OTTAWA, Feb. 06, 2019 (GLOBE NEWSWIRE) -- Enablence Technologies Inc. (“Enablence” or the “Company”) (TSXV: ENA), a leading supplier of optical components and subsystems for access, metro and long-haul markets, today announced changes to the composition of its executive management team with changes to its CEO and CFO, changes to its Board of Directors following its Annual and Special Meeting of Shareholders and the receipt of a US$4 million purchase order from a new customer.
Appointment of New Chief Executive Officer Adds Significant Industry Experience and Relationships and New Interim Chief Financial Officer
Steve Wang has been appointed as Chief Executive Officer of the Company, effective immediately. Mr. Wang replaces Evan Chen who has stepped down as CEO of the Company. Mr. Chen will continue to serve as a Director of Enablence.
Mr. Wang is a seasoned technology executive with over 25 years of industry experience. Mr. Wang has held senior management positions at Alien Technology, Checkpoint System Inc. and Finisar. Mr. Wang holds 70 Patents. He earned a Ph.D. in Electrical Engineering from Technical University of Denmark in 1991, and a Ph.D. (ABD) in Semiconductor Physics from Jilin University in China in 1987.
In addition, the Company announced that Todd Zhang, Chief Financial Officer of the Company, is also stepping down. Gerald Leahy will assume the position of Interim CFO along with his current duties as Corporate Treasurer, a position Mr. Leahy has held at the Company since 2012.
Changes to Board of Directors
At the Annual and Special Meeting of Shareholders held on February 5, 2019, Derek H. Burney, Louis De Jong, Dan Shmitt, Evan Chen and Yongxing Zhu were elected directors of the Company. Additionally, Derek H. Burney has been appointed Chairman of the Board of Directors.
US$4 million Purchase Order from New Customer
The Company has received an initial purchase order for multiplexer and demultiplexer chipsets from a new customer. The purchase order is valued at approximately US$4 million with delivery expected over the next 14 months. The order will be completed at Enablence’s facility in Fremont, California.
Steve Wang, CEO of Enablence, stated, "We are pleased to have received this initial purchase order. The order reflects the significant efforts Enablence has made to reinvigorate our sales momentum. We believe the Company is well positioned to execute on additional new business opportunities over the comings months."
About Enablence Technologies Inc.
Enablence is a publicly traded company that designs, manufactures and sells optical components and subsystems to a global customer base. It utilizes its patented technologies, including planar lightwave circuit intellectual property, in the production of an array of photonic components and broadband subsystems that deliver a key portion of the infrastructure for current and next-generation telecommunication systems. The Company’s product lines address all three segments of optical networks: access – connecting homes and businesses to the network; metro – communication rings within large cities; and long-haul – linking cities and continents. For more information, visit www.enablence.com.
Forward-looking Statements
This press release may contain forward-looking statements regarding the business of the Company based on current expectations and assumptions which involve risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this press release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's continuous disclosure documents that can be found on SEDAR www.sedar.com. Enablence does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
For further information contact:
Enablence Technologies Inc.
+1 613 656-2850 ext. 2
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