FAIRFAX, Va., Dec. 14, 2020 (GLOBE NEWSWIRE) -- Information Analysis Incorporated (IAIC: OTC MARKETS), an information technology product and services company specializing in adapting legacy systems to modern secure platforms and capabilities, today announced that Sandor Rosenberg, Chief Executive Officer and Chairman of the Board, will retire as CEO and Chairman effective December 31, 2020, but will continue to provide guidance and oversight as a member of IAI’s Board of Directors. Stan Reese, current Chief Operating Officer, was appointed by the Board of Directors as interim President and Chief Executive Officer effective January 1, 2021.
Sandor Rosenberg founded IAI in 1979, and took the Company public in 1986. He has guided IAI diligently through times of rapid expansion and times of severe cash impairment, through acquisition and divestiture, and through ever-changing priorities of federal government funding, always adapting to weather the storms and meet the next set of challenges and opportunities.
"I am grateful to have spent over 40 years with this company," said Rosenberg, "and am proud of what our IAI team has accomplished. I step down with the Company in excellent condition. Results in 2020 exceeded both our own expectations and those of our shareholders. As a result, the Company is operationally and financially strong. We have an exciting plan for the future, and a successor management team with a vision. All of this gives me great confidence about IAI’s future success."
Upon Rosenberg’s recommendation, the Company's board of directors has unanimously elected Stan Reese to serve as interim Chief Executive Officer and President effective January 1, 2021. Reese has served as Chief Operating Officer since 1999. Reese joined IAI in 1993 as a Senior Manager and he became Senior Vice President of the modernization practice in 1997. Prior to joining the Company, Reese served as Vice President of Technical Services for TOMCO Systems, Inc. Reese received a Bachelor of Arts from George Mason University in 1979.
"Stan is well prepared to lead IAI through a transition to a new CEO," continued Rosenberg. "His leadership, personal style, and deep understanding of our business qualify him to step into this role in January. He is well-respected across the industry, he inspires IAI employees, and he represents the company's vision and core values."
"I am delighted with being entrusted to lead IAI during a time of deep challenges and unprecedented opportunity," said Reese. “In my new role, I will seek to further exploit our competitive edge and target expansion in cyber security and cloud services and create a solid foundation for the next generation of IAI’s leadership.”
About Information Analysis Incorporated
Information Analysis Incorporated (www.infoa.com), headquartered in Fairfax, Virginia, is an information technology product and services company. The Company is a software conversion specialist, modernizing legacy systems and securely extending their reach to the Cloud and more modern platforms.
Additional information for investors
This release may contain forward-looking statements regarding the Company's business, customer prospects, or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in the forward-looking statements. Investors should read and understand the risk factors detailed in the Company's 10-K for the fiscal year ended December 31, 2019 and in other filings with the Securities and Exchange Commission.
| Contact: | Matt Sands, Principal Financial Officer |
| (703) 293-7925 | |
| msands@infoa.com |