Path 1 Accepts Resignation of Officers
26 Septiembre 2005 - 7:00AM
PR Newswire (US)
Directors Frederick Cary and Robert Packer Step In as Interim
Principal Officers SAN DIEGO, Sept. 26 /PRNewswire-FirstCall/ --
Path 1 Network Technologies Inc. (AMEX:PNO), announced today that
the company's Board of Directors has accepted the resignations of
CEO/CFO John Zavoli and Vice President David Carnevale, effective
Friday, September 23, 2005. The Company has appointed Directors
Frederick Cary and Robert Packer to serve as Co-Principal Executive
Officers on an interim basis while negotiations take place with
certain qualified candidates for the open CEO position. "The Board
thanks John and David for the hard work and dedication that they
have shown during their time at Path 1," stated Mr. Packer.
"Through their efforts, the Company has made headway in positioning
itself as best-of- breed in the IP video world, increasing its
margins, and improving the reliability of our product line.
However, we believe that there are much greater opportunities for
the organization ahead as customer acceptance and reliance on IP
video begin to explode -- in that regard, it is the Board's belief
that we should seek to bring in a seasoned leader to direct the
Company and bring us to the next level of growth." Frederick Cary
commented, "We continue to strive to create maximum value for our
shareholders, balancing the interests of our investors, our
customers and our employees. Consistent with our search for value,
the Company must continually demonstrate the ability to create the
products and services that our customers find highly desirable, the
understanding of how best to complete and continue sales to these
customers, the wisdom to aggressively design our next generation
platforms to always stay ahead of the competition, and the desire
to keep these various stakeholders informed of our progress along
the way." Mr. Cary continued, "We take these responsibilities
seriously and, with today's announcements, we ask for the complete
support of these stakeholders as we position the organization for
additional growth and success in the times ahead of us." About Path
1 Network Technologies Inc. Path 1 Network Technologies Inc.
produces a full line of video transport products that enable the
conversion and distribution of real-time, broadcast- quality video
over Internet Protocol (IP) networks. From the delivery of live
MPEG-2 and MPEG-4 standard definition and high definition
broadcasts to Video on Demand (VOD), Path 1's video infrastructure
platforms allow broadcasters, cable, telco, satellite and mobile
operators to transmit high-quality point- to-point, multipoint and
multiplexed video over public or private IP networks. To find out
more about Path 1 Network Technologies Inc. (AMEX:PNO), visit our
website at http://www.path1.com/ or call 877/ONE-PATH (663-7284).
SAFE HARBOR STATEMENT: This news release contains "forward-looking
statements" that are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans,
results, or strategies and are generally preceded by words such as
"future," "plan" or "planned," "will" or "should," "expected,"
"anticipates," "draft," "eventually" or "projected". You are
cautioned that such statements are subject to a multitude of risks
and uncertainties that could cause future circumstances, events or
results to differ materially from those projected in the
forward-looking statements, including the risks that we will
require future financing, that uncertainties inherent in our
executive leadership transition might hinder our progress, that our
products might not achieve customer or market acceptance or that
they will not perform as expected, that customer trials might not
lead to future sales, that our sales might fluctuate between
reporting periods and other risks identified in our annual report
on Form 10-K and other filings with the SEC. You should consider
these factors in evaluating the forward-looking statements included
herein, and not place undue reliance on such statements. The
forward-looking statements are made as of the date hereof and Path
1 undertakes no obligation to update such statements. DATASOURCE:
Path 1 Network Technologies Inc. CONTACT: Lasse Glassen of
Financial Relations Board, +1-310-854-8313, for Path 1 Network
Technologies Inc. Web site: http://www.path1.com/
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