IRVINE, Calif., Nov. 10, 1999 (PRIMEZONE) -- Litronic Inc. (Nasdaq:LTNX) today announced the resignation of Tom W. Seykora, the company's chief financial officer. Mr. Seykora is leaving Litronic to pursue other interests. On an interim basis, Litronic's controller, Ray Russomanno, will serve as chief financial officer as Litronic searches for a permanent replacement for the CFO position.
Kris Shah, Litronic's chief executive officer, said, "Tom has made a great contribution to Litronic, particularly during our recent IPO, and we wish him well in his future endeavors. We are at an exciting time in our history, and we remain focused on executing our growth plan and will be bringing on a CFO who can continue to advance our strategic and financial initiatives."
About Litronic
Litronic provides professional Internet data security services and develops and markets software and microprocessor-based products needed to secure electronic commerce business transactions and communications over the Internet and other communications networks based on Internet protocols. Litronic's primary data security products use an advanced form of computer security technology referred to as PKI. Litronic's Internet security products can be used with world-wide-web browsers, including Netscape Communicator and Microsoft Internet Explorer. Further, Litronic provides the PKI hardware and software components that enable software applications developers to incorporate robust data security into applications such as data base management, e-mail, e-commerce, financial, medical, legal and other sensitive data systems.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this news release relating to the projected growth of e-commence and of the Internet security market; and to Litronic's ability to penetrate the Internet security market, to integrate our June 1999 acquisition and to transition to commercial markets are forward-looking statements that involve a number of risks and uncertainties, including competition from companies with greater financial and technical resources than Litronic, the difficulty in continuing technical innovation (particularly in light of the competitive market for technical personnel), the effect of differing corporate cultures on the integration of our June 1999 acquisition and the acceptance of Litronic's products in the commercial marketplace. Other risks inherent in Litronic's business are described in its Securities and Exchange Commission filings, including the Company prospectus. Litronic undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.