Pen Interconnect Names Stephen Fryer Board Chairman
IRVINE, Calif.--(BUSINESS WIRE)--Nov. 11, 1999--Pen Interconnect, Inc. (OTC BB: PENC) announced today that Stephen J. Fryer, President & CEO, has been elected Chairman of the Board, replacing Jim Pendelton, the Company's founder and former CEO.
Mr. Pendelton has resigned as Chairman and from the Board of Directors but remains as one of the Company's largest shareholders. He founded the Company in 1985 as Pen National.
Pen Interconnect also announced the resignation of C. Reed Brown from the Board of Directors. There currently are three outside directors on the board in addition to Mr. Fryer and Mr. Fryer stated the Company's intention to expand the board. "We are looking for Board members from the Southern California area who have significant involvement in the electronics or communications industries in order to strengthen our Board and to help the Company increase its revenues and profits," Fryer said.
The Company also announced that, after concluding significant due diligence, it and The Gammon Group have mutually agreed to cancel a letter of intent for Pen Interconnect to purchase this private contract manufacturing company in Dallas, Texas. The letter of intent had been announced on September 27, 1999.
Pen Interconnect (OTC BB: PENC) provides the total manufacturing solution for manufacturers, including circuit and board design, mechanical and product design, prototype and volume board assembly and test, system services, and custom power supply and battery changer design. Headquartered in Irvine, Ca., it also has support manufacturing facilities in Utah and China.
VISIT THE PEN INTERCONNECT WEB SITE at pen-interconnect.com
The statements contained in this news release that are not purely historical are forward-looking statements that may involve risks and uncertainties. The company's actual results may differ significantly from the results contained in the forward-looking statements. Factors that might cause such differences include, but are not limited to, the effect of losses and other factors on the company's credit facilities, business and results of operations; the company's limited capital resources and its ability to fulfill its existing obligations and ongoing capital needs; risks associated with excess or obsolete inventory; the potential impairment of assets; the company's dependence on key customers and their financial viability; the impact of competition; and the company's abilities to effectively manage growth. These and other risk factors are discussed in the company's filing on Forms 8-K, S-3, SB-2, 10-QSB and 10-KSB.
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Contact:
Pen Interconnect, Inc.
Stephen Fryer, CEO, 949/798-5881
or
American Financial Communication
Jeff Lamberson, 916/552-6532
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