PITTSBURGH, March 25, 2010 (GLOBE NEWSWIRE) -- Tollgrade Communications, Inc. (Nasdaq:TLGD) is pleased to announce today the appointment of Edward H. Kennedy as Chairman of the Board. Mr. Kennedy has been an independent board member of the Company since June 2009. As Chairman, Mr. Kennedy will work actively with Joe Ferrara, Tollgrade's CEO and President, in streamlining operations, focusing resources on organic growth initiatives and evaluating the Company's strategic alternatives to create shareholder value.
"Ed brings tremendous talent, leadership and executive experience to the Tollgrade team," said Mr. Ferrara. "He will be an invaluable resource to help us move the Company into an exciting new phase of development and to help unlock shareholder value," he added. "I look forward to working with him in his new role as Chairman."
Mr. Kennedy has a longstanding and successful track record of creating value at companies in the communications equipment industry. He was recently Chairman, CEO and President of Rivulet Communications, Inc., a video networking equipment company addressing the medical marketplace. Previously, Mr. Kennedy held executive positions in leading telecom companies such as Tellabs, as President, Ocular Networks, as CEO and President, and other executive level positions at Alcatel and Newbridge Networks.
"Tollgrade has excellent customer relationships, well established technology and a unique value proposition in the network test and assurance segment of the communications industry. I look forward to working with Joe and the team to leverage the Company's strengths and to pursue strategies that will create shareholder value," added Mr. Kennedy.
About Tollgrade
Tollgrade Communications, Inc. is a leading provider of network service assurance products and services for centralized test systems around the world. Tollgrade designs, engineers, markets and supports centralized test systems, test access and next generation network assurance technologies. Tollgrade's customers range from the top telecom providers, to numerous independent telecom and broadband providers around the world. Tollgrade's network testing, measurement and monitoring solutions support the infrastructure of telecom companies, as well as for power distribution companies. For more information, visit Tollgrade's web site at www.tollgrade.com.
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Forward-Looking Statements
The foregoing release contains "forward-looking statements" regarding future events or results 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 cautions readers that such "forward-looking statements" are, in fact, predictions that are subject to risks and uncertainties and that actual events or results may differ materially from those anticipated events or results expressed or implied by such forward-looking statements. In particular, the following risks could cause actual events or results to differ materially from the forward looking statements: (a) the inability of the Company to realize the benefits of our streamlining and organic growth initiatives due to unforeseen delays or other factors, and the risk that these initiatives will not adequately reduce costs, promote revenue growth, or restore profitability in the timeframe anticipated by the Company; and (b) the inability of the Company to increase shareholder value to the degree that we expect, or at all, through our evaluation and implementation of strategic alternatives. The Company disclaims any current intention to update its "forward-looking statements," and the estimates and assumptions within them, at any time or for any reason. Any number of factors that could cause actual events or results to differ materially from those contained in the "forward-looking statements" is included in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC") including, but not limited to, the Company's Form 10-K for the year ended December 31, 2009 and any subsequently filed reports. All documents are also available through the SEC's Electronic Data Gathering Analysis and Retrieval system at www.sec.gov or from the Company's website at www.tollgrade.com.