UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 9, 2005
PERFORMANCE TECHNOLOGIES, INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-27460 16-1158413
(Commission File Number) (I.R.S. Employer
Identification No.)
205 Indigo Creek Drive, Rochester, New York 14626
(Address of principal executive offices) (Zip Code)
(585) 256-0200
(Company's telephone number, including area code)
(Not Applicable)
(Former name or former address, if changed since last report)
Item 5.02
(c) Exhibits.
(99.1) Press release issued by Performance Technologies, Incorporated
on March 8, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
PERFORMANCE TECHNOLOGIES, INCORPORATED
March 10, 2005 By:/s/ Donald L. Turrell
---------------------------
Donald L. Turrell
President and
Chief Executive Officer
March 10, 2005 By:/s/ Dorrance W. Lamb
-----------------------------
Dorrance W. Lamb
Chief Financial Officer and
Vice President of Finance
Exhibit 99.1
For more information contact:
Dorrance W. Lamb
Chief Financial Officer
Performance Technologies
585-256-0200 ext. 276
http://www.pt.com
finance@pt.com
Performance Technologies Announces
Leadership Succession Plan
ROCHESTER, N.Y. - March 8, 2005 - Performance Technologies, Inc. (NASDAQ NM:
PTIX), today announced that current President and Chief Executive Officer,
Donald L. Turrell, will leave the Company's executive management at the end of
2005 to explore personal interests.
As part of the succession plan developed by the Performance Technologies' Board
of Directors, Mr. Turrell will remain as a board member and will maintain active
involvement throughout the transition of the Company's change in leadership.
"By announcing my decision now to pursue personal interests," said Mr. Turrell,
"it will enable ample time for the Board of Directors to select an appropriate
successor. I have had the privilege of leading Performance Technologies over the
past eight years as CEO and I believe the Company has some of the most
innovative people in our industry, providing the organization with a very bright
future. I look forward to assisting with the process to assure an orderly and
smooth leadership change."
"Don Turrell has been a dedicated, key member of the executive management of
Performance Technologies for nearly two decades," said John M. Slusser, Chairman
of the Board. "We understand his desire to now pursue other personal interests
and have established a Succession Committee that will oversee the process
through which we will select a new Chief Executive Officer. Don will remain as
President and CEO until a successor has been named, continue in a transitional
role through 2005 and has indicated interest in serving on the Board of
Directors thereafter."
About Performance Technologies
Performance Technologies (NASDAQ NM: PTIX) develops the systems, platforms,
components and software solutions for the world's evolving communications
infrastructure. Our broad customer base includes companies in the
communications, military and commercial markets. Serving the industry for more
than 20 years, our complete line of embedded and system-level products enables
equipment manufacturers and service providers to offer highly available and
fully-managed systems with time-to-market, performance and cost advantages.
Performance Technologies is headquartered in Rochester, New York. Additional
operational and engineering facilities are located in San Diego and San Luis
Obispo, California; Norwood, Massachusetts and Ottawa, Canada. For more
information, visit www.pt.com or contact sales@pt.com.
Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for certain forward-looking statements. This press release contains
forward-looking statements, which reflect the Company's current views with
respect to future events and financial performance, within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and is subject to the safe harbor provisions of those
Sections.
These forward-looking statements are subject to various risks and uncertainties
and the Company's actual results could differ materially from those discussed in
the forward-looking statements. These risks and uncertainties include, among
other factors, general business and economic conditions, rapid technological
changes accompanied by frequent new product introductions, competitive
pressures, dependence on key customers, the attainment of design wins,
fluctuations in quarterly and annual results, the reliance on a limited number
of third party suppliers, limitations of the Company's manufacturing
arrangements, the protection of the Company's proprietary technology, the
dependence on key personnel, potential delays associated with the purchase and
implementation of an enterprise-wide software system and potential impairments
of investments. These statements should be read in conjunction with the audited
Consolidated Financial Statements, the Notes thereto and Management's Discussion
and Analysis of Financial Condition and Results of Operations of the Company as
of December 31, 2003, as reported in its Annual Report on Form 10-K, and other
documents as filed with the Securities and Exchange Commission.
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