Spectrum Information Technologies Names New Board Members: Peter Caserta to Leave Company
MANHASSET, NY — July 7, 1994 — Spectrum Information Technologies, Inc., (NASDAQ, NMS:SPCL) said today that four outside directors have been elected to its board and that it has reached an agreement with its president, Peter Caserta, to terminate his employment contract with the company, effective immediately. The new outside directors are: James F. DeRose — A telecommunications consultant specializing in data radio. His firm, JFD Associates, Stamford, Conn., consults with technology and communications companies on public shared networks, air-time protocols, both cellular and packet switched wireless data solutions, and wireless devices. Prior to founding JFD Associates, Mr. DeRose worked in product development at IBM for more than 30 years. He was Director of IBM's Data Radio Project, the forerunner to ARDIS, a public wireless data network now owned by Motorola. Mr. DeRose is the author of the "Wireless Data Handbook".
Dr. Glen Miller, Ph.D. — A telecommunications executive with more than 38 years of experience in government and industry. Dr. Miller was most recently a manager of Harris Corporation, responsible for strategic planning and analysis of the voice, data and wireless marketplace. For six years, he directed GTE Telecom's operations and managed the division's offices in five states and the District of Columbia. A highly decorated, 30-year veteran of the U.S. Air Force, Dr. Miller retired with the rank of colonel. While in the Air Force he served at all levels of the telecommunications command and staff, both domestically and internationally. He was also a member of the board of Devon Corporation.
F. Gordon Smith — A recognized expert in high technology marketing, sales and communications, Mr. Smith has served as an executive and/or a consultant to a number of technology companies, including Seagate, Inc., Memorex, Control Data, Singer Business Machines, Diebold and IBM. Mr. Smith was an official U.S. representative to the first United Nations Conference on Automation, and a member of both the Advisory Panel to the Center for Computer Sciences and Technology of the National Bureau of Standards and the industry advisory board to the National Computer Conference. He co-authored Marketing in Emerging Companies with Professor Robert Davis.
Dennis R. Williamson — A chief executive with corporate finance, merger & acquisition and international experience. Mr. Williamson is the president/director of Creative Resources, Inc., Danbury, Conn., a public holding company whose principal operating subsidiaries distribute disposable, specialty medical products and provide professional medical and mobile diagnostic services to patients in long-term care facilities. In the 1980s, he was a principal with Prime, Grieb & Co. Ltd., a London-based investment firm, and he also co-founded the Columbia Group, Manama, Bahrain, advising Middle Eastern clients on European and U.S. investment opportunities His prior experience also includes international assignments at American Express Bank, LTD and First Chicago Leasing Corporation. The new board members were identified by an independent search committee made up of members of the law firms of Kelley, Drye & Warren and Sixbey, Friedman, Leedom & Ferguson. With the addition of the new board members, outside director Joseph Allen, who had previously announced his intention to resign, has stepped down. The board now consists of five outside directors, including the four new directors and Nicholas Biondi, and three inside directors: Edward Maskaly, the interim chief executive officer, Albert Panico, executive vice president, and Salvatore Marino, chief financial officer.
The company said that it has retained Ramsey/Beirne, an executive search firm which specializes in high tech recruiting, to find a new chief executive officer and that the search is expected to be completed within 90 days.
Commenting on the developments Mr. Maskaly said, "With the addition of the new board members, we have begun the process of rebuilding our credibility with our investors and the high-tech community and have added substantial international depth to the board. Finding a chief executive officer who can accelerate our licensing program and create strategic alliances within the wireless industry will be the final step in the process. The interest that we received from prospective board members, and the quality of the members who are joining the board today, encourages us to believe that we will be able to recruit a strong executive for this position."
The effectiveness of the agreement with Mr. Caserta to terminate his employment contract is conditioned upon approval by the company's outside directors. The terms of the agreement will be announced after this condition has been satisfied.
Spectrum Information Technologies, Inc., a pioneer in cellular data communications, developed the first commercially successful cellular modem, and has a portfolio of basic patents in the field of cellular modem technology. Spectrum currently licenses its patented technology to market leaders in the rapidly expanding cellular data market, including AT&T, Rockwell International, Apex Data, Command Communications, DATA RACE, Megahertz, Microcom, PowerTek, Telular Canada and U.S. Robotics.
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