New Management Team to Follow Through on Recently Announced Strategic Initiatives and Aggressive Business Plan
June 02, 2008
Titan Global Holdings, Inc. (Pink Sheets:TTGL), a high-growth diversified holding company, today announced that as part of Titan's universal realignment of businesses, and consistent with its new corporate vision and initiatives, Michael Kadlec was appointed President and Chief Executive Officer of Titan Electronics, Inc., (formally known as Titan PCB West, Inc.), the Company's wholly owned subsidiary. The Company also announced other senior management changes.
Additionally, Ed Peterson will serve as Chief Operating Officer and Saul Kennedy will continue to serve as Senior Vice President leading Titan's focused efforts on Asian expansion. The team continues to develop demand for lower cost offshore fabrication and engineering solutions consistent with high mix domestic production in North America today.
Mr. Peterson's 24 years of operational and quality experience at Zycon, Hadco, and Sanmina in concert with his Theory of Constraints training under Eli Goldratt fortify the Company's foundation in quick turn, high mix solutions. His emphasis on operational efficiency, throughput, and quality are believed to be exemplary.
The executive team is comprised of a unique balance of the industry's leading experts. Saul Kennedy has led the sales and marketing campaign since 1988.
Mr. Kadlec is a recognized industry leader in sales, marketing, and communications, beginning his career in 1973. He hails from a multigenerational family that has owned PCB fabrication facilities beginning in 1959. Most recently he was an integral member of the senior management team of Data Circuit Systems. In 2004, Data Circuit Systems was sold to Merix in a financially successful transaction.
"I am gratified by the support of our Board and the opportunity to lead Titan Electronics," said Mr. Kadlec. "We have developed a focused and aggressive business plan to build Titan's domestic production at our Fremont plant and our offshore production through strategic partnerships with Asian manufacturers.
Mr. Kadlec has replaced Curtis Okumura, who recently resigned as President, CEO and a Director.
Titan Electronics' realigned management team presented to Titan's Board its vision for the future. Under the new business plan, Titan Electronics will focus on expanding Titan Electronics' domestic production through Mr. Kadlec's "Rep Centric" marketing strategy while significantly expanding Titan Electronics' offshore partnerships and capabilities.
Titan's Electronics Division includes Titan Electronics, Inc. and NEO EMS, Inc. Titan Electronics specializes in the manufacturing of advanced circuit boards and other high tech products for military and high-tech clients. NEO EMS manufactures custom circuit board products for a variety of industries including aerospace, defense contractors and alternate energy equipment producers.
Previously, Titan's Board of Directors authorized a definitive strategic plan to spin-off Titan's Printed Circuit Board manufacturing business to its shareholders, creating a new, independent public entity. Titan remains committed to this plan.
"We thank Curtis for his service. Everyone involved simply concluded that a change was warranted so that West could reach a new level of success," said Bryan Chance, President and Chief Executive Officer of Titan Global Holdings. "Mike Kadlec has been with us over a year and has proven to be an able and trusted executive. In his prior industry endeavors, he has been part of teams that achieved financial and operational success. With enthusiasm, we believe Mike rounds out our team and that we are now poised to build additional shareholder value."
"Consistent with our recently announced corporate vision and initiatives, our entire team concluded that Titan Electronics' business hadn't achieved required financial goals but has the potential to achieve those goals in future quarters," said David Marks, Chairman of Titan Global Holdings. "In every sense of the word, we believe Mike reflects and embodies the leadership that we are looking for. We are delighted to begin this new phase in Titan Electronics' history."
About Titan Global Holdings
Titan Global Holdings is a diversified holding company with a dynamic portfolio of subsidiaries spanning international telecommunications, electronics and homeland security, consumer products and energy resources and distribution.
Titan's operating divisions include the following:
The Titan Global Energy Division owns and operates traditional and next-generation renewable energy and fuel assets that can provide significant opportunities for growth in one of the world's largest and most critical markets.
Titan's Communications Division serves the communication needs of those individuals that have emigrated from their host country to the United States or other countries and plans to addresses a range of high-growth markets in the international telecommunication segments, including communication technology, platform management, international wholesale communication and the distribution of prepaid international telecommunication products.
Titan Global Brands designs, develops, and distributes consumer products from value categories to high end branded categories, through its existing distribution channels and new ones suitable for such products. Together, it integrates, protects and expands its consumer brand management capabilities to leverage and optimize growth across Titan's worldwide distribution channels.
Titan Card Services plans to capitalize on the burgeoning multibillion-dollar international prepaid money transfer sector. Titan Card Services' proprietary technology provides for convenient and efficient international money transfers.
Titan's Electronics and Homeland Security Division includes Titan PCB East, Inc., Titan Electronics Inc., and NEO EMS, Inc. These companies specialize in the manufacture of advanced circuit boards and other electronic products for classified military and defense department customers, and other high-tech clients.
For more information, please visit: www.titanglobalholdings.com.
For investor-specific information and resources, visit http://www.trilogy-capital.com/tcp/titan/ or http://www.b2i.us/irpass.asp?BzID=1314&to=ea&s=0.
To view current news, visit http://www.trilogy-capital.com/tcp/titan/quote.html. To view an investor fact sheet about the company, visit http://www.trilogy-capital.com/tcp/titan/factsheet.html.
Forward-Looking Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of TTGL could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rates and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.
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