Company Press Release
Source: Quadrax Corporation
Quadrax Corporation Hires New CFO and Centralizes
Accounting Effort
PORTSMOUTH, R.I., Aug. 6 /PRNewswire/ -- Quadrax Corporation (Nasdaq:QDRX) is
pleased to announce that Mr. Brooks R. Herrick has joined the company as its Chief Financial
Officer. Mr. Herrick replaces Edward A. Stoltenberg who has decided to pursue other interests
outside of Quadrax.
Mr. Herrick, brings over 30 years of finance and accounting experience to Quadrax. Most
recently, Brooks was with Amtrol, Inc., a $180 million Warwick, Rhode Island-based
manufacturer of water systems and HVAC products. During his tenure at Amtrol, Brooks served
as the Vice President of Finance and Corporate Controller. At Amtrol, Brooks was instrumental
at evaluating and consummating strategic acquisitions, implementing major cost saving initiatives
and facilitating all aspects of the corporate accounting function. Prior to Amtrol, Brooks served in
a similar role at Damon Corporation, a $350 million dollar clinical laboratory that was acquired by
Corning in 1993.
In his new role, Brooks will assume complete accounting responsibility for the entire Quadrax
organization including its Vista, California based golf shaft production facility as well as the
Portsmouth, Rhode Island facility which produces all other products. Additionally, all accounting
personnel at Quadrax's wholly-owned subsidiary Victor Corporation will report to Mr. Herrick.
Commenting on Mr. Herrick's addition to the Quadrax management team, Chairman and CEO,
James J. Palermo stated, ``I am delighted that Brooks has decided to join us. He brings to
Quadrax a proven record of success in all aspects of accounting, corporate finance and SEC
reporting. He is a creative and innovative thinker with an entrepreneurial spirit that will allow him to
add value in many dimensions.''
Continuing, Palermo said, ``This centralization of our accounting and reporting efforts will lead to
substantial cost savings for Quadrax. This is one more step towards our goal of streamlining the
entire Quadrax organization and the achievement of profitability.''
Quadrax produces thermoplastic composite materials using a patented fabrication and
manufacturing process. The materials are used in a wide range of high performance commercial
and consumer products including golf club shafts, hockey stick shafts, lacrosse stick shafts,
mountain bike handle bars and bicycle wheel components.
SOURCE: Quadrax Corporation |
