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Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Irwin Gruverman, CEO & Chairman
Robert P. Bruno, C.O.O. or
Jack M. Swig, Investor Relations
Tel. 617-969-5452, Fax 965-1213, E-mail: [email protected]
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MFIC ANNOUNCES RESTUCTURING OF SENIOR MANAGEMENT
Monday, November 27, 2000, Newton, MA (OTCBB:MFIC)
MFIC Corporation announced today a number of changes to its senior management.
The Company announced that Michael A. Lento has departed from employment with
the Company. Mr. Lento had served as the Company's President. Irwin Gruverman,
the Company's CEO and Chairman, will serve as President until further notice.
The Company also announced the Board of Directors' appointment and promotion of
Robert P. Bruno, effective November 21, 2000 to the position of Chief Operating
Officer. Mr. Bruno has served as the Company's V.P. of Sales/Marketing since
joining the Company in April 1996. Mr. Bruno graduated Northeastern University,
earning both a Bachelors Degree in Mechanical Engineering and a Masters Degree
in Engineering Management. Prior to joining MFIC Mr. Bruno served as the
Director, Sales & Marketing at Azonix Corporation (a Crane company), a maker of
industrial controls and hazardous environment computing systems. Prior to
joining Azonix, Mr. Bruno served as Vice President and General Manager of the
Commercial Products Division of Inframetrics Incorporated of Billerica, MA, a
manufacturer of infrared imaging systems. Mr. Bruno has served as Program
Manager at Foster Miller Associates and as Engineered Product Manager at
CTI/Helix, Inc.
The Board also appointed Jack M. Swig to the position of V.P. Corporate
Development. Mr. Swig has worked with the Company since May 1992 and has served
as its General Counsel, Corporate Development and Investor Relations Manager
since late in 1993. Mr. Swig received his B. A. degree from Boston University
and his Juris Doctor degree from New England School of Law. He was admitted to
the Massachusetts Bar in 1979. He has over 20 years of venture capital,
merchant/investment banking, and corporate finance experience. He worked for a
Boston-based merchant bank for eight years, where he served in several
capacities including General Counsel and Co-Director of both the Corporate
Finance and Lending Groups.
IRWIN GRUVERMAN, CHAIRMAN, CEO AND PRESIDENT, stated, "We are pleased to
promote two talented employees to these newly created positions. Following the
departure of the former President, we are taking this opportunity to restructure
responsibility for the operations and investor relations/corporate development
activities of MFIC. I will act in the capacity of President of MFIC to oversee
and coordinate these activities. We are enjoying a favorable current business
trend and project a strong year in 2001. With the new alignment of
responsibilities, we intend to add several new additional senior employees to
enhance our resources in sales and engineering management, consistent with
maintaining targeted cash flow and profit performance."
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THIS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS, THE OUTCOMES OF THE EVENTS
DESCRIBED IN SUCH STATEMENTS ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES
INCLUDING STATEMENTS RELATING TO THE COMPANY'S ABILITY TO POST STRONG OPERATING
RESULTS IN 2001 REFLECTING A PROFIT, AND THE ADDITION OF ADDITIONAL SENIOR
EMPLOYEES CONSISTENT WITH MAINTENANCE OF TARGETED CASH FLOW AND PROFIT
PERFORMANCE. ACTUAL RESULTS ACHIEVED BY THE COMPANY COULD DIFFER MATERIALLY FROM
THE COMPANY'S ESTIMATES AND PROJECTIONS, DEPENDING ON A NUMBER OF FACTORS
INCLUDING THE FOLLOWING RISKS AND UNCERTAINTIES: THE COMPANY'S ONGOING ABILITY
TO MANAGE THE INTEGRATION OF THE EPWORTH MILL AND MOREHOUSE-COWLES DIVISIONS
INTO ITS OPERATIONS, UNCERTAINTY THAT THE PERFORMANCE ADVANTAGES OF THE
COMPANY'S EQUIPMENT WILL BE REALIZED COMMERCIALLY OR THAT A COMMERCIAL MARKET
FOR THE EQUIPMENT WILL CONTINUE TO DEVELOP, THE DEPENDENCE BY THE COMPANY UPON
KEY CUSTOMERS, THE DEVELOPMENT OF COMPETING OR SUPERIOR TECHNOLOGIES AND
PRODUCTS FROM OTHER MANUFACTURERS, THE CYCLICAL NATURE OF THE MATERIALS
PROCESSING INDUSTRY AND GENERAL MARKET AND ECONOMIC CONDITIONS. ALSO, THERE CAN
BE NO ASSURANCE THAT THE COMPANY WILL BE ABLE TO IDENTIFY QUALIFIED EMPLOYMENT
CANDIDATES THAT WILL BE AVAILABLE AT COMPENSATION LEVELS CONSISTENT WITH
MANAGEMENT'S TARGETED CASH FLOW AND PROFIT PERFORMANCE.
MFIC CORPORATION
MFIC Corporation, through its Microfluidics Division, provides patented and
proprietary, high performance MICROFLUIDIZER(R) materials processing equipment
to the chemical, pharmaceutical, biotechnology, cosmetic/personal care, and food
processing industries. Through its divisions, the Company provides leading
equipment, and innovative technology and solutions to the chemicals, paints,
pigments and coatings industries for milling, deagglomeration and dissolving.
The combined resources and capabilities of the Company's equipment lines are
used to provide comprehensive solutions to materials processing.
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