StockerYale, Inc. Names Timothy P. Losik as Chief Operating Officer and Chief Financial Officer
Former CFO Marianne Molleur to Head Global Human Resources
SALEM, N.H.--Jan. 7, 2008--StockerYale, Inc., (NASDAQ: STKR), a leading designer and manufacturer of structured light lasers, LED modules and specialty optical fibers for industry OEMs, today announced the appointment of Timothy P. Losik as Chief Operating Officer and Chief Financial Officer effective January 14, 2008. Mr. Losik, a veteran of the technology sector with nearly 14 years of executive-level experience in financial and operations management, most recently served as the Chief Financial Officer at Bluesocket, Inc., a privately held provider of enterprise mobility solutions provider. At StockerYale, he will be responsible for all day-to-day operations across the Company's worldwide operating units and head its financial organization. Marianne Molleur, the Company's Chief Financial Officer the past two years, will assume responsibility for global Human Resources.
In his most recent role at Bluesocket, Inc., Mr. Losik was responsible for the company's financial management, acquisition evaluation and had supply chain and operations management responsibilities, where he achieved major improvements in product costs and product time-to-market. Prior to Bluesocket, he was Vice President of Operations and Chief Financial Officer of Globalware Solutions, Inc., a privately held supply chain management company. From 2002 to 2004, Mr. Losik was Chief Operating Officer and Chief Financial Officer of Omtool, LTD., Nasdaq-listed software company, where he was instrumental in leading a turnaround and restructuring program. From 1986 to 2000, Mr. Losik served in various positions at Hadco Corporation, a NYSE-listed advanced printed circuit manufacturer, including Senior Vice President of manufacturing and Senior Vice President and Chief Financial Officer and ultimately as the Senior Vice President of global printed circuit board (PCB) operations at Sanmina-SCI upon Hadco's acquisition by Sanmina-SCI in December 2000.
"Tim's extensive operating and financial experience in multi-unit technology companies and track record of implementing and achieving operational improvements will serve to strengthen our management team and accelerate our own plans to achieve more consistent operational and financial performance," said Mark Blodgett, StockerYale's Chief Executive Officer. "Additionally, his expertise in leveraging existing business processes to develop new business opportunities is an ideal fit for his new role as we solidify our position in the laser diode module, LEDs and specialty optical fiber markets and stand at the cusp of a significant market opportunity in the medical devices industry. His expertise in acquisition and merger integration will also prove valuable as we integrate our recent Spectrode acquisition and seek other opportunities. We are delighted to have someone of Tim's caliber join the management team and looking forward to his contributions."
Stated, Mr. Losik, "I am excited to join an organization characterized by market-leading technologies and innovative products in pursuit of a growing market opportunity. I look forward to working with the existing management team to achieve StockerYale's future growth and profitability goals."
About StockerYale
StockerYale, Inc., headquartered in Salem, New Hampshire, is an independent designer and manufacturer of structured light lasers, LED modules, and specialty optical fibers for industry leading OEMs. In addition, the company manufactures fluorescent lighting products and phase masks. The Company serves a wide range of markets including the machine vision, industrial inspection, defense, telecommunication, sensors, and medical markets. StockerYale has offices and subsidiaries in the U.S., Canada, and Europe.
For more information about StockerYale and their innovative products, visit the Company's web site at www.stockeryale.com or contact StockerYale, Inc., at 32 Hampshire Rd., Salem, NH, 03079. Call 800-843-8011, Fax 603-893-5604, Email: info@stockeryale.com.
Notice to Investors
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including without limitation, those with respect to StockerYale's goals, plans and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: uncertainty that cash balances may not be sufficient to allow StockerYale to meet all of its business goals; uncertainty that StockerYale's new products will gain market acceptance; the risk that delays and unanticipated expenses in developing new products could delay the commercial release of those products and affect revenue estimates; the risk that one of our competitors could develop and bring to market a technology that is superior to those products that we are currently developing; and StockerYale's ability to capitalize on its significant research and development efforts by successfully marketing those products that the Company develops. Forward-looking statements represent management's current expectations and are inherently uncertain. You should also refer to the discussion under "Factors Affecting Operating Results" in StockerYale's annual report on Form 10-KSB and the Company's quarterly reports on Form 10-QSB for additional matters to be considered in this regard. Thus, actual results may differ materially. All Company, brand, and product names are trademarks or registered trademarks of their respective holders. StockerYale undertakes no duty to update any of these forward-looking statements.
CONTACT:
The Piacente Group
Sanjay M. Hurry, 212-481-2050
sanjay@tpg-ir.com