Unitec International Controls Corp UIC
Shares issued 28,825,796 Nov 3 close $0.10
Fri 3 Nov 2000 News Release
John B. Smyth has resigned as president of Unitec International Controls.
Mr. Smyth, as the founder of Unitec International Controls, has provided
vision and leadership to the company since it went public in late 1993.
During the first four years from 1994 to 1997, the company increased sales
from $243,000 to $2,456,000, a compound growth rate of over 78 per cent.
This was achieved through the application of many of the innovations
applied by Mr. Smyth in the areas of technology and marketing, as the
company established itself as a niche player in the worldwide SCADA market
which is valued at hundreds of millions of dollars per year.
Mr. Smyth will remain as a director of the company, and will continue to
provide assistance in this capacity. Mr. Smyth decided to leave the company
as an active participant in the day-to-day operation to pursue new
technical opportunities in the vision and facial recognition field, and
other areas unrelated to Unitec's business. The board would like to thank
Mr. Smyth for his past leadership of Unitec and wish him success in his
future endeavours.
Earl G. Hotrum, chairman of the board, will assume the role of president
until such time as a replacement is in place. The company will continue to
focus on the several large projects on which it is short listed and on
financial restructuring. Success on these and future projects on the
horizon will put Unitec back on the growth track achieved in the early
years of the company.
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