TrueTime Elects Charles J. Abbe as Chairman
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 stepped aside.
"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 aerospace industries."
"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 factors.