Insignia Systems, Inc. Embarks on Next Chapter in Company’s Evolution
MINNEAPOLIS--(BUSINESS WIRE)-- Insignia Systems, Inc. (ISIG) today commented on the finalization of several previously announced corporate changes.
In the culmination of its CEO succession plan, the Company appointed Glen P. Dall as its President and Chief Executive Officer and also elected him as a member of the Board of Directors, effective July 17, 2013. Scott F. Drill, who previously served as the Companys Chief Executive Officer, was appointed Senior Advisor effective July 17, 2013, and retired from the Board of Directors effective August 19, 2013. Gordon F. Stofer, who had been the Chairman of the Board of Directors, retired from the Board effective August 19, 2013. Additionally, Gary L. Vars was appointed to the Board of Directors effective August 20, 2013 and David J. Boehnen was appointed Chairman of the Board.
CEO Glen Dall commented, I want to acknowledge Scott Drills and Gordon Stofers significant contributions over the past several years and thank them for the guidance, perseverance, and leadership they have exhibited during their tenure with the Company. I can safely say that the Company would not be as strong as it is today without Scotts and Gordons involvement. I am also pleased that Gary Vars has joined the Board of Directors. Gary brings a wealth of industry experience and will be integral in furthering several key initiatives we are working on corporately.
Mr. Dall continued, We now have four straight profitable quarters behind us, with the third quarter of 2013 looking strong. During the past four quarters, we have generated revenues of nearly $25 million, and produced EBITDA of nearly $3 million over that time period. While I am pleased with these results, we are constantly looking for areas for future growth and planning so that growth can be achieved in an efficient manner that produces a positive return for our shareholders. We have a strong management team in place and we will continue to make strategic hires and other investments in our Company where needed. As we embark on this next chapter in our Companys evolution, I am optimistic about what lies ahead of us and the results that our hard work will produce.
About Insignia Systems, Inc.
Insignia Systems, Inc. is a developer and marketer of in-store media solutions, programs and services to retailers and consumer goods manufacturers. Through its Point-Of-Purchase Services (POPS) business, Insignia inspires shoppers and delivers value by providing at-shelf advertising solutions in an available network of over 13,000 chain retail supermarkets, over 1,700 mass merchants and 7,000 dollar stores. Through the nationwide POPS network, over 200 major consumer goods manufacturers, including General Mills, Kellogg Company, Hormel, Nestlé, and Armour-Eckrich, have taken their brand messages to the point-of-purchase. For additional information, contact (888) 474-7677, or visit the Insignia website at www.insigniasystems.com.
Cautionary Statement for the Purpose of Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
Statements in this press release which are not statements of historical or current facts are considered forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. The words believes, expects, anticipates, seeks and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these or any forward-looking statements, which speak only as of the date of this press release and conference call. Statements made in this press release by the Company or its President and CEO Glen Dall, regarding, for instance: current expectations as to future financial performance (including but not limited the third fiscal quarter of 2013 and results for fiscal year 2013); our expectations as to future growth in an efficient manner, strategic hiring and other investments in the Companys business. These forward-looking statements are based on current information, which we have assessed and which by its nature is dynamic and subject to rapid and even abrupt changes. As such, actual results may differ materially from the results or performance expressed or implied by such forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including: (i) the risk that management may be unable to fully or successfully implement its business plan to achieve and maintain profitability in the future; (ii) the risk that the Company will not be able to expand core product offerings or to develop and implement new product offerings in a successful manner; (iii) the unexpected loss of a major consumer packaged goods manufacturer relationship or retailer agreement or loss of our relationship with News America or Valassis; (iv) prevailing market conditions in the in-store advertising industry, including intense competition for agreements with retailers and consumer packaged goods manufacturers and the effect of any delayed or cancelled customer programs; (v) potentially incorrect assumptions by management with respect to the financial effect of cost containment or reduction initiatives, current strategic decisions, current sales trends for fiscal year 2013; and (vi) other economic, business, market, financial, competitive and/or regulatory factors affecting the Companys business generally, including those set forth in our Annual Report on Form 10-K for the year ended December 31, 2012 and additional risks, if any, identified in our Quarterly Reports on Form 10-Q and our Current Reports on Forms 8-K filed with the SEC (SCUR). Such forward-looking statements should be read in conjunction with the Company's filings with the SEC. The Company assumes no responsibility to update the forward-looking statements contained in this press release or the reasons why actual results would differ from those anticipated in any such forward-looking statement, other than as required by law.
Insignia Systems, Inc.
Glen Dall, CEO, 763-392-6200
Source: Insignia Systems, Inc.Copyright Business Wire 2013