FARMERS BRANCH, Texas, Feb. 20, 2020 (GLOBE NEWSWIRE) — ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that Kevin Brown, the Chief Financial Officer of ADDvantage Technologies Group, will be leaving the Company effective March 6, 2020. Mr. Brown has accepted a new opportunity in Houston where he and his family reside. He has been commuting to Dallas and Tulsa, Oklahoma for over a year.
“Kevin has been instrumental in the Company’s turnaround, and he led the integration of Fulton Technologies after the acquisition in early January of last year,” said CEO Joe Hart. “We accomplished a lot during his time here, and he helped establish a framework for the business to take advantage of the upcoming opportunities with 5G. We will miss Kevin’s energy, intelligence and insight, but family matters are important for both Kevin and the ADDvantage team.”Over the last year, the Management Team has:Purchased, successfully integrated and ramped up Fulton Technologies, establishing the Company’s Wireless segmentCompleted moving Triton Datacom to a new facilityContinued the turnaround of Nave CommunicationsImplemented a new ERP system at Fulton, laying the foundation for the Company to be on a single cloud-based ERP in the future for all of its subsidiariesBuilt a Financial Planning & Analysis Organization to assist with modelling, budgeting and cash flow planningMoved the Company’s headquarters to Dallas and consolidated all accounting functions in a single locationExpanded the Company’s credit facilities and borrowing capacityExpanded our inventory analysis process at Nave and TritonJoe Hart and the Board of Directors will begin the search for a long-term replacement in Dallas to help take ADDvantage to the next level. In the meantime, Scott Francis, who serves as the Company’s Chief Accounting Officer and former CFO, will serve as the company’s Principal Financial Officer.ADDvantage operates through its subsidiaries, Fulton Technologies, Nave Communications, and Triton Datacom. For more information, please visit the corporate web site at www.addvantagetechnologies.com.Cautions Regarding Forward-Looking StatementsThe information in this announcement may include forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, are forward-looking statements. These statements are subject to risks and uncertainties, which could cause actual results and developments to differ materially from these statements. A complete discussion of these risks and uncertainties is contained in the Company’s reports and documents filed from time to time with the Securities and Exchange Commission.For further information:
Hayden IR
Brett Maas
(646) 536-7331
aey@haydenir.com
Bay Street News