Ouch, Tokyo have you read the latest LOCK release below?
Thursday June 11, 5:11 pm Eastern Time
Saf T Lok terminates chief executive
TEQUESTA, Fla., June 11 (Reuters) - Saf T Lok Inc. said Thursday the company terminated the employment of its president and chief executive officer, John Gardner, effective immediately.
The maker of handgun locking devices also said it has notified Semiconductor Laser International Corp (SLIC - news) the May 22 agreement between the two companies on development of a laser-driven fingerprint locking mechanism for use with Saf T Lok's products.
Instead, the company said, it intends to focus on the continued development of its grip and magazine combination locks, pointing out these units do not require batteries or other external power sources.
The company said its chairman and founder, Franklin Brooks, will act as interim president and chief executive officer while the company conducts a search for a new chief executive.
It noted Gardner had served as president and chief executive since April of 1997.
Saf T Lok also described United Safety Action's June 8 statement saying Saf T Lok has a marketing agreement with Enzone USA as unauthorized. United Safety Action was described as a unaffiliated company with which Saf T Lok entered a distribution agreement in February of 1998 and the company noted the release of the statement without the prior approval of Saf T Lok was prohibited by express terms of the distribution agreement.
It said a research report published June 9 by Chatfield Dean & Co. incorrectly attributed to Saf T Lok Enzone USA's claim it distributes to over 40,000 retail outlets, including Wal-Mart K-Mart and Home Depot.
Saf T Lok also said, as a matter of policy, it expresses no opinion on other parts of the Chatfield Dean report, which included a buy recommendation with a risk rating of ''speculative.'' It projected 1998 earnings of $0.03 per share and 1999 earnings of $0.31 per share and established a 12 to 24 month price target of $10 per share.
The stock closed Thursday at 4-17/32, off 9/32, on volume of 435,200 shares. |
