GSI Group Announces CFO's Intent to Retire and Also Appointment of a New General Counsel
24 June 2005 - 7:01AM
PR Newswire (US)
GSI Group Announces CFO's Intent to Retire and Also Appointment of
a New General Counsel 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/ DATASOURCE: GSI Group Inc. CONTACT:
Raymond Ruddy, Investor Relations of GSI Group, +1-978-439-5511
ext. 6170 Web site: http://www.gsigrp.com/ Company News On-Call:
http://www.prnewswire.com/comp/107189.html
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