IRVINE, Calif., March 17, 2004 (PRIMEZONE) -- Military Communications Technologies Inc. (OTCBB:MLTA), announced today that it has appointed a new Chief Executive Officer and a new Chief Financial Officer to manage the expansion and consolidation of the operational activities of the Company. These new appointments will become effective as of March 22nd, 2004.
Mr. Jim Smith has been appointed as the CEO. Mr. Smith has over 35 years of diversified management experience in a range of high tech companies including Harris Semiconductor, Hamilton/Hallmark, McKesson Drug Company, Decision Dynamix and Texas Instruments.
Mr. Myles O'Dwyer has been appointed the CFO. Mr. O'Dwyer has over 26 years of experience with a range of companies including Decision Dynamix, McKesson Drug Company, Hamilton Hallmark, and Ashton Tate.
Mr. Smith and Mr. O'Dwyer have a long and successful history of working together as a management team. In their corporate experience they have taken on the senior management roles of several Fortune 50 companies at a president and vice president level.
The appointment of the new management team for the company follows several weeks of negotiations and a visit to the Melbourne, Australia development facility of Military SDR Technologies, during the week of March 8th 2004 by the two executives.
Expanded Operations & US Engineering Facilities
The primary task and area of responsibility of the new executives will be to establish an expanded base of operations for MLTA including Corporate Offices, Sales & Marketing, and a substantial engineering facility in the Silicon Valley area of northern California.
Roger May -- Resignation
The appointment of Mr. Jim Smith as CEO sees Mr. Roger May resign from the key management position. Mr. May will remain directly involved in the company as an Executive Director for the foreseeable future. Mr. May said of the appointment, "We are excited by the caliber and experience of this 'high-level' management team, and are confident that they will bring the expertise and experience necessary for MLTA to expand the revenue generating base of operations for the SpectruCell and PC4 technology, and the APM product range, in the US market."
The services of Mr. Smith and Mr. O'Dwyer have initially been engaged on a four-month consulting basis automatically rolling over into multi-year employment contracts that will be finalized during the initial term.
About Military Communications Technologies
Military Communications Technologies, Inc. is a technology company involved in the development and distribution of proprietary software defined radio (SDR) commercial and military mobile wireless network applications. The Company's core product, PC4 is specifically targeted to the demands of the Military and Homeland Defense agencies for large-scale defense grade reconfigurable wireless communications systems. PC4, which stands for Programmable, Command, Control, Compute, and Communicate, is a next-generation SDR framework and proprietary operating system uniquely designed for interoperable, lightweight and mobile military communications systems. The PC4 framework is also especially suitable for radar and high-speed digital RF and GSM surveillance systems. The Company's proprietary SpectruCell(tm) technology offers commercial wireless providers a cost-effective, software-based method to upgrade systems to next-generation standards and makes networks interoperable with most wireless protocols.
Statements in this release, which relate to other than strictly historical facts, including statements about the Company's plans and strategies, as well as management's expectations and new and existing products, technologies and opportunities, market growth, demand for acceptance of new and existing products, are forward-looking statements. The words, "believe," "expect," "anticipate," "estimate," "project," and similar expressions identify forward-looking statements that speak only as the date hereof. This press release contains certain forward-looking statements regarding Military Communications Technologies, INC. ("MLTA"), its business prospects and results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause MLTA's actual business, prospects and results of operations to differ materiality from those that may be anticipated by such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by MLTA in this news release and other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect MLTA's business.