Bob Ready, CEO, commented, "The action taken to promote Scott Ready to President of LSI Industries is part of our recently implemented succession plan to ensure that the Company will continue to have effective management and continue the legacy of innovation and growth at LSI Industries. Scott has a long history with the Company starting with his position as Northeast petroleum regional manager followed by Petroleum Sales Manager, Vice President of the newly formed image group, and from there, his most recent position as President of LSI Lighting Solutions Plus segment for the past six years. Scott, who holds a business degree from Miami University, has been with LSI Industries for 26 years and is well experienced to take on the new responsibilities as President of LSI Industries.
Commenting further, Mr. Ready stated, "New order levels and inquiries are strong and nearly all of our niche markets and the broader C & I market are showing substantial year-over-year period improvement. Our contract with BP Products North America has been executed and we look forward to beginning work on this multi-year major re-lighting project beginning in the third quarter of this fiscal year. We are off to a strong start in the second quarter of fiscal 2011. LSI Industries has the right products, the stable platform, the motivated employees, experienced management teams and visionary technology innovation to take advantage of stronger market conditions and an increasing number of opportunities in the future."
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This document contains certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "seeks," "may," "will," "should" or the negative versions of those words and similar expressions, and by the context in which they are used. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Actual results could differ materially from those contained in or implied by such forward-looking statements as a result of a variety of risks and uncertainties over which the Company may have no control. These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, potential costs associated with litigation and regulatory compliance, reliance on key customers, financial difficulties experienced by customers, the cyclical and seasonal nature of our business, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs whether as a result of uncertainties inherent in tax and accounting matters or otherwise, unexpected difficulties in integrating acquired businesses, the ability to retain key employees of acquired businesses, unfavorable economic and market conditions, and the results of asset impairment assessments. You are cautioned to not place undue reliance on these forward-looking statements. In addition to the factors described in this paragraph, the risk factors identified in our Form 10-K and other filings the Company may make with the SEC constitute risks and uncertainties that may affect the financial performance of the Company and are incorporated herein by reference. The Company does not undertake and hereby disclaims any duty to update any forward-looking statements to reflect subsequent events or circumstances.