Blue Wave Systems Inc. Appoints John Forrest as Chairman and
Adds Richard Thompson as New Independent Director
DALLAS--(BUSINESS WIRE)--Feb. 17, 2000--Blue Wave Systems Inc. (Nasdaq:BWSI), a leading supplier of DSP solutions to the telecommunications industry, today announced its appointment of John Forrest, a director of Blue Wave Systems since April 1998, as chairman of its board of directors, replacing Sam Smith who has retired.
Following the recent appointment of Lynn Davis, Senior VP of ADC Telecommunications, the board of directors of Blue Wave Systems Inc. has also appointed Richard Thompson, currently Chief Financial Officer of Artesyn Technologies, to its board of directors.
John Forrest has served as a director of a number of multi-national technology and venture capital companies, including 3i Group PLC (LSE:III), and has served as a director of Blue Wave Systems Inc. since April 1998. Following careers in the academic world and defense industries, Mr. Forrest moved into the telecommunications sector and amongst other activities led the privatization and telecommunications growth of National Transcommunications Ltd. and served as its chief executive officer until 1994.
Richard Thompson is the Chief Financial Officer of Artesyn Technologies (Nasdaq:ATSN) and possesses more than 28 years of financial management experience. Mr. Thompson's background includes extensive experience in initiating and integrating business combinations and financing. Artesyn Technologies is a leading provider of hardware and software products, power conversion equipment, and power systems that are used in networks and real-time communications applications such as gateways, switches, and mobile infrastructure equipment.
"I have worked with John Forrest for over 4 years and feel fortunate to have someone of John's expertise and capabilities serve as chairman," commented Rob Shaddock, Blue Wave Systems' chief executive officer. "John's consultation has been instrumental in cementing our telecommunications strategy. Our goal has been to strengthen the board of Directors and I am delighted that Rich Thompson has been able to join the board. Rich's experience will be very valuable to us as we review and execute our strategic growth initiatives. In conjunction with John Rynearson and Lynn Davis we have a strong and well-balanced board experienced in the objectives we've set in the telecommunications market."
Commenting on the retirement of Mr. Sam Smith, Shaddock stated, "Sam has served on the board since 1994 and has played a key role in the creation of Blue Wave Systems. We will miss his contributions. On behalf of everyone at Blue Wave Systems we wish Sam all the best."
Blue Wave Systems is a leading supplier of high-channel Digital Signal Processing (DSP) subsystems used in telecommunication infrastructure equipment, such as voice over packet (VoIP) gateways, digital wireless communications and intelligent peripherals. The ComStruct(TM) line of telecom infrastructure communication processing subsystems was launched in January 1999. At the heart of the ComStruct(TM) line is the company's FACT(TM) software (Framework Architecture for Communication Technologies), which enables the DSP subsystem to be rapidly and effectively deployed in a variety of carrier class telecom applications. Blue Wave Systems has been a market leader in DSP board-level products since 1983. For additional information, please visit our company's web site at www.bluews.com.