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Allied Motion Technologies CEO Richard Smith to Become Executive Chairman of Allied Motion s Board of Directors; Richard Warz

^{Published on 2008-12-17 09:47:18 - Market Wire}
 

DENVER--([ BUSINESS WIRE ])--Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced that Richard D. Smith, Chief Executive Officer of Allied Motion Technologies Inc., will transition to a new role at the Company, becoming the Executive Chairman of the Allied Motion Board of Directors. Richard S. Warzala, who is the current President and COO of Allied Motion, will become the CEO. The changes will become effective May 12, 2009, the date of the Company's 2009 annual shareholders' meeting.

"Under Dick Smith's leadership since August 1998, Allied Motion has made significant progress in transitioning the Company to a focused motion control business that has successfully achieved significant improvements in sales and profit," said Del Hock, current Chairman of the Allied Motion Board of Directors. "Dick Smith led the effort to complete a major restructuring of the Company in July 2002 whereby it sold one of its two business segments in order to focus solely on the remaining motion control segment. Mr. Smith utilized Mr. Warzala as a consultant to the company in late 2001 and appointed him President and COO in May 2002 to help lead the growth and development of our motion control business. At the time of the restructuring in 2002, the annual revenues from our motion business was just over $15 million. Our current annualized revenues are over $89 million. Since the restructuring, Mr. Smith and Mr. Warzala have worked together to strengthen Allied's core businesses, complete three acquisitions, implement significant process and productivity improvements, and develop a strong culture focused on best business practices, ethics and a blameless work environment," Mr. Hock further stated. "As Executive Chairman, Mr. Smith will lead the Board of Directors and will work to enhance the standing of the Company with investors and the outside world. He will continue his oversight of the finance, accounting and administration areas and will continue to work closely with the CEO to assist with the Company's acquisition program and to provide input on developing strategies and programs that will continue the Company's focus on operational excellence and initiatives that will help grow the Company. During Mr. Smith's tenure as CEO, we made significant progress, and under Mr. Warzala's leadership we will build upon this success and will take the Company to the next level," concluded Mr. Hock. Effective May 12, 2009, Mr. Hock will become the Lead Director of the Independent Directors of the Company.

"Dick Warzala has been a great partner to have worked with in running the Company for the past seven years and I am pleased to continue working with Dick and his management team in this new role," said Mr. Smith. "Dick Warzala has been instrumental in the success we have achieved in building the business. With Dick assuming the role of CEO, I know that our employees and investors can look forward to continued growth in sales and profitability for the Company. Dick's comprehensive knowledge of the motion control industry, customer focus, and strategic vision make him the right leader to move Allied Motion forward."

Mr. Smith joined Allied Motion as CFO in June 1983, became a director in August 1996 and became President and CEO in August 1998. Prior to Allied Motion, Mr. Smith was a vice president for a San Diego-based commercial real estate developer for three years and for the ten years prior to that, he worked for Arthur Andersen & Co.

Mr. Warzala began working with Allied Motion in September of 2001, was named President and COO in May 2002, and became a director of the Company in August 2006. His career in the motion business began in 1983, when he was named General Manager for a motion subsidiary of American Precision Industries, Inc. (API). He became President of API Motion, a $12 million subsidiary of API, in 1993 where he lead the growth of the business to over $152 million in sales by year-end 1999 when it was acquired by Danaher Corporation. After the acquisition, Mr. Warzala served as President of the $315 million Motion Components Group at Danaher Corporation.

Headquartered in Denver, Colorado, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world.

The statements in this press release that relate to future plans, events or performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statements that may predict, forecast, indicate, or imply future results, performance, or achievements. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results of the Company to differ materially from the forward-looking statements. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.