Racom Appoints New CEO
DENVER--(BUSINESS WIRE)--Aug. 12, 1998--Racom Systems, Inc. (NASDAQ: RCOM - news), a provider of contactless smart card solutions announced today that it has named Arthur B. Rancis as its new President and Chief Executive Officer.
Mr. Rancis, the former Vice President of Samsung's Electronics Product Innovation Lab, has 20+ years of successful global experience, holding executive management positions in sales, marketing and business development. At Samsung, he was responsible for directing the formulation and development of new product and partnership initiatives for their consumer electronics and information technology products.
Previously, Mr. Rancis was at Sony Electronics as Vice President of development and technology coordination. He also managed a number of sales, marketing and engineering units and directed Sony's entrance into various new media, consumer electronics, professional and wireless product businesses. Prior to Sony, Mr. Rancis held several key management positions at Storage Technology Corporation [NYSE:STK] within its domestic and international operations divisions. He was instrumental in the company's international turn-around which reorganized seven of eight subsidiaries while conducting ongoing business activities in 26 countries covering five continents. While with Tektronix Corporation, Mr. Rancis managed regional sales and OEM accounts within the company's broadband products organization.
''Mr. Rancis has held significant sales, marketing, business development and general management positions in the consumer electronics, computer and communications industries, all of which have generated millions in revenue for a number of leading and well respected organizations,'' said John A. Hinds, Chairman of Racom's Board of Directors. ''The entire smart card and electronic commerce industry is based on the application of convenient, yet secure information transfer across virtually every industry now in existence. It is precisely his industry convergence background that Racom was searching for and with his breadth of experience, Mr. Rancis will successfully lead the company in meeting the aggressive goals we have established. We are extremely pleased Mr. Rancis has joined the Racom organization and we look forward to benefiting from his experience and leadership,'' Mr. Hinds continued.
Racom Systems, Inc., headquartered in Denver, Colorado, develops and markets smart card-based systems that automate transactions for electronic commerce, information technology, physical and logical access control and industrial automation. Racom's system applications are designed to deliver solutions that provide secure, convenient and personalized access to money, information, property, and services.
For further information about Racom, its technology and products, contact Racom at its Web address, racom.com, by telephone at (303) 771-2077, or by fax at (303) 771-4708.
Investors should carefully consider the preceding information as well as other information contained in this press release before making an investment in the Common Stock. Information contained in this press release contains ''forward-looking statements'' which can be identified by the use of forward-looking terminology such as ''believes,'' ''expects,'' ''may,'' ''should'' or ''anticipates'' or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. No assurance can be given that the future results covered by the forward-looking statements will be achieved. The preceding matters constitute cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties that could cause actual results to vary materially from the future results covered in such forward-looking statements. Other factors could also cause actual results to vary materially from the future results covered in such forward-looking statements.
------------------------------------------------------------------------
Contact:
Racom Systems Inc., Denver
Michele Carpino, Marketing, 303/773-7403
Fax: 303/771-4708
Marty Cohen, Investor Relations, 972/771-6783
Fax: 972/771-4541 |
