DualStar Technologies Elects 3 New Directors
NEW YORK--(BUSINESS WIRE)--Sept. 22, 1999--DualStar Technologies Corporation
(Nasdaq:DSTR) announced today the election of three new members to its Board of
Directors. The newly elected directors are Robert J. Birnbach, DualStar's Executive Vice
President and Chief Financial Officer, and two outside directors, Jared E. Abbruzzese and
Michael F. Whalen, Jr.
According to DualStar Chairman and Chief Executive Gregory Cuneo, "These elections
strengthen our Board in every way. With Jerry Abbruzzese and Mike Whalen, we have added a
great amount of knowledge and experience in the fields covered by DualStar
Communications, Inc., our provider of bundled communications services. In addition, Bob
Birnbach has been a valued advisor to DualStar and a key contributor to its development,
and his election was a natural progression, following the recent retirement of two
founders and Board members."
Mr. Birnbach, 34, an accountant and attorney, received a Bachelor of Arts degree, with
high honors, from Columbia University, and a Juris Doctor degree from Fordham University
School of Law. Mr. Birnbach has served as a senior executive of DualStar since its
formation in 1994, and was previously an advisor with the financial advisory and
accounting firm Coopers & Lybrand.
Mr. Abbruzzese, 44, was the Chairman of the Board and Chief Executive Officer of CAI
Wireless Systems, Inc. from August 1991, when he founded CAI, until August 1999. CAI
operates six analog-based MMDS subscription video systems in New York City, Rochester and
Albany, NY; Philadelphia, PA; Washington, DC, and Norfolk/Virginia Beach, VA. CAI also
owns a portfolio of MMDS channel rights in eight additional markets in the northeastern
United States. From February 1996 until August 1999, Mr. Abbruzzese also served as the
Chairman of the Board of CS Wireless Systems, Inc., a 94%-owned subsidiary of CAI. CS
Wireless, based in Plano, TX, operates eleven MMDS subscription television systems,
primarily in the midwestern and south central United States. On August 31, 1999, CAI's
approximately 17.2 million common shares were acquired by MCI WorldCom in a cash merger
at a price of $28 per share. Previously, Mr. Abbruzzese co-founded Crest Communications,
LLC, a private communications fund, and was a member of the governing board of Veninfotel
LLC, Venezuela's largest competitive local exchange carrier (CLEC) and second largest
cable television company.
Mr. Whalen, 33, has served since 1994 as the Vice President, Finance and Acquisitions,
of People's Choice TV Corp., a telecommunications company that provides broadband data
and video services via wireless transmission. People's Choice has recently agreed to be
acquired by Sprint Corporation in a transaction valued at over $500 million. Previously,
Mr. Whalen had been the Vice President in charge of the New York operations of Amsterdam
Pacific Corporation, a media and telecommunications investment banking firm. Mr. Whalen
also served as a Director in the private placement group at Bank of Montreal focusing on
media/telecommunications financings. Mr. Whalen is the designee of Blackacre Capital
Management, LLC, and his election is made in connection with DualStar's pending
transaction with Blackacre, previously announced on August 25, 1999.
With these elections, DualStar's Board now consists of 4 inside directors and 5
outside directors. In addition to Messrs. Abbruzzese and Whalen, the other outside
directors are Michael J. Abatemarco, Raymond L. Steele and Lloyd I Miller, III. Mr.
Abatemarco is an attorney, certified public accountant and professor of taxation,
accounting and law at Long Island University/C.W. Post. Mr. Steele serves on the boards
of directors of Video Services Corp. and I.C.H. Corp. Mr. Miller is a member of
Technology Investors Group, LLC and serves on the board of directors of Porta Systems
Corp. He is also a member of the Chicago Board of Trade, the Chicago Stock Exchange and
the COMEX Division of the New York Mercantile Exchange. In addition to Mr. Birnbach, the
other inside directors are DualStar founders Stephen J. Yager, Ronald Fregara and Gregory
Cuneo.
DualStar Technologies Corp., headquartered in Long Island City, New York, designs and
installs infrastructure systems and provides services that control and enhance the
environment in buildings. These systems and services include: heating, ventilation and
air conditioning (HVAC); electrical; building and energy management (BMS); enhanced
local, regional and long distance telephony as a Competitive Local Exchange Carrier
(CLEC); direct broadcast satellite (DBS) and cable television as a System Operator;
high-speed Internet access as an Internet Service Provider (ISP); and security and
safety. DualStar created and owns many innovative trademarked concepts, including the
CyberBuilding(R), CyberCierge(R), Building Area Network (BAN), Home Area Network (HAN),
Community Area Network (CAN), InfoStructure, InfoStructors, CyberView(R),
CyberBuilders(R), DualStar(R), DualStar Communications(R) and DualStar Technologies(R).
For more information, visit the Company's Web site at dualstar.com, e-mail
info@dualstar.com, or call (718) 340-6655. The Company's securities are traded on The
Nasdaq National Market under the symbols DSTR (common) and DSTRW (warrants).
CONTACT: Media Relations
e-mail: info@dualstar.com
Voice: 718.340.6655
Fax: 718.340.6659
09:37 EDT SEPTEMBER 22, 1999 |
