MotorVac Names Rudy Wolf to Board of Directors
18 November 1999
MotorVac Names Rudy Wolf to Board of Directors; Company Continues Practice of Compensating Board Members Exclusively With MotorVac StockSANTA ANA, Calif.--Nov. 18, 1999--MotorVac Technologies Inc. Thursday announced that it has named Rudy Wolf, group publisher with Cygnus Business Media and former president of Professional Tool & Equipment News Publishing Inc., to the company's board of directors.
Wolf replaces Daniel P. Whelan, who resigned from the board in October. MotorVac also announced that it is continuing its practice of providing all-stock compensation to its directors, including Wolf.
Wolf, who has spent the last 30 years working in the automotive industry, founded Professional Tool & Equipment News Publishing in 1990 with his flagship publication Professional Tool & Equipment News, which covers tools, equipment and their benefits to the automotive technician.
Earlier this year Wolf sold the publishing company, which had grown to include three leading automotive and truck business-to- business magazines, to Cygnus Business Media.
Prior to founding Professional Tool & Equipment News Publishing, Wolf managed his own independent rep firm, where he represented 11 national magazines, including Motor Magazine, Modern Tire Dealer, Jobber Retailer, Sportscar and Sema News. Previously, he served as publisher of Tire Review and Heavy Duty Marketing Magazine.
Wolf received his degree in marketing from Fairleigh Dickenson University in Teaneck, N.J.
"We are pleased to announce the addition of Rudy Wolf to MotorVac's board of directors," stated Lee Melody, president and chief executive officer of MotorVac. "Rudy brings to the company a wealth of knowledge and experience in the automotive aftermarket and industrial equipment market, and we look forward to his contributions to the execution of our strategies for future growth.
"Regarding the board compensation plan," Melody added, "as we seek to build value at MotorVac, we believe it is beneficial to more fully align the interests of board members with those of our shareholders."
About MotorVac Technologies Inc.
MotorVac Technologies designs, develops, assembles and markets unique technological solutions for the service and repair of automotive fluid systems. Product lines include specialty chemicals and shop equipment for servicing fuel, coolant and transmission systems. MotorVac's products are distributed to service shops, fleets and government agencies in more than 70 countries worldwide.
For additional information, visit MotorVac's Web site at www.motorvac.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The company intends that such forward-looking statements shall be protected by the safe harbor provided for in such sections. In particular, statements regarding future results are subject to the risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, governmental and technological factors, including, among other things, changes in laws, the size and timing of customer orders, new or increased competition, unexpected increases in expenses, delays in acceptance of new products, product returns, seasonality in product purchases by distributors and end users, and pricing trends in the automotive after-market industry in general and, in specific, markets in which the company is active. Any of these factors, or others, could cause operating results to vary significantly from prior periods and those projected in the forward-looking statements. The making of these forward-looking statements shall not in any way obligate the company to update or correct the foregoing estimates or projections. Additional information with respect to these and other factors which could materially affect the company and its operations is included in the company's filings with the Securities and Exchange Commission, including its Annual Report or Form 10-KSB for the year ended Dec. 31, 1998, and any subsequent filings.
Note to Editors: MotorVac is a registered trademark of MotorVac Technologies Inc.