Science & Technology
Science and Technology
Science and Technology
Tue, April 14, 2009
Mon, April 13, 2009 Procera Networks Outsources Global Operations and Logistics
LOS GATOS, CA--(Marketwire - April 13, 2009) - Procera® Networks Inc. (NYSE AMEX: PKT), a developer of Evolved Deep Packet Inspection (DPI) solutions providing the most accurate traffic awareness, control and protection for complex networks, today announced they have entered into an agreement with a leading global organization to substantially outsource Procera's operations and logistics functions, formerly handled in Procera's Los Gatos, California facility. By leveraging this new business model, Procera reduced its workforce by 25% effective April 20, 2009. Procera does not expect to incur material costs in connection with this workforce reduction.
Additionally, on April 7, 2009, in connection with a transition plan, Paul Eovino announced his resignation from the positions of interim Chief Financial Officer and Principal Accounting Officer of Procera, effective April 8, 2009. Mr. Eovino will remain an employee of Procera until April 20, 2009. The Board of Directors of Procera appointed James F. Brear to the role of Chief Financial Officer, on an interim basis, replacing Mr. Eovino effective April 8, 2009. Mr. Brear is Procera's current President and Chief Executive Officer.
In association with the reorganization of the finance team, Procera retained Betty Kayton as a consultant to provide strategic financial services to Procera. Ms. Kayton serves as chief financial officer for several companies in the telecom infrastructure, high tech and consumer products industries. Her strengths include cash management, cost control, development and improvement of systems to increase efficiency, and strategic and tactical management of multi-national finance teams to support growing businesses. She began her finance career in Ernst & Young's Los Angeles office. She is licensed as an active CPA, and received an MBA from University of Southern California.
Effective April 8, 2009, John D. ("JD") Higginbotham, Jr., 49, has been promoted from North America Group Controller to Corporate Controller and interim Principal Accounting Officer of Procera. Mr. Higginbotham joined Procera in November 2008 as North America Group Controller, having previously held senior accounting positions at various high-tech companies. Prior to joining Procera, he was the Director of Finance for StrataLight Communications, a manufacturer of fiber optic subassemblies, since January 2008. Initially hired to prepare StrataLight for an initial public offering, he ultimately assisted with the sale of the company. Prior to StrataLight, he was the Director of Compliance and Reporting for Monolithic Power Systems, a fabless manufacturer of mixed-signal analog integrated circuits, from April 2005 through November 2007. From March 2003 through April 2005 Mr. Higginbotham was the Assistant Controller for TiVo, the developer of the first digital video recorder. He began his accounting career working in KPMG's Philadelphia office. He is an active CPA and holds a BS in Finance from Pennsylvania State University.
About Procera Networks Inc.
Procera Networks Inc. delivers Evolved DPI solutions that give service providers awareness, control and protection of their applications and networks. Its core product suite, the PacketLogic line of platforms, leverages the company's advanced identification engine, DRDL™ (Datastream Recognition Definition Language), to provide accurate identification of network traffic in real-time. PacketLogic is deployed at more than 600 broadband service providers, telcos, governments and higher education campuses worldwide. Founded in 2002, Procera (NYSE AMEX: PKT) is based in Silicon Valley and has offices around the globe. More information is available at [ www.proceranetworks.com ].
Safe Harbor Statement: This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in this press release, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability of Procera to commercialize the applicable technology and introduce products and the acceptance of those products by the market, the ability of resellers to sell the Procera products, market conditions, the general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's reports and filings with the SEC from time to time.
Procera Networks is a registered trademark, and PacketLogic and DRDL are trademarks of Procera Networks, Inc. All rights reserved. All other products or brands mentioned are trademarks and/or service marks of their respective owners.
