Insignia Systems, Inc. (Nasdaq: ISIG) today commented on the finalization of several previously announced corporate changes.
In the culmination of its CEO succession plan, the Company appointed Glen P. Dall as its President and Chief Executive Officer and also elected him as a member of the Board of Directors, effective July 17, 2013. Scott F. Drill, who previously served as the Company’s Chief Executive Officer, was appointed Senior Advisor effective July 17, 2013, and retired from the Board of Directors effective August 19, 2013. Gordon F. Stofer, who had been the Chairman of the Board of Directors, retired from the Board effective August 19, 2013. Additionally, Gary L. Vars was appointed to the Board of Directors effective August 20, 2013 and David J. Boehnen was appointed Chairman of the Board.
CEO Glen Dall commented, “I want to acknowledge Scott Drill’s and Gordon Stofer’s significant contributions over the past several years and thank them for the guidance, perseverance, and leadership they have exhibited during their tenure with the Company. I can safely say that the Company would not be as strong as it is today without Scott’s and Gordon’s involvement. I am also pleased that Gary Vars has joined the Board of Directors. Gary brings a wealth of industry experience and will be integral in furthering several key initiatives we are working on corporately.”
Mr. Dall continued, “We now have four straight profitable quarters behind us, with the third quarter of 2013 looking strong. During the past four quarters, we have generated revenues of nearly $25 million, and produced EBITDA of nearly $3 million over that time period. While I am pleased with these results, we are constantly looking for areas for future growth and planning so that growth can be achieved in an efficient manner that produces a positive return for our shareholders. We have a strong management team in place and we will continue to make strategic hires and other investments in our Company where needed. As we embark on this next chapter in our Company’s evolution, I am optimistic about what lies ahead of us and the results that our hard work will produce.”