Attached files
| file | filename |
|---|---|
| 8-K - NU HORIZONS ELECTRONICS CORP | v183158_8k.htm |
| EX-3.1 - NU HORIZONS ELECTRONICS CORP | v183158_ex3-1.htm |
| EX-10.4 - NU HORIZONS ELECTRONICS CORP | v183158_ex10-4.htm |
| EX-10.3 - NU HORIZONS ELECTRONICS CORP | v183158_ex10-3.htm |
| EX-10.2 - NU HORIZONS ELECTRONICS CORP | v183158_ex10-2.htm |
| EX-10.1 - NU HORIZONS ELECTRONICS CORP | v183158_ex10-1.htm |
| EX-10.7 - NU HORIZONS ELECTRONICS CORP | v183158_ex10-7.htm |
| EX-10.6 - NU HORIZONS ELECTRONICS CORP | v183158_ex10-6.htm |
| EX-10.5 - NU HORIZONS ELECTRONICS CORP | v183158_ex10-5.htm |
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70
Maxess Road ▪ Melville,
NY 11747
|
|
631-396-5000
▪ Fax:
631-396-3016
|
FOR IMMEDIATE
RELEASE
NU
HORIZONS ELECTRONICS CORP.
NAMES
MARTIN KENT
AS
PRESIDENT, CHIEF EXECUTIVE OFFICER
MELVILLE, NY – April 29, 2010
– Nu Horizons Electronics Corp. (NASDAQ:NUHC), a leading global distributor of
advanced technology semiconductor, display, illumination, power and system
solutions, today announced that Martin Kent, a 35-year veteran of the
semiconductor distribution industry, has been appointed as the Company’s
President and Chief Executive Officer effective May 3, 2010. Arthur
Nadata, a founder of the Company and currently the Company’s Executive Chairman
and Interim Chief Executive Officer, will serve as the Company’s Non-Executive
Chairman. Richard Schuster, also a founder of the Company, will remain as
Executive Vice President and Chief Operating Officer of the Company and
President of Nu Horizons’ passive components segment, NIC
Components.
Arthur
Nadata stated, “We are delighted to bring someone of Martin’s experience and
ability on as CEO to lead Nu Horizons. We believe that his prior industry
experience as CEO of Abacus Group, Plc, will be invaluable in running Nu
Horizons. We were impressed with Martin’s success in growing Abacus
Group, Plc until its acquisition in January 2009, both organically and through
acquisitions in Europe, to a company with approximately $500 million in sales
for their fiscal year ended September 30, 2008. His familiarity with our
products and geographic markets should result in a smooth transition for our
customers, suppliers and employees.”
“Since
founding the Company in 1982, it has truly been an honor and pleasure serving Nu
Horizons these past 28 years and helping to build Nu Horizons into a global
distribution leader with approximately $670 million in sales for fiscal 2010,”
said Mr. Nadata. “With great people, a strong balance sheet, and a
strong platform in place, combined with Martin’s wealth of experience to draw on
in leading the Company, Nu Horizons has a bright future and I am looking forward
to helping insure a smooth seamless transition.”
“I am
excited to have the opportunity to take on the position of CEO of Nu Horizons,”
stated Mr. Martin Kent. “Arthur has, in conjunction with his
management team, taken Nu Horizons to a strong position in the electronics
distribution market. I believe we can continue to build on these strong
foundations and carry on developing a business that offers an excellent service
to its customers, strong support for its suppliers and a level of profitability
that allows investment for the future and generates a positive return on
investment for its shareholders,” concluded Mr. Kent.
In a
related action, the Company’s Board of Directors will vote to expand the size of
the Board to nine members and appoint Mr. Kent to the Board to fill the vacancy
as of the effective date of the agreement.
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Nu
Horizons Electronics Corp. Appoints Chief Executive
Officer
|
Page
2
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In
connection with Mr. Kent’s employment as president and chief executive officer,
he will be granted 360,000 inducement stock options. The stock options will have
an exercise price equal to the closing stock price on the first trading day
following the execution of his agreement; a term of 10 years from the date of
grant; and become exercisable in four equal annual installments commencing on
the first anniversary of the date of grant although they will not be exercisable
unless the closing stock price of the common stock is no less than $5.00 per
share for at least 10 consecutive trading days prior to the date of
exercise.
About Nu Horizons Electronics
Corp.
Nu
Horizons Electronics Corp. is a leading global distributor of advanced
technology semiconductor, display, illumination, power and system solutions to a
wide variety of commercial original equipment manufacturers (OEMs) and
electronic manufacturing services providers (EMS). With sales facilities in 54
locations across North America, Europe and Asia and regional logistics centers
throughout the globe, Nu Horizons partners with a limited number of
best-in-class suppliers to provide in-depth product development, custom
logistics and life-cycle support to its customers. Information on Nu Horizons
and its services is available at www.nuhorizons.com.
Cautionary Statement
Regarding Forward-Looking Statements
Except
for historical information contained herein, the matters set forth in this news
release are forward-looking statements. When used in this press
release, words such as "anticipate," "believe," "estimate," "expect," "intend"
and similar expressions, as they relate to Nu Horizons or its management,
identify forward-looking statements. Such forward-looking statements
are based on the current beliefs of Nu Horizons’ management, as well as
assumptions made by and information currently available to its
management. Forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ from those in the
forward looking-statements. Potential risks and uncertainties include such
factors as the level of business and consumer spending for electronic products,
the amount of sales of the Company’s products, the competitive environment
within the electronics industry, the ability of the Company to continue to
expand its operations, the level of costs incurred in connection with the
Company’s expansion efforts, the financial strength of the Company’s customers
and suppliers and risks. Investors are also directed to consider
other risks and uncertainties discussed in documents filed by the Company with
the Securities and Exchange Commission. Such statements reflect our
current view with respect to the future and are subject to these and other
risks, uncertainties and assumptions relating to Nu Horizons’ financial
condition, results of operations, growth strategy and liquidity. The
Company does not undertake any obligation to update its forward-looking
statements.
Company
Contact:
Kurt
Freudenberg
Executive
Vice President and Chief Financial Officer
Nu
Horizons Electronics Corp.
kurt.freudenberg@nuhorizons.com
631-396-5000
Jordan M.
Darrow
Darrow
Associates, Inc.
jdarrow@darrowir.com
631-367-1866