FOR IMMEDIATE RELEASE
Micronetics Board of Directors Appoints David Robbins as President, Chief Executive Officer and Director
Mr. Robbins has more than 15 years of senior level engineering, management and product development experience in the microwave and defense electronics industry. For the past four years he was the Senior Vice President in charge of operations for all Micronetics divisions, and he headed up Micronetics' largest group, the Defense Electronics Group. In addition he worked alongside Richard Kalin in planning the future direction of the company. The Board is confident that Mr. Robbins' exposure to each area of Micronetics' business and his proven leadership capabilities will ensure continuity and growth for Micronetics.
Robbins said "Five years ago, Richard Kalin set in motion a plan to change the structure of the company and open the way for new growth and profitability. Today, each group within Micronetics operates independently with a clear leader and a clear P/L responsibility. That structure will continue to be the driving force behind the company. In addition we will continue to concentrate on new sales opportunities as well as the integration of core technologies from our recent acquisitions."
Micronetics, operating through its Defense Electronics, Test Solutions and VCO Products Groups, manufactures microwave and radio frequency (RF) components and integrated subassemblies used in a variety of defense, aerospace and commercial applications. Micronetics also manufactures and designs test equipment and components that test the strength, durability and integrity of communication signals in communications equipment. Micronetics serves a diverse customer base, including Aerosat, BAE Systems, Boeing, EADS, Honeywell, ITT, L-3 Communications, Lockheed Martin, NEC, Northrop Grumman, Raytheon, Teradyne, Tektronix and Thales. Micronetics, with facilities in CT, MA, NH and NJ, also operates through its wholly-owned subsidiaries, Enon Microwave, Inc., Microwave & Video Systems, Inc. and Microwave Concepts, Inc.
Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to the success of the products into which the Company's products are integrated, internal projections as to the demand for certain types of equipment, competitive products and pricing, the success of new product development efforts, the timely release for production and the delivery of products under existing contracts, access to financial resources, future economic conditions generally, as well as other factors. The information in this release should be reviewed in conjunction with Micronetics' Annual Report for its fiscal year ended March 31, 2003.
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