Laser Technology Appoints New Board Members and Corporate Officers
7 March 2000
Laser Technology Appoints New Board Members and Corporate OfficersENGLEWOOD, Colo., March 7 Laser Technology, Inc. (Amex: LSR), a leading designer, manufacturer and marketer of pulse laser measuring instruments and systems, today announced that the Company's Board of Directors has taken immediate steps to ensure continuity of internal management and to strengthen its outside director group. These steps are aimed at further supporting the return to profitability achieved during the quarter ended December 31, 1999. At the Board of Directors meeting held on Friday, March 3, 2000, William P. Behrens, Edward F. Cowle and Walter R. Keay were named to the Board, filling three of four recently announced vacancies. They join H. DeWorth Williams and Jeremy Dunne as Directors. Mr. Behrens is Chief Executive Officer of Investec Ernst & Company, member of the New York Stock Exchange and other major exchanges. Mr. Behrens was a member of the American Stock Exchange nominating committee, is currently an American Stock Exchange Official, and is Vice Chairman, NASD District #10 Business Conduct Committee. Mr. Cowle for the past five years has engaged in financial public relations for a number of publicly held companies. He was previously Senior Vice President-Investments, of Paine Webber, members NYSE. Mr. Keay was formerly President of Knickerbocker Securities, Inc., member of the National Association of Securities Dealers. His firm was the original underwriter of Laser Technology, Inc., prior to its listing on the American Stock Exchange. Mr. Keay was formerly a Director of Laser Technology, Inc. in 1993. He is currently President of Knickerbocker Capital, Inc., an investment banking consulting firm. The Board expressed its opinion that these additions will aid Laser in its pursuit of growth, both internally and through acquisition, and will add a high degree of professionalism in order to bolster the Company's credibility and relationships with its shareholders and within the investment community. The Board of Directors subsequently appointed Eric Miller as President and Chief Executive Officer of Laser Technology, Inc., and Roosevelt Rogers as Vice President. Mr. Miller has been employed by the Company for eleven years and has been Engineering Manager for the past six years. Mr. Rogers has been employed at the Company for over three years and is currently General Sales Director for Laser Technology. A Board of Directors meeting will be held this week to appoint one additional outside director, to set an agenda for exploring further additions or changes in the management structure, and to implement a program to create a better flow of information to shareholders. Laser Technology, Inc. manufactures and markets laser-based speed and distance measuring instruments which utilize proprietary technology developed by the Company. Its products are sold worldwide and are used in a wide variety of applications, including traffic speed enforcement, natural resource management, GIS mapping, surveying, sporting/recreational activities, and industrial process control. The Company's headquarters and primary manufacturing facilities are located in Englewood, Colorado, and its common stock traded on the American Stock Exchange under the ticker symbol "LSR". This press release includes statements which may constitute "forward- looking" statements, usually containing the words "believe," "project," "expect" or similar expressions. Any forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned forward- looking statement inherently involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, new products and technological developments, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.