New Independent Director Edwards Brings 25+ Years of Technology Industry Leadership and Experience
Irvine, Calif., November 16, 2012 - Lantronix, Inc. (NASDAQ: LTRX), a leading global provider of smart M2M connectivity solutions, today announced that technology industry veteran Bruce Edwards and Lantronix president and CEO Kurt Busch were elected to the company's board of directors at the company's annual stockholders meeting on November 12, 2012.
Current directors Bernhard Bruscha, Paul Folino and Hoshi Printer were also elected at the annual stockholders meeting.
Edwards, 59, currently serves as a director of Semtech Corporation, a supplier of analog and mixed signal semiconductor products and Emulex Corporation, a premier global provider of advanced storage networking infrastructure solutions. In February 1996, he joined Powerwave Technologies Inc., a designer, manufacturer and supplier of advance coverage and capacity solutions for the wireless communications industry, as CEO, president and a director. In February 2005, Edwards became executive chairman and retired from Powerwave in November 2007. During his 12 years at Powerwave, revenues grew from $36 million to $780 million. Prior to Powerwave, Edwards was executive vice president, chief financial officer and director of AST Research Inc., a personal computer company.
In his new role, Edwards was elected by the board to serve as Compensation Committee chair and as a member of the board's Audit Committee and Corporate Governance and Nominating Committee. Edwards succeeds former independent director John Rehfeld who retired following the company's annual stockholders meeting.
"On behalf of Lantronix, I would like to extend our gratitude and thanks to former director John Rehfeld. John was a valued member of the board as we transitioned to a new management team and put in place a new strategy to establish long-term growth and value for the company," said Chairman Bernhard Bruscha. "At the same time, we are thrilled to welcome an executive of Bruce Edwards' exceptional quality to the board. Bruce brings more than 25 years of real world experience as a successful technology CEO, CFO and director. His proven track record in growing companies, in-depth understanding of the technology business and his deep connections in the industry make him a highly valued addition to Lantronix."
"I'm pleased to be joining Lantronix as the company pursues the second phase of its strategic plan to achieve profitable growth," said Edwards. "I look forward to working with the board and CEO Kurt Busch to help guide the company during this exciting time in its development and to help build value for our shareholders."
Kurt Busch, 42, has served as Lantronix president and CEO since August 2011. Prior to joining Lantronix, he served in senior leadership positions at Mindspeed Technologies, a leading supplier of semiconductor solutions for network infrastructure solutions. Prior to Mindspeed, Busch's experience included business development roles at Analog Devices, as well as roles in engineering, sales, marketing and general management at Digital Equipment Corporation (DEC), Intel, and two Silicon Valley start-ups.
"Since joining the company last August, Kurt has demonstrated a strength of leadership that has translated into measurable, significant operational and financial results for Lantronix," said Bruscha. "Kurt's accomplishments, combined with his energy, dedication and solutions-oriented management style make him a welcome and valued addition to the board of directors."
Lantronix, Inc. (NASDAQ: LTRX) is a global leader of secure communication technologies that simplify access and communication with and between virtually any electronic device. Our smart connectivity solutions enable sharing data between devices and applications to empower businesses to make better decisions based on real-time information, and gain a competitive advantage by generating new revenue streams, improving productivity and increasing efficiency and profitability. Easy to integrate and deploy, Lantronix products remotely and securely connect electronic equipment via networks and the Internet. Founded in 1989, Lantronix serves some of the largest medical, security, industrial and building automation, transportation, retail/POS, financial, government, consumer electronics/appliances, IT/data center and pro-AV/signage entities in the world. The company's headquarters are located in Irvine, Calif.
For more information, visit www.lantronix.com. The Lantronix blog, http://www.lantronix.com/blog, features industry discussion and updates.
This news release contains forward-looking statements, including statements concerning our future business plans, future financial position, future results of operations and future product development strategies and schedules. These forward-looking statements are based on current management expectations and are subject to risks and uncertainties that could cause actual reported results and outcomes to differ materially from those expressed in the forward-looking statements. For a more detailed discussion of these and other risks and uncertainties, see our SEC filings, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances. If the Company does update or correct one or more of these forward-looking statements, investors and others should not conclude that the Company will make additional updates or corrections.