DualStar Announces Strategic Executive Changes to Enhance Its Communications Growth Strategy
NEW YORK--(BUSINESS WIRE)--Feb. 24, 2000--DualStar Technologies Corporation
("DualStar" or the "Company") (Nasdaq: DSTR) announced today that in furtherance of its
previously announced strategy to expand its communications businesses, it has made the
following executive changes.
Jared E. Abbruzzese, currently the Vice Chairman of the Company's Board of Directors,
has been named the Company's Chairman. Mr. Abbruzzese founded and was Chairman and CEO of
CAI Wireless Systems, Inc. until it was acquired by MCI WorldCom in August 1999.
Jill Thoerle has been appointed President and Chief Executive Officer of DualStar
Communications, Inc. ("DCI"), a wholly owned subsidiary of the Company. Ms. Thoerle is a
former AT&T and Teleport Communications Group (TCG) executive with proven expertise in
CLEC operations.
Vincent M. D'Onofrio, currently DCI's President and Chief Executive Officer, has been
named DCI's Executive Vice President and Chief Technology Officer. Mr. D'Onofrio has
spearheaded DCI's operations and technological innovations since its founding four years
ago. George J. Parise has been named Senior Vice President and Chief Financial Officer of
DCI. Mr. Parise was previously Senior Vice President - Finance of CAI Wireless Systems
and Chief Financial Officer of Bell Atlantic's CellularVision LMDS project.
Gregory Cuneo stepped down as the Company's Chairman but will continue as DualStar's
President, Chief Executive Officer and a member of its Board of Directors. Michael J.
Abatemarco, Stephen J. Yager, Ronald Fregara and Robert J. Birnbach each have stepped
down as members of the Company's Board of Directors. Messrs. Yager and Fregara have also
resigned from their executive positions at DualStar, but they will continue to serve as
senior executive officers of DualStar's HVAC and construction-related subsidiaries.
Robert J. Birnbach has been named to the position of Secretary of DualStar and will
continue to serve as DualStar's Executive Vice President and Chief Financial Officer. Mr.
Birnbach has been appointed President and Chief Executive Officer of Starrett
Corporation, a diversified real estate development, finance and construction company of
which Mr. Cuneo is Chairman. Mr. Birnbach has also been elected to the Starrett
Corporation Board of Directors.
DualStar Technologies Corp., through its subsidiaries, 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(R) (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 common stock is traded on The Nasdaq National Market under the symbol DSTR.
This press release and the materials referred to hereby contain forward-looking
statements regarding the Company's business and future plans of operations. When used
herein, the words "intends," "expects," "plans," "estimates," "projects," "believes,"
"anticipates" and similar expressions are intended to identify forward-looking
statements. Forward-looking statements involve known and unknown risks and uncertainties.
These and other important factors, including those set forth in the Company's Annual and
Quarterly Reports on Forms 10-K and 10-Q (available to the public at www.sec.gov), may
cause the actual results and performance to differ materially from the future results
expressed in or implied by such forward-looking statements. The forward-looking
statements contained in this press release speak only as of the date hereof and the
Company disclaims any obligation to provide public updates, revisions or amendments to
any forward-looking statements made herein to reflect changes in the Company's
expectations or future events.
CONTACT: Robert Birnbach
Chief Financial Officer
e-mail: info@dualstar.com
Voice: 718.340.6655
Fax: 212.616.6254
15:32 EST FEBRUARY 24, 2000 |
