Message #34 From:
NewsBot Date: December 18, 2006 06:29:00 AM
GLOW News Glowpoint Announces Changes to the Board
HILLSIDE, N.J.--(BUSINESS WIRE)--Glowpoint, Inc. (OTC:GLOW.PK),
a leading broadcast-quality, IP-based managed video service provider,
announced it has appointed Bami Bastani and James Lusk to fill vacancies
on its Board of Directors and on its Audit and Compensation Committees.
Dr. Bastani was also appointed to Glowpoint’s
Nominating Committee. Dr. Bastani and Mr. Lusk have accepted their
positions on the Board and committees pending the Company’s
issuance of its 2005 fiscal year audited financial statements.
Dr. Bastani is President and CEO of ANADIGICS (NASDAQ:ANAD), a leading
supplier of semiconductor radio frequency integrated circuits for the
broadband and wireless communications markets. Prior to joining
ANADIGICS in 1998, he held senior positions with Fujitsu
Microelectronics and National Semiconductor. Dr. Bastani earned his Ph.D
and his MSEE in Microelectronics from Ohio State University and his BS
(Electrical Engineering) from the University of Arkansas. He also holds
three US patents.
Mr. Lusk is currently Vice President, Business Services of Avaya
(NYSE:AV). Previously, he was Chief Financial Officer and Treasurer of
BioScrip/MIM, a $1.2 billion public company in the pharmaceutical and
health care management fields, President of Lucent Technologies’
Business Solutions division, and interim Chief Financial Officer of
Lucent Technologies, leading Lucent’s finance
group during the spin-off from AT&T and through its initial public
offering. Mr. Lusk earned his BS (Economics), cum laude, from the
Wharton School, University of Pennsylvania, and his MBA (Finance) from
Seton Hall University.
“When I took over as CEO in April of this
year, we committed ourselves to cutting expenses, increasing sales and
attracting new talent to our board. We believe we have been succeeding
on all fronts and improving oversight by bringing on new board members
is another example of us delivering on the plan,”
said Michael Brandofino, Glowpoint CEO. “We
are thrilled to have attracted this level of talent to Glowpoint’s
board and committees. Bami and Jim both bring a fresh perspective and
the experience and expertise of these high-caliber individuals will add
tremendous value.”
“Glowpoint’s
products and services have impressed me and with so much focus on video
communications in recent months, I am pleased to be part of that effort
in an up-and-coming industry,” said Dr.
Bastani.
The Company also announced that Michael Toporek and Karen Basian, board
members since 2002 and 2003, respectively, have resigned because of
other commitments limiting their availability to serve on the Glowpoint
board and committees. Ms. Basian has recently accepted professional
engagements that require global travel and the demands on Mr. Toporek’s
time from his private equity fund have grown. After overseeing the
transformation of the Company as an equipment reseller to a service
provider and helping guide the Company through challenging times related
to the financial restatement and change of management, Ms. Basian and
Mr. Toporek felt the time was right to hand the baton. “I
will miss working with Glowpoint’s current
team, but believe they are doing what needs to be done,”
said Ms. Basian. Mr. Toporek added, “I wish
Glowpoint well and have every confidence in its video solution.”
The Company also announced that Richard Reiss will step down as Chairman
of Board at the end of 2006 in order to focus more time on his new
business endeavors. Mr. Reiss does not intend to renew his employment
with the Company, which expires at year end. Mr. Reiss will, however,
continue to serve on the Board. After the start of the year, the Board
will consider electing a new chairman, though there is no obligation to
do so.
“As founder, Rich has been a valuable asset
and has provided extensive experience in the industry. His vision was
instrumental in the launching of Glowpoint,”
said Michael Brandofino.
“I have committed much of the last few years
helping Glowpoint through some trying times. I am pleased to have the
addition of such talented and experienced new board members as Dr.
Bastani and Mr. Lusk as I now begin to focus more of my time on
opportunities outside of Glowpoint,” said Mr.
Reiss.
Glowpoint, Inc. (OTC: GLOW.PK) is a world-leading broadcast-quality,
IP-based video-managed service provider. Glowpoint offers
videoconferencing, bridging, technology hosting, and IP-broadcasting
services to a vast array of companies, from large Fortune 100
enterprises to small and medium-sized businesses. Glowpoint’s
managed-video services are available bundled with Glowpoint’s
quality-network offering or as a value-added managed-video service
across other networks. Glowpoint is exclusively focused on quality
two-way video communications and has been supporting millions of video
calls since its launch in 2000. Glowpoint is headquartered in Hillside,
New Jersey. To learn more about Glowpoint, visit www.glowpoint.com.
The statements contained herein, other than historical information,
are or may be deemed to be forward-looking statements and involve
factors, risks, and uncertainties that may cause actual results in
future periods to differ materially from such statements. These factors,
risks, and uncertainties include market acceptance and availability of
new video communication services; the nonexclusive and
terminable-at-will nature of sales agent agreements; rapid technological
change affecting demand for our services; competition from other video
communications service providers; and the availability of sufficient
financial resources to enable us to expand our operations, as well as
other risks detailed from time to time in our filings with the
Securities and Exchange Commission.
