Key Technology Appoints Jeffrey T. Siegal as Chief Financial Officer
WALLA WALLA, Wash., April 15, 2013 (GLOBE NEWSWIRE) -- Key Technology, Inc.
(Nasdaq:KTEC) announced today the appointment of Jeffrey T. Siegal as Vice
President and Chief Financial Officer. Effective April 15, 2013, Siegal will
have responsibility for providing guidance and analysis for all financial
aspects of the Company's business.
Jack Ehren, President and Chief Executive Officer of the Company, stated,
"Jeff brings to Key twenty-five years of significant financial expertise with
high technology, international and manufacturing businesses, and has a
thorough understanding of public accounting, treasury management, and SEC
reporting as well as acquisitions and strategic alliances. Jeff's valuable
experiences and knowledge are a strong fit for Key, and will provide real
benefit as we continue to transform our Company for the future and implement
our long-term strategy."
For the past five years, Siegal has served as the Chief Financial Officer and
Treasurer for Schmitt Industries, Inc. where he has overseen all accounting
and finance functions, including strategic planning, budgeting and forecasting
processes.Prior to this, Siegal served as the Corporate Controller and
Treasurer of Planar Systems, Inc. where he directed all finance, treasury and
accounting activities for this multinational, public manufacturing
company.Siegal also brings with him more than ten years of public accounting
experience, most of which was spent with Deloitte & Touche LLP, where Siegal
served as a Senior Manager.
Commenting on his new appointment, Siegal said, "I am enthusiastic about the
opportunity to join Key's strategically-focused and innovative global
team.The Company is well-respected in its markets and is generating strong
interest in the investment community.I am excited about the contribution I
can make to developing strategies that will enable the Company to achieve
profitable growth and increased shareholder value."
Siegal holds a BA degree in Business Administration and Accounting from San
Jose State University.He is also a Certified Public Accountant.
About Key Technology, Inc.
Key Technology, an ISO-9001 certified company, is a global leader in the
design and manufacture of process automation systems including digital
sorters, conveyors, and processing equipment. Applying processing knowledge
and application expertise, Key helps customers in food processing and other
industries improve quality, increase yield and reduce cost. With worldwide
sales representation, the company maintains demonstration and testing
facilities at its headquarters, and has manufacturing divisions in Walla
Walla, Washington, U.S.A., and at Key Technology BV in Beusichem, the
Netherlands. The company's common stock trades on the Global Market tier of
The NASDAQ Stock Market^® under the symbol KTEC.
Certain statements in this press release may be forward-looking statements for
purposes of the Private Securities Litigation Reform Act of 1995.These
statements may relate to expected results of operations or gross margins;
expected trends in sales, orders, earnings and other financial measures;
projected expenses, including general and administrative expenses; national
and international economic conditions; the effect of foreign exchange
fluctuations; or other future occurrences. Actual results could differ
materially from those anticipated in the forward-looking statements as a
result of a variety of economic, competitive and governmental risks and
uncertainties. These risks and uncertainties include, among other things,
industry consolidation increasing competition in the food processing equipment
industry; advances in technology by competitors adversely affecting our sales
and profitability; a variety of factors that could increase our cost of
operations and reduce gross margins and profitability, including expansion
into new markets, complex projects and applications, and integrated product
offerings; acquisitions that may harm our operating results; the failure of
our independent sales representatives to perform as expected, thereby harming
our net sales; our dependence on certain suppliers leaving us temporarily
without adequate access to raw materials or products; significant investments
in unsuccessful research and development efforts adversely affecting our
business; and increased or unanticipated costs associated with product
warranties adversely affecting our profitability. These and other risk factors
are discussed in our filings with the Securities and Exchange Commission,
including in Item 1A, "Risk Factors," of our Annual Report on Form 10-K for
the fiscal year ended September30, 2012. We undertake no obligation to update
or revise any forward-looking statements in this press release as a result of
subsequent developments, except as may be required by law.
News releases and other information about Key Technology, Inc. can be
accessed at www.key.net.
CONTACT: Financial Media Inquiries:
Evan Pondel or Laurie Berman
Tel: +1 310 279 5980
Key Technology, Inc.
Tel: +1 509-394-3120
Key Logo-rgb 2006
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