Sergio Moren Resigns as President and CEO of Cortelco Systems Puerto Rico
02 Abril 2004 - 3:43PM
PR Newswire (US)
Sergio Moren Resigns as President and CEO of Cortelco Systems
Puerto Rico CAGUAS, Puerto Rico, April 2 /PRNewswire-FirstCall/ --
Cortelco Systems Puerto Rico, Inc. (BULLETIN BOARD: CPROF.OB) today
announced that the Company's Board of Directors has accepted the
resignation of Sergio Moren as President and Chief Executive
Officer of the Company. Mr. Moren will continue to serve on the
Company's Board of Directors. The Board of Directors appointed
Robert Schnabl to serve as interim President and Chief Executive
Officer until the Board can locate a permanent successor for these
positions. The Company's Board of Directors also accepted the
resignation of David Lee as Chairman and director of the Company.
Mr. Moren will fill theChairman vacancy left by Mr. Lee. The Board
also appointed Ms. Gloria Lee to fill the remaining vacancy on the
Board. Mr. Moren joined the Company in February 1998. Mr. Moren
explained to the Board of Directors that he resigned from the
position of President and Chief Executive Officer due to personal
reasons. James Hopper, board member, commented, "Mr. Moren has been
instrumental in assisting the Company in the development and
implementation of its strategic objectives over the past six years.
We thank Mr. Moren for his productive service as the president and
chief executive officer and look forward to his continued service
as Chairman of the Board of Directors of the Company." Mr. Schnabl
has served as Director of Program Management for Cortelco, Inc.
since 1999. From 1994 until 1999, he served in a variety of roles
for Cortelco Inc., Cortelco Systems and eOn Communications. Prior
to joining Cortelco in 1994, Mr. Schnabl was the Vice-President of
Engineering and Quality for CMC Industries, Inc., which, at the
time, was one of the fifteen largest contract electronics
manufacturing companies in the world. From 1981 until 1990, Mr.
Schnabl held numerous positions of increasing responsibility with
ITT Telecommunications and its successor companies in the
Engineering and Quality departments. Mr. Schnabl has a Bachelor of
Science degree from the United States Military Academy at West
Point. Mr. Moren commented, "The Company will benefit from the
business experience that Mr. Schnabl will bring to the Company, and
we welcome his extensive experience. We believe that Mr. Schnabl's
background in the telecommunications industry will be very valuable
to us going forward." Mr. Lee has been the Chairman and a director
of the Company since its inception. The Board thanked Mr. Lee for
his many years of service as Chairman and the strategic vision he
has provided to the Company. Mr. Lee resigned from the Board in
order to focus on other business interests. Ms. Lee is currently
serving as secretary of eOn Communications and Cidco Communications
Corporation. From 1997 until 1999, Ms. Lee was the General Counsel
and Secretary of Photonics Corporation. Ms. Lee has a BA in
Economics from the University of California at Santa Cruz and a JD
from Willamette University College of Law. About Cortelco Systems
Puerto Rico Cortelco Systems Puerto Rico, Inc. is a value-added
reseller of voice and data communications systems and services in
Puerto Rico and throughout the Caribbean and Latin America. The
Company also resells cellular telephones and airtime in Puerto
Rico. To find out more information about Cortelco Systems Puerto
Rico, please contact investor relations at the main corporate
number (787)758-0000. Note: This press release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve risks and uncertainties, including technical and
competitive factors, which could cause the Company's results and
the timing of certain events to differ materially from those
discussed in the forward-looking statements. Such risks are
detailed in Cortelco Systems Puerto Rico's most recent Form 10-K
filing with the Securities and Exchange Commission. DATASOURCE:
Cortelco Systems Puerto Rico, Inc. CONTACT: Investor Relations,
+1-787-758-0000, Cortelco Systems Puerto Rico, Inc. Web site:
http://www.cortelcopr.com/
Copyright