ST. PAUL, Minn., Jan. 9, 2012 (GLOBE NEWSWIRE) -- Aetrium Incorporated (Nasdaq:ATRM) today announced that the Company has reorganized its operations along product lines into its Reliability Test Products Division and its Test Handler Division. Joseph C. Levesque, Chairman and CEO of Aetrium, stated, "The changes are meant to maximize both the short and long term revenue and profit potential of Aetrium's two very distinct product lines. Both product lines are sold into the semiconductor industry but they are typically not sold to or installed at the same facilities and are best served by different sales channels and marketing strategies. Revenues from Aetrium's test handler products are primarily driven by production volumes of semiconductors while revenues for reliability test products are generally driven by technology changes within the industry. Another difference in the product lines is that test handler product revenues have proven to be very cyclical over the years while reliability test products have proven to be much less so. The reorganization will provide new autonomy and focus to deal with the widening differences in cycles and market drivers for our product offerings."
Effective immediately, Timothy McMullen will assume the title of Vice President and General Manager of Aetrium's Reliability Test Products Division. Mr. McMullen has been a long term senior manager at the Company. He has held numerous positions in the reliability test product group and has held the title of Vice President since 2003. In his role, he will assume profit and loss responsibility for the division with the goal of maximizing both short and long term growth and profit opportunities. Mr. Levesque stated, "We believe that our reliability test products are in direct alignment with the technology demands of the semiconductor industry as it continues to drive to new performance and price goals via shrinking geometries and the adoption of new materials. We have had great success with our reliability products in the last couple of years and currently count all of the top five and eight of the top ten semiconductor manufacturers among our existing customers. Our goal is to leverage our recent successes as we move forward with a more direct and singular focus from this division."
Also effective immediately, Timothy Foley will assume the title of Vice President and General Manager of Aetrium's Test Handler Division. Mr. Foley has been a long term senior manager at Aetrium and has held the title of Vice President since 1996. Mr. Foley will assume profit and loss responsibility for the division with the goal of maximizing revenue and profits in this very cyclical area of the semiconductor industry. Mr. Levesque stated, "We have world class test handler products to offer to semiconductor manufacturers as they look to increase their production capacity. We are currently in long term product evaluations at both existing and new customers. We expect that the divisional structure will allow us to focus our efforts more clearly on short and long term prospects and use our resources to our best advantage."
Both Mr. McMullen and Mr. Foley will report directly to Mr. Levesque in their new roles. Gary Quasabart, who previously reported directly to Mr. Levesque as Vice President of Sales, will report directly to Mr. Foley with the same title and a singular focus on the Test Handler Division. Charles Sletten, who also previously reported to Mr. Levesque as Vice President of Engineering, will also report directly to Mr. Foley with the same title and a singular focus on the Test Handler Division.
Certain matters in this news release are forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, adverse domestic or global economic conditions, slowing growth in the demand for semiconductor devices, the volatility and cyclicality of the microelectronics industry, changes in the rates of capital expenditures by semiconductor manufacturers, progress of product development programs, unanticipated costs associated with the integration or restructuring of operations, and other risk factors set forth in the Company's SEC filings, including its Form 10-K for the year ended December 31, 2010.
Aetrium, based in North St. Paul, Minnesota, is a leading supplier of proprietary technologies and equipment that are used by the worldwide semiconductor industry to test integrated circuits. The Company's products are used by customers to advance reliability, improve quality, increase product yield or improve manufacturing processes. Aetrium's common stock is publicly traded on the Nasdaq market under the symbol ATRM. More information about Aetrium is available on the internet at http://www.aetrium.com/">www.Aetrium.com.
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