Autoscope Technologies Corporation Announces the Resignation of Andrew Berger as CEO and Plans to Name Frank Hallowell as Interim CEO
November 10 2022 - 5:25PM
Autoscope Technologies Corporation (“Autoscope”) (Nasdaq:
AATC) today announced that on November 10, 2022, Andrew
Berger, the President and Chief Executive Officer of Autoscope
Technologies Corporation, notified the Board of Directors of
Autoscope that he was resigning. Mr. Berger will continue to
be the Executive Chairman of the Board of Directors for Autoscope
Technologies Corporation. Frank Hallowell, who is the Chief
Financial Officer of Autoscope and Chief Operating Officer for
Image Sensing Systems, will assume the role of Interim CEO of
Autoscope when Mr. Berger's resignation is effective.
“Frank is a highly skilled and experienced
leader who has served as COO of Image Sensing Systems and CFO of
Autoscope Technologies Corporation. His deep understanding of
the Company and his significant strategic, operational, and
financial experience make him an excellent choice to guide the
Company,” said Andrew T. Berger, the Executive Chairman of
Autoscope.
About Autoscope Technologies
Corporation
Autoscope Technologies
Corporation creates value through owning and supporting
operating subsidiaries and investments, anchored by core
investments in the fields of technology and engineering.
Autoscope's main subsidiary is Image
Sensing Systems, Inc. Image Sensing Systems, Inc. is a global
company dedicated to helping improve safety and efficiency for
cities and highways by developing and delivering above-ground
detection technology, applications, and solutions. We give
Intelligent Transportation Systems (ITS) professionals more precise
and accurate information – including real-time reaction
capabilities and in-depth analytics – to make more confident and
proactive decisions. We are headquartered in Minneapolis,
Minnesota. Visit us on the web at imagesensing.com.
Safe Harbor
Statement: Statements made in this release
concerning the Company’s or management’s intentions, expectations,
or predictions about future results or events are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements reflect management’s current
expectations or beliefs and are subject to risks and uncertainties
that could cause actual results or events to vary from stated
expectations, which variations could be material and adverse.
Factors that could produce such a variation include, but are not
limited to, the following: the inherent unreliability of earnings,
revenue and cash flow predictions due to numerous factors, many of
which are beyond the Company’s control; developments in the demand
for the Company’s products and services; relationships with the
Company’s major customers and suppliers; the mix of and margins on
the products we sell; unanticipated delays, costs and expenses
inherent in the development and marketing of new products and
services; adverse weather conditions in our markets; the impact of
governmental laws, regulations, and orders, including as a result
of the COVID-19 pandemic caused by the coronavirus;
international presence; tariffs and other trade barriers; our
success in integrating any acquisitions; potential disruptions to
our supply chains (including disruptions caused by geopolitical
events, military actions, work stoppages, nature disasters, or
international health emergencies, such as the COVID-19 pandemic);
and competitive factors. Our forward-looking statements speak only
as of the time made, and we assume no obligation to publicly update
any such statements. Additional information concerning these and
other factors that could cause actual results and events to differ
materially from the Company’s current expectations are contained in
the Company’s reports and other documents filed with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2021, filed on March 22, 2022.
Contact:
Frank Hallowell, Chief
Financial Officer |
Phone: 612.438.2363 |
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