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Communications Systems Inc. Initiates Restructure and Names New Leadership to Advance Growth
Posted by CSI on December 18th, 2018
MINNEAPOLIS, Dec. 18, 2018 – Communications Systems, Inc. (NASDAQ: JCS) (“CSI” or the “Company”), a global provider of connectivity infrastructure and services for deployments of broadband networks, today announced leadership changes by appointing Scott Otis, General Manager of Transition Networks, to serve as Group President of Transition Networks and Net2Edge, a CSI company located in the UK. Mark Fandrich, CSI’s CFO, will serve as Group President of the Suttle & JDL Technologies operating segments. Mr. Fandrich will continue in his role as CFO.
In addition, Sev Sadura, current Director of Product Management for Suttle, has been named General Manager of Suttle. Mr. Sadura and Mr. Fandrich will work together in Suttle to continue to provide key account telecom and enterprise customers with Suttle’s innovative product range and excellent service while restructuring to reduce costs to better compete in the rapidly changing telecommunications industry.
CSI expects to achieve approximately $2.5 million in annual cost savings with its corporate operations and Suttle restructuring.
“By pooling our talent and streamlining operations, we are creating a ‘smart’ business that is focused on growth and profitability,” said Roger Lacey, CSI’s CEO and new Executive Chairman of the CSI Board of Directors. “We are grateful to have the guidance of The Special Committee of the Board, assisted by Northland Capital, to help drive constructive changes necessary to return CSI to a robust state of financial health. We are also very grateful for our highly talented employees across all organizations and as such are very optimistic about our new direction moving forward.”
About Communications Systems
Communications Systems, Inc. provides connectivity infrastructure and services for global deployments of broadband networks. Focusing on innovative, cost-effective solutions, CSI provides customers the ability to deliver, manage, and optimize their broadband network services and architecture. From the integration of fiber optics in any application and environment to efficient home voice and data deployments to optimization of data and application access, CSI provides tools for maximum utilization of the network from the edge to the user. With partners and customers in over 50 countries, CSI has built a reputation as a reliable global innovator focusing on quality and customer service.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, and future growth. These statements are based on Communications Systems’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by these statements due to changes in economic, business, competitive or regulatory factors, and other risks and uncertainties affecting the operation of Communications Systems’ business. These risks, uncertainties and contingencies are presented in the Company’s Annual Report on Form 10-K and, from time to time, in the Company’s other filings with the Securities and Exchange Commission. The information set forth in this press release should be read in light of these risks. Further, investors should keep in mind that the Company’s financial results in any particular period may not be indicative of future results. Communications Systems is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
Communications Systems, Inc.
Mark D. Fandrich
Chief Financial Officer
Roger H. D. Lacey
Chief Executive Officer