MINNEAPOLIS, Dec. 13, 2023 (GLOBE NEWSWIRE) -- Autoscope Technologies Corporation ("Autoscope") (OTCQX: AATC) today announced that on December 1, 2023, Frank G. Hallowell, the Interim CEO, CFO and Corporate Secretary of AATC and President and COO of Image Sensing Systems Inc. ("ISNS"), notified the Board of Directors of Autoscope and ISNS that he was retiring from the organization, effective December 31, 2023.
Andrew Markese, who is the Senior Vice President of Global Sales, Marketing, and Product Management of ISNS, has been promoted to President and CEO of ISNS and will assume Mr. Hallowell's responsibilities as Interim CEO of AATC. Lori Schug, who is currently the Corporate Controller of AATC and ISNS, has been promoted to Chief Financial Officer and Corporate Secretary of AATC and ISNS. Mr. Hallowell will continue to assist in the transition of responsibilities over the coming months.
"Andy is a highly skilled and experienced leader who has served as Senior Vice President of ISNS. His deep understanding of the Company, market, and industry make him an excellent choice to guide the company," said Andrew T. Berger, the Executive Chairman of AATC.
"It has been my privilege to lead this organization for the past two years. I am proud of what we have accomplished as a team on behalf of our customers, employees, and shareholders to transform the business. The Company has now achieved financial stability and is well positioned for growth and diversification," said Frank Hallowell, Interim CEO, and CFO of AATC. "My thanks to the team and Board of Directors for the opportunity and support. I'm at a point in my life where I want to devote more time to my other passions outside the workplace," Mr. Hallowell said.
"On behalf of the Board, we thank Frank for his nearly five years of service and many accomplishments during his tenure as CEO. Under Frank's leadership, we were able to realize improvements in technology and organizational efficiencies that have positioned the company for continued success," concluded Mr. Berger.
About Autoscope Technologies Corporation
Autoscope Technologies Corporation is a global company dedicated to helping improve safety and efficiency for cities and highways by developing and delivering above-ground detection technology, applications and solutions. We give Intelligent Transportation Systems (ITS) professionals more precise and accurate information - including real-time reaction capabilities and in-depth analytics - to make more confident and proactive decisions. We are headquartered in Minneapolis, Minnesota. Visit us on the web at www.autoscope.com.
Forward-Looking Statements
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Forward-looking statements represent our expectations or beliefs concerning future events and can be identified by the use of forward-looking words such as "believes," "may," "will," "should," "intends," "plans," "estimates," "expects," "anticipates" or other comparable terminology. Forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from the results discussed in the forward-looking statements. Some factors that might cause these differences include the factors listed below. Although we have attempted to list these factors comprehensively, we wish to caution investors that other factors may prove to be important in the future and may affect our operating results. New factors may emerge from time to time, and it is not possible to predict all of these factors, nor can we assess the effect each factor or combination of factors may have on our business.
Those risks and uncertainties may include, but are not limited to, our historical dependence on a single product for most of our revenue; competition; potential changes in government spending on transportation technology; acceptance of our product offerings and designs; budget constraints by governmental entities that purchase our products, including constraints caused by declining tax revenue; the continuing ability of Econolite Control Products, Inc. to sell our products and pay royalties owed to us; the mix of and margins on the products we sell; our dependence on third parties for manufacturing and marketing our products; our dependence on single-source suppliers to meet manufacturing needs; our failure to secure adequate protection for our intellectual property rights; our inability to develop new applications and product enhancements; the potential disruptive effect on the markets we serve of new and emerging technologies and applications, including vehicle-to-vehicle communications and autonomous vehicles; unanticipated delays, costs and expenses inherent in the development and marketing of new products; our inability to respond to low-cost local competitors; our inability to properly manage any growth in revenue and/or production requirements; the influence over our voting stock by affiliates; our inability to hire and retain key scientific and technical personnel; the effects of legal matters in which we may become involved; our inability to achieve and maintain effective internal controls; our inability to successfully integrate any acquisitions; tariffs and other trade barriers; our operating costs tend to be fixed, while our revenue tends to be seasonal, thereby resulting in operating results that fluctuate from quarter to quarter; any significant variations between actual amounts and the amounts estimated for those matters identified as our critical accounting estimates and other significant accounting estimates made in the preparation of our financial statements; political and economic instability, including continuing volatility in the economic and political environment of the European Union and the war in Ukraine; our inability to comply with international regulatory restrictions over hazardous substances and electronic waste; the impact of international supply chain disruptions and delays; the impact of changes in U.S. federal and state income tax regulations; the impact of inflation and our ability to pass on rising prices to its customers; and conditions beyond our control such as war, terrorist attacks, health epidemics (including the COVID-19 pandemic caused by the coronavirus) and economic recession.
We further caution you not to unduly rely on any forward-looking statements because they reflect our views only as of the date the statements were made. We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
| Contact: | Andrew Markese, Interim CEO of AATC and President and CEO of ISNS |
| 612-438-2363 |
