy that resulted in a 100 percent increase in sales of a major product
line during two consecutive years. In Asia Pacific, Bland established new joint ventures in China, Thailand and India, successfully turned
around a previously unprofitable joint venture in Korea, and doubled annual sales within the region over a two-year period.
``Our selection of Charles Bland is the result of an exhaustive search and a review of dozens of qualified candidates,'' said Pappas. ``We are
confident that he will be an outstanding fit for Vari-L and our long-term strategic direction. Charles has tremendous credentials and an
excellent track record for managing and growing businesses and the Board believes he is the ideal person to lead Vari-L into the future.''
Immediately prior to joining Vari-L, Bland was president of GrowZone, Inc., a software company focused on the horticulture industry. Bland
revamped GrowZone's business plan and implemented cost controls that resulted in an 80 percent reduction in operating expenses. Prior
assignments include president of AmericasDoctor.com, an Internet health care content site where Bland reduced monthly operating
expenses by more than 30 percent; and chief operating officer with Quark Incorporated, a worldwide leader in shrink wrap and client server
software for the publishing industry. Quark achieved record financial results during the two years Bland was with the company.
Bland is a graduate of Ohio State University where he earned a B.S. in Accounting and Finance. He received his MBA from the Sloan School
at Massachusetts Institute of Technology. He is the former chairman of the finance committee of the Bowling Green State University
Foundation.
During his nine-month tenure as interim CEO, Pappas, and his team of turnarounds specialists from BBK, Ltd., directed the Company's return
to pro forma profitability, negotiated a forbearance agreement with the Company's lender, managed relationships with Vari-L customers and
suppliers, and hired several key manufacturing, sales and marketing personnel. Pappas will continue with Vari-L as a consultant through the
transition process.
``We appreciate Pete's efforts on behalf of Vari-L,'' said Board member David Lisowski. ``Pete effectively managed the Company through many
challenging issues and we wish him and BBK, Ltd. the best of luck in their future engagements.''
Headquartered in Denver, Vari-L designs, manufactures and markets wireless communications components that generate or process radio
frequency (RF) and microwave frequency signals. Vari-L's patented products are used in commercial infrastructure equipment (including
cellular/paging/PCS base stations and repeaters, fixed terminal point to point/multi-point data radios including LMDS/MMDS), consumer
subscriber products (advanced cellular/PCS/satellite handsets, web-enabled smart phones, 2-way pagers, wireless PDAs, home
networking), and military/aerospace platforms (satellite communications/telemetry, missile guidance, electronic warfare, electronic
countermeasures, battlefield communications). Vari-L serves a diverse customer base of the world's leading technology companies,
including Adaptive Broadband, Agere, Agilent Technologies, Digital Microwave, Ericsson, Glenayre Technologies (Wireless Access), Boeing
Satellite Systems, Harris, Lockheed Martin, Lucent Technologies, Microwave Data Systems, Mitsubishi, Motorola, NEC, NeoPoint, Netro,
Nokia, Novatel Wireless, Raytheon, and Siemens.
Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be
guaranteed as they are subject to a variety of risks, including but not limited to general economic conditions in the United States and the
overseas markets served by the Company, the success of the products into which the Company's products are integrated, governmental
action relating to wireless communications, licensing and regulation, the accuracy of the Company's internal projections as to the demand for
certain types of technological innovation, competitive products and pricing, the success of new product development efforts, the timely
release for production and the delivery of products under existing contracts, and the outcome of pending and threatened litigation and
regulatory actions as well as other factors. |
