TSS, Inc. Appoints Martin T. Olsen as Executive Vice President, Sales and
COLUMBIA, Md., Jan. 13, 2014
COLUMBIA, Md., Jan. 13, 2014 /PRNewswire/-- TSS, Inc. (Other OTC: TSSI), a
mission critical data center and technology services company, announced today
that it has appointed Martin T. Olsen as Executive Vice President, Sales and
Marketing effective January 14, 2014. Mr. Olsen will lead all sales and
marketing strategies to drive growth and further market penetration globally
as well as oversee business development efforts to diversify channels and
expand new revenue streams. Mr. Olsen will report directly to Anthony
Angelini, President and Chief Executive Officer of TSS.
Mr. Olsen was previously Vice President, Global Sales and Marketing of Active
Power, Inc., a manufacturer of uninterruptible power systems and modular
infrastructure solutions for data centers and other business operations where
system up time is considered mission critical. Prior to joining Active Power
in 2007, Mr. Olsen held various leadership positions with Wright Line LLC and
APC by Schneider Electric in Denmark, Munich, Singapore and the United States.
"I am excited to have Martin join our team and lead our sales and marketing
efforts. He has a proven track record of success, is a holder of three U.S.
patents, and has over 15 years of experience in mission-critical data center
and infrastructure systems sales, marketing, development and strategy. He will
further our position as a trusted single source provider to the mission
critical data center industry," said Anthony Angelini.
"TSS has a broad and deep offering with a very attractive value proposition,
along with a marquee base of customers. Joining TSS is very exciting and I am
pleased to become part of a strong management team focused on growth and
execution," said Mr. Olsen.
In connection with his appointment, Mr. Olsen received 250,000 restricted
shares of TSS common stock and a stock option to purchase 200,000 shares of
TSS common stock. The restricted shares will vest in installments as follows:
25,000 shares will vest on February 14, 2014, 125,000 shares will vest on
January 14, 2015, and 100,000 shares will vest on January 14, 2016. All
unvested shares of restricted stock will vest upon a change in control of TSS,
and 150,000 shares of restricted stock will vest in certain instances upon the
termination of Mr. Olsen's employment. The exercise price per share for the
stock option is equal to the average of the high and low bid prices for TSS
common stock reported daily on the OTCQB marketplace during the 20 trading
days following the grant date. The stock option will vest in installments as
follows: 100,000 shares will vest when the fair market value of TSS common
stock is at least $2.00 for 20 consecutive business days, and 100,000 shares
will vest when the fair market value of TSS common stock is at least $3.00 for
20 consecutive business days. All of the independent directors of TSS approved
these equity grants, which were not made under any compensation plan approved
by the stockholders of TSS.
About TSS, Inc.
TSS is a trusted single source provider of mission-critical planning, design,
system integration, deployment, maintenance and evolution of data center
facilities and information infrastructure. TSS specializes in customizable end
to end solutions powered by industry experts and innovative services that
include technology consulting, engineering, design, construction, operations,
facilities management, technology system installation and integration, as well
as maintenance for traditional and modular data centers. TSS is headquartered
in Columbia, Md. For more information contact us at www.totalsitesolutions.com
or call 888-321-4877.
Forward Looking Statements
This press release may contain "forward-looking statements" -- that is,
statements related to future -- not past -- events, plans, and prospects. In
this context, forward-looking statements may address matters such as our
expected future business and financial performance, and often contain words
such as "guidance," "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should," or "will." Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Particular
uncertainties that could adversely or positively affect the Company's future
results include: the Company's reliance on a significant portion of its
revenues from a limited number of customers; risks relating to operating in a
highly competitive industry; actual or potential conflicts of interest between
the Company and members of the Company's senior management; risks relating to
rapid technological, structural, and competitive changes affecting the
industries the Company serves; the uncertainty as to whether the Company can
replace its backlog; risks involved in properly managing complex projects;
risks relating the possible cancellation of customer contracts on short
notice; risks relating our ability to continue to implement our strategy,
including having sufficient financial resources to carry out that strategy;
risks relating to our ability to meet all of the terms and conditions of our
debt obligations or maintain sufficient availability under our revolving
credit facility; risks relating to the acquisition of businesses; uncertainty
related to current economic conditions and the related impact on demand for
our services; and other risks and uncertainties disclosed in the Company's
filings with the Securities and Exchange Commission, including the Annual
Report on Form 10-K for the fiscal year ended December 31, 2012. These
uncertainties may cause the Company's actual future results to be materially
different than those expressed in the Company's forward-looking statements.
The Company does not undertake to update its forward-looking statements.
SOURCE TSS, Inc.
Contact: TSS, Inc., Maura McNerney, Chief Financial Officer, Phone: (410)
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