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8-K - FORM 8-K - COMARCO INC | a59010e8vk.htm |
Exhibit 99.1
COMARCO ANNOUNCES CHANGES TO THE BOARD OF DIRECTORS
LAKE FOREST, Calif., March 16, 2011 Comarco, Inc. (OTC: CMRO.PK), a leading provider of
innovative mobile power solutions through its ChargeSourceTM line of multi-function
universal mobile power products which can simultaneously power and charge multiple devices such as
notebook computers, mobile phones, iPods®, and many other rechargeable mobile devices,
today announced the following changes to its Board of Directors:
| Gerry D. Griffin, Chairman of the Board of Directors has resigned from the board of Directors. | ||
| Wayne G. Cadwallader and Michael R. Levin have been appointed to the Board of Directors. | ||
| Mr. Levin was elected Chairman of the Board, succeeding Mr. Griffin. |
This brings the total number of directors on the Comarco Board to six.
These actions, in addition to the previously disclosed appointment of Paul Borowiec on February
23, 2011, bring extensive experience and capabilities to Comarcos Board of Directors, said
Michael Levin, Chairman of the Board of Directors. These individuals all feature strong
backgrounds in financial strategy development, business analysis, business operations and
execution, and add significant know-how and perspective to the Board.
Mr. Levin continued, The Directors are excited about Comarcos core technology and business
prospects. We look forward to working together with Comarco management to improve the Companys
business prospects and create value for its shareholders.
Mr. Levin thanked Gerry Griffin, We are deeply grateful to Gerry Griffin for the over twenty-five
years of service to Comarco and wish him well in his future endeavors.
Concurrent with these changes to Comarcos Board of Directors, the Board established committee
assignments for the Boards standing committees. Richard LeBuhn will be Chairman of the Nominating
and Corporate Governance Committee with Mr. Borowiec and Mr. Cadwallader as members. Wayne
Cadwallader will be Chairman of the Compensation Committee with Mr. Borowiec and Mr. LeBuhn as
members. Michael Levin will be Chairman of the Audit Committee with Mr. Borowiec and Jeffery
Hultman as members.
Biographies for the new Directors:
Paul Borowiec, age 34, is an investor and an advisor on public companies investments. He has
extensive experience in investment analysis and investment management, ranging from analyzing
financial statements to investment manager selection. His analyst background covers a variety of
industries with emphasis on the technology sector.
Currently he is Vice President of Investments at Source Capital Group. He is also the Managing
Partner of Source Opportunity Fund LLC at Source Capital Group.
Wayne Cadwallader, age 54, is Managing Partner Research for Elkhorn Partners LP, a long-time
investor in Comarco. An experienced securities analyst, Mr. Cadwallader has extensive knowledge of
numerous industries including technology, insurance, retail, manufacturing, and real estate. He
also has substantial expertise in information technology gained through numerous management
positions and in management consulting.
Michael R. Levin, age 49, is an independent private investor and advisor with substantial expertise
in corporate governance, business strategy, and corporate finance, and with significant experience
in U.S. public companies as a finance executive and independent management consultant. In addition
to his private investment activities, he assists portfolio managers to turn around underperforming
companies using shareholder activist strategy and tactics.
Forward-Looking Information
This news release includes forward-looking statements that are subject to risks, uncertainties,
and other factors that could cause actual results or outcomes to differ materially from those
contemplated by the forward-looking statements. Forward-looking statements in this release are
generally identified by words such as believes, anticipates, plans, expects, will,
would, and similar expressions that are intended to identify forward-looking statements.
Forward-looking statements include any statements herein not of a historical nature. Many important
factors may cause the Companys actual results to differ materially from those discussed in any
such forward-looking statements, including but not limited to, improving the Companys business
prospects and creating value for shareholders. Although we believe that the assumptions underlying
the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and,
therefore, we cannot assure that the results contemplated in forward-looking statements will be
realized in the timeframe anticipated or at all. The Company undertakes no obligation to revise
or update publicly any forward-looking statements for any reason.
About Comarco
Based in Lake Forest, Calif., Comarco is a leading provider of innovative mobile power solutions
through its ChargeSourceTM line of multi-function universal mobile power products which can
simultaneously power and charge multiple devices such as notebook computers, mobile phones, iPods®,
and many other rechargeable mobile devices. More information about Comarcos product lines can be
found at www.comarco.com and www.chargesource.com.
Company Contacts:
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Sam Inman President and CEO Comarco, Inc. (949) 599-7444 saminman@comarco.com |
Winston Hickman VP and CFO Comarco, Inc. (949) 599-7446 whickman@comarco.com |