Chairman Thomas M. Wittenschlaeger Resigns; Board Initiates Search for New Independent Director, Bernhard Bruscha Appointed Chairman
Irvine, Calif., May 14, 2012 – Lantronix, Inc. (the “company”) (NASDAQ: LTRX), a leading global provider of smart M2M connectivity solutions, today announced that Chairman Thomas M. Wittenschlaeger has resigned in order to focus on his additional responsibilities as Chief Executive Officer and Principal Financial Officer of Keyon Communications Holdings, Inc. and as the Chief Technologist of NantCloud.
The Board of Directors announced that it will commence a search for an additional independent director. The Board also appointed Bernhard Bruscha, Lantronix founder, current board member and largest shareholder, as Chairman of the Board.
“It has been my privilege to serve with an extraordinary team of professionals during a time of substantial change and refocus,” said Wittenschlaeger. “I leave knowing that great things are ahead for the company and its constituents.”
“On behalf of the entire company and the Board of Directors, I would like to extend our heartfelt thanks and best wishes to Tom,” said Chairman Bruscha. “During Tom’s tenure as Chairman, the company successfully initiated a turnaround transition that included installing a new management team that in six months, established a strong foundation of financial and operational discipline that resulted in GAAP breakeven earnings per share for the quarter ended March 31, 2012.”
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://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. Factors that could cause our expectations and reported results to vary, include, but are not limited to: our ability to raise additional capital when and to the extent necessary; final accounting adjustments and results; quarterly fluctuations in operating results; our ability to identify and profitably develop new products that will be attractive to our target markets, including products in our device networking business and the timing and success of new product introductions; our ability to implement the planned cost reduction program; changing market conditions and competitive landscape; government and industry standards; market acceptance of our products by our customers; pricing trends; actions by competitors; future revenues and margins; changes in the cost or availability of critical components; unusual or unexpected expenses; and cash usage including cash used for product development or strategic transactions other factors that may affect financial performance. For a more detailed discussion of these and other risks and uncertainties, see our SEC filings, including our Annual Report on Form 10-K for the year ended June 30, 2011 and our Quarterly Reports on Form 10-Q for the quarters ended September 30, 2011, December 31, 2011, March 31, 2012, and our Annual Report on Form 10-K for the year ended June 30, 2011. 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.
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