SpatiaLight To Bolster Upper-Level Management
14 Junio 2006 - 8:00AM
PR Newswire (US)
CFO Search Initiated and New Plant Manager for Korean Subsidiary to
Be Named Soon NOVATO, Calif., June 14 /PRNewswire/ -- SpatiaLight,
Inc. (NASDAQ:HDTV), a leading developer and manufacturer of ultra
high-resolution liquid crystal on silicon (LCoS) microdisplays for
the high definition television market, today announced that it has
embarked on a plan to strengthen its top-level management as the
company ramps up production of its 1080p LCoS Sets. The company is
commencing an active search for a full-time chief financial officer
as part of its plan to enhance management and is in the final
stages of selecting a new plant manager for its wholly-owned
subsidiary SpatiaLight Korea, Inc. (SLK). Robert Olins, chief
executive officer of SpatiaLight, stated, "SpatiaLight is headed in
a very positive direction and with the expected growth we will
require a full-time chief financial officer. We have begun the
search for the right person to fill that key role, which will
comprise overall responsibility for financial transactions and
reporting as well as investor relations activities." In
anticipation of this reorganization of duties, SpatiaLight has
accepted the resignation of Theodore Banzhaf, who has served in the
investor relations role as executive vice president of strategic
planning. Mr. Olins continued, "On behalf of the entire SpatiaLight
team, I thank Ted for his three years of dedicated service and many
significant contributions to our company. He is a good man, a
talented corporate executive, and I expect that he will enjoy a
successful career in the years to come." In South Korea, where the
company's manufacturing operations are based, SpatiaLight has been
searching for a new plant manager with expertise in managing
semiconductor manufacturing to lead the company's ramp up toward
mass production of its 1080p LCoS Sets. JeWon Yeun, who is
currently managing the plant while serving as SLK's president, is
expected to move to a senior advisory position within the company
to facilitate a smooth transition. Dr. David Hakala, SpatiaLight's
chief operating officer, commented, "It is important that SLK's new
plant manager possess strong high-tech manufacturing leadership
skills to ensure a successful ramp up in production volumes to meet
anticipated demand from LG Electronics and other current and
prospective customers. We expect to be announcing the hiring of a
highly qualified candidate in the near future." Mr. Olins
concluded, "This remains an exciting and critical juncture for our
business. Having a strong management team in place is crucial to
enabling our successful ramp up to mass production and that is
ultimately how meaningful shareholder value will be created." About
SpatiaLight SpatiaLight, Inc., founded in 1989, manufactures
high-resolution LCoS microdisplays for use in high definition
televisions and other display applications. Providing resolution of
more than 6.2 million pixels, each SpatiaLight LCoS Set
incorporates three proprietary imagEngine(TM) microdisplays. The
company manufactures its products at its facility in South Korea.
The company is committed to developing microdisplay technologies
that will be the standard for the next generation of high
definition televisions, and to providing OEMs with the most cost
effective, high-resolution microdisplays in the industry. For more
information about SpatiaLight, please visit the company's website
at: http://www.spatialight.com/. Safe Harbor Statement This news
release includes forward-looking statements that reflect
SpatiaLight's current expectations about its future results,
performance, prospects and opportunities. SpatiaLight has tried to
identify these forward- looking statements by using words and
phrases such as "may," "will," "expects," "anticipates,"
"believes," "intends," "estimates," "plan," "should," "typical,"
"preliminary," "we are confident" or similar expressions. These
forward-looking statements are based on information currently
available to SpatiaLight and are subject to a number of risks,
uncertainties and other factors that could cause SpatiaLight's
actual results, performance, prospects or opportunities in the
remainder of 2006 and beyond to differ materially from those
expressed in, or implied by, these forward-looking statements.
These risks and uncertainties are outlined in the company's filings
with the U. S. Securities and Exchange Commission, including its
most recent reports on Form 10-K/A and Form 10-Q. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date that they were made.
SpatiaLight does not undertake any duty to update these forward-
looking statements, or any other information provided in this press
release, unless required by law. DATASOURCE: SpatiaLight, Inc.
CONTACT: Michael J. Porter of Porter, LeVay & Rose, Inc.,
+1-212-564-4700, or , for SpatiaLight, Inc. Web site:
http://www.spatialight.com/
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