SAN DIEGO, Jan. 14, 2004 (PRIMEZONE) -- Axesstel, Inc. (OTCBB:AXES), a leader in developing, manufacturing and marketing high-quality, CDMA-based fixed wireless local loop (WLL) terminals, hybrid phones, and engineering solutions to operators worldwide, today announced that it has appointed telecommunications veteran David L. Morash to the newly created position of Chief Operating Officer.
Mr. Morash, 58, joins Axesstel from REMEC, Inc., in San Diego, where he was Executive Vice President and Chief Financial Officer (CFO) between 2001 and the present. In that assignment, he acted as the key driver in a reorganization of the $400 million wireless infrastructure and electronic warfare equipment firm from 17 individual business units into three groups, including a 1,700-person worldwide reduction in staff, the integration of ERP and other systems into the operating structure and an upgrade of the management organization. Earlier, as Executive Vice President and CFO with wireless data innovator Wireless Knowledge, a Qualcomm and Microsoft joint venture, from 2000 to 2001, Mr. Morash established the financial and administrative organization of the company. During his tenure, the company successfully introduced its first products to the market, and doubled in size to over 200 employees in preparation for going public.
"We are pleased to welcome David Morash to our executive team in the key position of Chief Operating Officer," commented Mike Kwon, Chairman of Axesstel, Inc. "Every achievement in his background demonstrates his 'make-it-happen' attitude in action and his expertise in driving and managing above-average growth. His proven track record includes several highlights that will be important to Axesstel, including maximizing the value of international operations, cultivating effective financial resources and skillfully steering businesses through periods of rapid expansion and change. We feel very fortunate that he is joining us at this exciting point in our corporate development."
From 1994 to 2000, as Executive Vice President and CFO for Safeskin Corporation, Mr. Morash had primary responsibility for growing the administration needed to support the growth of the leading latex glove manufacturer from sales of $57 million to $230 million, ultimately partnering with the CEO to sell the company to Kimberly Clark for a substantial premium over market. During his tenure, Safeskin's gross margins grew from 32 to 52 percent, and the company was recognized by Forbes, Fortune, Business Week and Inc. as an outstanding growth company with an ROE exceeding 100 percent and a compound annual sales growth rate of over 30 percent.
Earlier in his career, Mr. Morash was founder and Managing Director of management consulting firm Bedford Management Group; Executive Vice President and CFO with investment and management advisory firm HBSA Industries; Vice President and Treasurer of Merrill Lynch Realty, the largest relocation company and second largest real estate company in the U.S.; and a senior finance executive with Primerica, formerly American Can Company. Mr. Morash began his career as an executive with Chemical Bank. He holds an MBA from Columbia Graduate School of Business and a BA from Columbia College.
About Axesstel, Inc.
Axesstel, Inc. (OTCBB:AXES) is powering the next generation of wireless, fixed and hybrid mobile devices based on CDMA, CDMA2000, 802.11, and emerging 3G and 4G broadband IP technologies. The company is pursuing technology and applications that will enable the development and delivery of carrier-class subscriber based solutions, including fixed terminals, handsets and wireless payphones. To date, Axesstel's Qualcomm-licensed products can be found in more than 15 countries worldwide. The company is headquartered in San Diego, Calif. with a research and development center in Seoul, Korea. For more information, visit the company's Web site at www.axesstel.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above include forward-looking statements that involve risk and uncertainties. The Company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include but are not limited to the risk factors noted in the Company's filings with the Securities & Exchange Commission, such as the rapidly changing nature of technology, evolving industry standards and frequent introductions of new products and enhancements by competitors; the competitive nature of the markets for Axesstel's products; Axesstel's ability to gain market acceptance for its products; the Company's ability to attract and retain skilled personnel; and the Company's reliance on third-party suppliers.