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PRESS RELEASE
ALLIED RESEARCH CORPORATION
8000 TOWERS CRESCENT DRIVE, STE. 260
VIENNA, VIRGINIA 22182
HOME PAGE: ALLIEDRESEARCH.COM
TICKER: ALR-AMERICAN STOCK EXCH.
CONTACT: JOHN G. MEYER, JR.
EXECUTIVE VICE PRESIDENT
ALLIED RESEARCH CORPORATION NAMES GENERAL (RETIRED) J.H. BINFORD PEAY, III,
CHAIRMAN, PRESIDENT & CHIEF EXECUTIVE OFFICER; NAMES JOHN G. MEYER, JR. AND
BRUCE W. WADDELL AS KEY MEMBERS OF THE SENIOR MANAGEMENT TEAM
VIENNA, Virginia, January 11, 2001 - Allied Research Corporation (ALR: AMEX), a
diversified defense and commercial electronic security firm, today announced the
appointment of a new management team headed by General (Retired) J.H. Binford
Peay, III, U.S. Army. General Peay, a current Allied Research director, was
named Chairman, President and Chief Executive Officer. He replaces Mr. W. Glenn
Yarborough who retired as President and Chief Executive Officer.
Allied Research also announced that Major General (Retired) John G. Meyer, Jr.,
U. S. Army had joined the company as Executive Vice President, Chief Operating
Officer and Acting Chief Financial Officer, and that Mr. Bruce W. Waddell, a
current Allied Research director, had joined as Vice President for Strategic
Planning and Corporate Development.
"Allied Research is extremely pleased to have the new executive team in place to
kick-off the year and to accelerate its plans for diversification and enhanced
shareholder value," said Dr. J. R. Sculley, Allied's Chairman Emeritus.
"Allied's performance in 2000 has been good, and we expect sales and earnings to
remain strong in 2001." Sculley commended Yarborough for his numerous
contributions during his eight-year career with Allied, and noted that Mr.
Yarborough will remain available to Allied as a consultant.
According to General Peay: "While Allied Research is a successful firm, we do
not plan to stand still. We do plan to build on past and current success to
maximize the underlying potential that needs to be exploited and logically
developed. To reach our objectives we have assembled a top management team with
uncommon skills across multiple disciplines, including operations, strategic
planning, communications, human resources and finance. Today, we have the
strength of two outstanding operating units, each with excellent management
teams, a sound financial position, a solid backlog and an excellent Board."
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General Peay retired in 1997 as Commander in Chief, United States Central
Command, with responsibility for operations in some 20 countries throughout
Africa, the Middle East, Persian Gulf and South Asia. Previously, he was Vice
Chief of Staff, U.S. Army. He graduated from the Virginia Military Institute in
1962 with a B.S. in Civil Engineering and holds a Master of Arts degree from
George Washington University. General Peay is currently a director of United
Defense L.P., and a Trustee of the George C. Marshall Foundation. The V.M.I.
Foundation and the National Defense University.
General Meyer recently retired from the U.S. Army having served as its most
senior Public Affairs Officer for the last four years. He brings to the team 33
years of experience in the fields of law enforcement, human resource management,
business communications and leadership consulting. He is the author of Company
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Command: The Bottom Line, an authoritative leadership text widely used
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throughout the Army and other military services.
Mr. Waddell was most recently President of the The Stonebridge Group, Inc., a
management consulting firm specializing in strategy and business development. He
previously held management positions with Avery Dennison and in General
Electric's defense and lighting businesses. Mr. Waddell is a graduate of Cornell
University and studied law at The University of Toledo. He also is the Chairman
of the Board of FRCC, Inc., Los Angeles, Ca.
Allied Research Corporation is a defense and commercial electronic security
firm. Its operating units develop and produce ammunition. In addition, they
design, produce and market sophisticated electronic security and access control
systems.
Certain statements contained herein are "forward looking" statements as such
term is defined in the Private Securities Litigation Reform Act of 1995. Because
statements include risks and uncertainties, actual results may differ materially
from those expressed or implied and include, but are not limited to, those
discussed in filings by the Company with the Securities and Exchange Commission.
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