Pierre Guilbault, Dan Casey and Alan Krock Bring Industry Expertise to
Board
MILPITAS, Calif., Sept. 8 /PRNewswire-FirstCall/ -- Sipex Corporation
(OTC: SIPX.PK) today announced the appointment Pierre Guilbault, Dan Casey
and Alan Krock to its Board of Directors. In order to accommodate the
appointment of the three new directors, the Board has approved an increase
in the number of authorized directors from eight to ten. The expansion of
Sipex's Board of Directors ensures the Company will continue to benefit
from a diversity of experience and opinions. "We believe that Pierre, Dan
and Alan are excellent candidates because of their broad management
experience in established companies, proven leadership skills and their
reputation as independent and creative thinkers," said Ralph Schmitt, Chief
Executive Officer of Sipex. "As part of the transformation of the Company,
Sipex has developed a new operational plan and announced the completion of
restating its financial statements. In addition, we have settled both the
class action and derivative lawsuits, and with the addition of these three
new directors, we have achieved another milestone. Sipex wanted to add
appropriate representation from our largest shareholder, Future
Electronics, and bring the expertise of an experienced CFO to the Board."
In addition to Messrs. Guilbault, Casey and Krock, the members of
Sipex's Board are Brian Hilton, Chairman of the Board; Ralph Schmitt, Chief
Executive Officer; Joseph Consoli, John Arnold, Doug McBurnie, Lionel Olmer
and Thomas Redfern.
Pierre Guilbault has been with Future Electronics since 2002 as
Executive Vice President and CFO. Prior to joining Future, he was Executive
Vice President and CFO of Steinberg, Inc., Executive Vice President and CFO
of My Virtual Model, Inc. and Executive Vice President and CFO of Motion
International, Inc. Mr. Guilbault brings significant international
financial experience to the Board.
Dan Casey is currently an Executive Vice President with Future
Electronics. He has been with Future for 14 years and during that time has
been posted in London, where he managed Future's European operations and in
Singapore, where he managed Future's Asian operations. He is currently
responsible for International Operations and is based out of Future's head
office in Montreal, Canada. Prior to Future Electronics, he was President
of a division of ABB, Canada. He was employed at ABB for over 13 years. Mr.
Casey brings a diverse background of international operations, sales and
marketing to the Board.
Alan Krock is a Vice President and CFO of PMC-Sierra, Inc. Prior to
PMC- Sierra, Mr. Krock was the Vice President and CFO at Integrated Device
Technology, Inc., where he managed all aspects of the company's financial
and administrative functions. He also served as IDT's Vice President and
Corporate Controller and oversaw domestic and worldwide financial reporting
and systems. Prior to joining IDT, Mr. Krock was Corporate Controller for
Rohm USA and a senior manager at Price Waterhouse, now Price Waterhouse
Coopers, in the United States and Australia. Mr. Krock brings a wealth of
experience to the Board in the areas of current public financial
requirements, mergers and acquisitions.
About Sipex Corporation
Sipex Corporation is an analog semiconductor company that addresses
standard linear and application specific standard products (ASSP) for
customer systems that are primarily targeted at the consumer, networking
and industrial markets. The products are categorized into three synergistic
areas of power management, interface and optical storage. Sipex is a global
company with operations in Asia, Europe and North America. It is the
mission of the Company to create innovative analog products that enable
customers to produce differentiated products. For more information about
Sipex, visit http://www.sipex.com.
Safe Harbor
This press release contains forward-looking statements. Statements
regarding Sipex's beliefs, plans, expectations or intentions regarding the
future are forward-looking statements, within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Exchange
Act, as amended. All such forward looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. In particular, the forward-looking statements include the
statements regarding that Sipex will benefit from the service of its new
directors. These statements are predictions and involve risks and
uncertainties, such that actual results may differ significantly.
Additional risks and other important factors are detailed in various
Securities and Exchange Commission filings made periodically by Sipex,
particularly in its latest Annual Report on Form 10-K. The Company
disclaims any intention or obligation to publicly update or revise any
forward-looking statements, whether as a result of events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
For additional information, contact:
Ralph Schmitt Tel: 408-934-7500
Fax: 408-935-7678
Email: rschmitt@sipex.com
SOURCE Sipex Corporation
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Related links:
http://www.sipex.com
http://www.prnewswire.com/comp/111683.html/
CONTACT:
Ralph Schmitt of Sipex Corporation,
+1-408-934-7500, or fax, +1-408-935-7678, or rschmitt@sipex.com
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