CFO Will Remain with Company Throughout Successor Search and Transition
BILLERICA, Mass., June 23 /PRNewswire-FirstCall/ -- GSI Group Inc.,
(Nasdaq: GSIG; TSX: GSI) announced today as part of a planned transitional
move, Tom Swain, Chief Financial Officer, has notified the Company of his
intent to retire as CFO once his successor has been named. Mr. Swain will
continue to serve as Vice President responsible for compliance and business
controls until his retirement July 2007, after which he may elect to serve as
a consultant to the Corporation. Mr. Swain will serve on the CFO search
Committee with the President and CEO and Chairman of the Board.
"We are extremely fortunate to have had Tom's leadership as CFO during one
of the most challenging periods of GSI's history. The challenges were further
compounded by the increasingly complex regulatory environment facing all
public companies. I am particularly pleased that Tom has agreed to continue
with us to ensure a seamless transition and to accelerate the upgrade of our
control systems and processes," said Charles Winston, President and CEO.
Mr. Swain has been with GSI Group since 1996 as a result of the
acquisition of View Engineering where he served as CFO and later, CEO. Prior
to becoming CFO for GSI Group in 2000, Mr. Swain held a number of key
assignments including division management and business development.
New General Counsel Announced
GSI is also pleased to announce the appointment of Daniel Lyne as General
Counsel and Secretary for the Corporation. Prior to joining GSI, Mr. Lyne was
partner at Hanify and King where he specialized in Business Litigation,
Intellectual Property and Financial and Accounting Litigation for nearly
twenty years.
As a member of the Executive Team reporting to the President and CEO,
Charles Winston, Mr. Lyne will be responsible for developing and protecting
the strategic and operational interests of the Company. "I am pleased to have
Dan on my team where his skills and experience will be invaluable. Dan has
been working with GSI for over fifteen years on various matters as external
counsel, so he comes with intimate knowledge of our company," said Charles
Winston.
Safe Harbor
Certain statements in this news release may constitute forward-looking
statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the United States Securities Act
of 1933 and Section 21E of the United States Securities Exchange Act of 1934.
These forward-looking statements may relate to anticipated financial
performance, management's plans and objectives for future operations, business
prospects, outcome of regulatory proceedings, market conditions, tax issues
and other matters. All statements contained in this news release that do not
relate to matters of historical fact should be considered forward-looking
statements, and are generally identified by words such as "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "objective" and other
similar expressions. Readers should not place undue reliance on the forward-
looking statements contained in this news release. Such statements are based
on management's beliefs and assumptions and on information currently available
to management and are subject to risks, uncertainties and changes in
condition, significance, value and effect. Other risks include the fact that
the Company's sales have been and are expected to continue to be dependent
upon customer capital equipment expenditures, which are, in turn, affected by
business cycles in the markets served by those customers. Other factors
include volatility in the semiconductor industry, the risk of order delays and
cancellations, the risk of delays by customers in introducing their new
products and market acceptance of products incorporating subsystems supplied
by the Company, similar risks to the Company of delays in its new products,
our ability to continue to reduce costs and capital expenditures, our ability
to focus R&D investment and integrate acquisitions and other risks detailed in
reports and documents filed by the Company with the United States Securities
and Exchange Commission and with securities regulatory authorities in Canada.
Such risks, uncertainties and changes in condition, significance, value and
effect, many of which are beyond the Company's control, could cause the
Company's actual results and other future events to differ materially from
those anticipated. The Company does not, however, assume any obligation to
update these forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting such forward-looking
statements.
Raymond Ruddy
Investor Relations of GSI Group
+1-978-439-5511 ext. 6170
http://www.gsigrp.com
SOURCE GSI Group Inc.
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CONTACT:
Raymond Ruddy, Investor Relations of GSI
Group, +1-978-439-5511 ext. 6170
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