“We welcome Joe and Rick to the board and look forward to the contribution they will make to the success of the Company and to the accomplishment of our strategic goals and objectives,” commented Dick Smith, Executive Chairman of the Board. “These appointments are part of our board succession planning as several of our current board members are approaching retirement and will provide for an effective transition period.”Headquartered in Denver, Colorado, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world. The statements in this press release that relate to future plans, events or performance are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results of the Company to differ materially from the forward-looking statements. The risks and uncertainties include international, national and local general business and economic conditions in the Company’s motion markets as well as the success of new corporation strategies and implementation of defined critical issues designed for growth and improvement in profits. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.
Allied Motion Technologies Inc. (NASDAQ: AMOT) announced that on November 2, 2011, the Board of Directors appointed Joseph (Joe) W. Bagan and Richard (Rick) D. Federico to serve as members of the Company’s board of directors with such appointments to be effective at the Company’s regular February 2012 board meeting. Joe Bagan is currently the Chief Operating Officer of Clear Channel Outdoor - Americas. Prior to that, Mr. Bagan was the CEO of Sharklet Technologies, a Denver based bio-technology company, and is its current Chairman of the Board of Directors. Prior to that, Mr. Bagan held a number of executive positions with Adelphia Communications, Ricochet Wireless Networks and AT&T Broadband. He started his career at Arthur Andersen and was a partner in the Consulting Practice and led the Southwestern United States High Tech and Communications consulting practice for the firm. He received a Masters of Accounting Degree from the University of Denver. Rick Federico is a Managing Director at Ocean Tomo, a merchant banc specializing in intellectual capital equity. In this role, Mr. Federico focuses on Investment Banking, Strategy and Fund initiatives. He has 30+ years of deep operational, strategy and investment acumen. Previously, as Managing Director at Sterling Partners, he developed the Accelerator program and was responsible for leading the firm’s efforts in the deployment of the proprietary Business Value Accelerator (BVA) methodology, a series of firm-wide best practices and processes. Mr. Federico worked with a number of Sterling portfolio investments to build, capture and maximize best-in-class practices across the network, along with instituting effective governance at the portfolio level. He remains a Senior Advisor to Sterling Partners. His background also includes senior management positions with companies including Fisher Scientific, The Millard Fillmore Health System (MFHS), The Science Kit Group and KPMG. He is and has been involved with numerous private and non-profit boards and currently serves on the EduTone Board of Directors and as a Senior Operating Advisory Board member to Sound Harbor. Mr. Federico received a BS with honors from St. Bonaventure University and an MBA with a strategy concentration from the State University of New York at Buffalo.