Presstek's Marino and Moosa Sign on For Another Three Years
Press release from the issuing company
HUDSON, N.H., Jan. 22 -- Presstek, Inc., a leading provider of direct digital imaging technology, today announced that Edward J. Marino, Presstek's President and Chief Executive Officer and Moosa E. Moosa, Presstek's Vice President-Finance and Chief Financial Officer have signed new three-year employment agreements with the company.
Marino and Moosa joined Presstek in 2002, originally signing two-year employment agreements with annual one-year term renewals.
Presstek's Chairman of the Board Richard A. Williams said, "We are very pleased that Mr. Marino and Mr. Moosa have agreed to continue to guide Presstek's future. Their strong leadership and direction, together with the support of a solid management team, successfully led the company through an important transformation that has set us on a well-charted course to move ahead. The three-year terms of their contracts provides the necessary stability and continuity for that leadership. We are looking forward to the future with them at the helm."
Commenting on his new agreement Edward J. Marino said, "I am delighted to have the opportunity to continue to lead Presstek at this challenging and exciting time. I am looking forward to continuing to work with Moosa, our management team, and all of our talented employees. We believe Presstek has a very bright future and we fully intend to capitalize on our opportunities to the benefit of all of Presstek's stakeholders."
Chief Financial Officer Moosa E. Moosa said, "The past two years have been an exciting time to be at Presstek. We have achieved new milestones in both Dimension and consumable sales and built on our business momentum through new strategic partnerships and expanded distribution channels. The entire Presstek team has worked hard to provide a solid financial footing for the company, and I believe Presstek now has the necessary building blocks in place that will allow us to expand our opportunities. I am looking forward to being a part of Presstek's continued success."
In the fourth quarter of 2003, Presstek will mark its sixth consecutive quarter of profitability, with revenue in excess of $22 million, record sales of Dimension CTP units, and cash and equivalents of approximately $28 million. Presstek's complete fourth quarter and year-end results are scheduled for release on Thursday, February 26, 2004.
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