ORLANDO, FL – (Business Wire) – July 31, 2012 — API Technologies Corp. (NASDAQ:ATNY) (“API”, “API Technologies”, or the “Company”), a trusted provider of RF/microwave, microelectronics, and security solutions for critical and high-reliability applications, today announced the promotion of Bel Lazar to the position of President and Chief Executive Officer of API Technologies Corp., effective August 1, 2012. Brian Kahn, who previously held the positions of Chairman and Chief Executive Officer, will continue to serve as Chairman of the Board. Bel Lazar joined API on February 28, 2011 as President & Chief Operating Officer.
“Since joining API as President and COO last year, Bel has been instrumental in driving API’s acquisition strategy, integration, consolidations, and operational efficiencies,” said Brian Kahn, Chairman of the Board of API Technologies. “With acquisition integration now largely behind us, and the substantial increase in Adjusted EBITDA margin in our Systems, Subsystems, and Components business, the Board of Directors is confident moving forward under Bel’s high-caliber leadership. This management succession plan also provides API with a separation of CEO and Chairman responsibilities, which we believe is good governance.”
Commenting on his appointment, Bel Lazar said, "I appreciate the recognition from the Board as reflected in this appointment. I am excited about the prospects ahead and the management team we have assembled to pursue them. It is also important to acknowledge the continued stewardship that Brian provides as Chairman to both the Company and me personally, and I'm looking forward to what collectively we can deliver for our stakeholders."
Bel Lazar holds a Bachelor of Science degree in Engineering from California State University, Northridge, a Master of Science degree in Computer Engineering from University of Southern California, and a Juris Doctor degree from Southwestern University School of Law.
About API Technologies Corp.
API Technologies designs, develops and manufactures electronic systems, subsystems, RF and secure solutions for technically demanding defense, aerospace and commercial applications. API Technologies' customers include many leading Fortune 500 companies. API Technologies trades on the NASDAQ under the symbol ATNY. For further information, please visit the Company website at www.apitech.com.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, government regulations, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, and the effect of growth on our infrastructure. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. The forward-looking statements in this news release should be read in conjunction with the more detailed descriptions of the above factors located in our Transition Report on Form 10-K under Part I, Item 1A “Risk Factors” as well as those additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise.
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