Business Editors/High-Tech Writers
SANTA ROSA, Calif.--(BUSINESS WIRE)--Aug. 22, 2001--TrueTime, Inc.
(Nasdaq:TRUE) today announced that Charles J. Abbe, a Director of the
Company, has been elected Chairman of the Company's Board of
Directors. Katsuhiko Kobayashi, former Chairman, remains as a
Director, and Abbe's election fills the vacancy created when Kobayashi
"Our Board is extremely pleased that Mr. Abbe has agreed to accept
the Chairmanship," said Kobayashi. "As a result of his long and
outstanding experience in top level management roles including CEO of
Optical Coating Laboratory, Inc., and more recently as President of
JDS Uniphase before his retirement a few months ago, Jay is
preeminently qualified to serve in this role. I know he will provide
excellent guidance as TrueTime refocuses its efforts to provide
precision time and frequency products in the commercial market
segments to augment its sale of these products to the government and
"I am pleased to succeed Mr. Kobayashi as Chairman as he in turn
assumes important new duties as Director and Senior Executive at OYO
Corporation Japan," said Abbe. "And we at TrueTime are delighted Mr.
Kobayashi will remain an active Director of the Company."
Abbe has an outstanding management career. From 1971 to 1989, Abbe
was employed by the consulting firm of McKinsey & Company and served
as a senior partner of the San Francisco office when he resigned to
join Raychem Corp., where he held executive management positions from
1989 to 1996. In 1997, Abbe was elected President of Optical Coating
Laboratory, Inc., and guided its rapid growth until its merger with
JDS Uniphase Corp. (JDSU) where Abbe served as President prior to his
retirement in June 2001.
Abbe is a native of Pennsylvania. He attended Cornell University,
where he earned Bachelor's and Master's degrees in Chemical
Engineering and Stanford University where he received his MBA in 1971.
Abbe lives in Healdsburg, Calif. Abbe was first elected a Director of
TrueTime at the time of the Company's IPO in December 1999. He also
currently serves on the Board of Cosine Communications Inc.
Lisa Withers, president and CEO of TrueTime, stated, "I wish to
express the Company's gratitude to Mr. Kobayashi for his service as
Chairman while the Company transitioned from a privately-held
subsidiary of OYO Corporation to a publicly-held company traded on the
NASDAQ (TRUE), and look forward to his continuing support and
contributions as a Director. We are also appreciative of Mr. Abbe's
strong experience and look forward to his guidance as he assumes his
new role as Chairman."
TrueTime, Inc. designs, develops, manufactures and markets
precision time and frequency products that are essential components
used by many technology based markets to provide greater accuracy and
resolution than can be obtained from conventional timing devices.
TrueTime, Inc. is traded on the NASDAQ National Market System under
the symbol "TRUE." TrueTime's website is http://www.truetime.com.
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements other than
statements of historical fact included herein, including statements
regarding potential future products and markets, the Company's future
financial position, business strategy and other plans and objectives
for future operations, are forward-looking statements. Additional
important factors that could cause actual results to differ materially
from the Company's expectations are disclosed in the Company's Form
10-K for the year ended Sept. 30,2000 and in quarterly reports in form
10-Q on file with the SEC, under the heading "Risk Factors" and
elsewhere. In particular, without exclusion of other risks, the
success of our business involves the risks of dependence on component
suppliers, government spending and the general growth and success of
the industries and customers we serve. Further, all written and verbal
forward-looking statements attributable to the Company opr persons
acting on its behalf are expressly qualified in their entirety by such
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