EXHIBIT 99.1
FOR IMMEDIATE RELEASE: NEWS
August 8, 2000 Nasdaq National Market-VARLE
VARI-L COMPANY NAMES NEW CHIEF EXECUTIVE OFFICER AND
CHIEF FINANCIAL OFFICER
DENVER, Colorado -- Vari-L Company, Inc. (Nasdaq National Market - VARLE),
a leading provider of advanced components for the wireless
telecommunications industry, today announced that David G. Sherman has
resigned as the Company's president and CEO. Sherman, who was elected
president and CEO in June 1992, will be replaced by Pete Pappas, a
principal of BBK, Ltd., a management consulting firm in Southfield,
Michigan. Pappas will serve as the interim CEO while Vari-L's Board of
Directors conducts a search for Sherman's successor. The Company also
announced the appointment of William C. (Kriss) Andrews as the Company's
interim chief financial officer.
Pappas, 55, has been active in corporate management and strategic business
consulting for more than 30 years. He has served as the chief executive
officer, chief operating officer and the chief financial officer for a
number of companies and has performed such duties as negotiating with
lenders, capital formation, and developing corporate budgets and strategic
plans. Pappas has considerable experience working with companies in the
high tech sector. He has served companies ranging in size from $1 million
to over $50 billion in annual sales.
Andrews, 48, has 27 years of business experience, including a diversified
background in financial and operations management, financial planning and
analysis and quality. His experience includes working as the chief
financial officer in public and private companies ranging in size from
$100 million to $275 million.
Sherman, 55, will continue as a consultant to the Company, assisting in
the management transition and Vari-L's customer support efforts. He has
been continuously employed by Vari-L since 1987 in various capacities,
including controller, vice president-finance, treasurer and assistant
secretary. Sherman was previously employed by the Company from 1977 to
1979 as controller.
"The Board of Directors and I want to thank Dave for the tremendous
service he provided the Company," said Chairman of the Board Joseph Kiser.
"Dave was instrumental in opening our commercial and international
markets, building an organization of talented employees and developing a
base of operations for the future."
Through its headquarters in Denver, Vari-L designs, manufactures and
markets wireless communications components that generate or process radio
frequency (RF) and microwave frequency signals. Vari-L's patented
products are used in commercial infrastructure equipment (including
cellular/paging/PCS base stations and repeaters, fixed terminal point to
point/multi-point data radios including LMDS/MMDS), consumer subscriber
products (advanced cellular/PCS/satellite handsets, web-enabled smart
phones, 2-way pagers, wireless PDAs, home networking), and
military/aerospace platforms (satellite communications/telemetry, missile
guidance, electronic warfare, electronic countermeasures, battlefield
communications). Vari-L serves a diverse customer base of the world's
leading technology companies, including Adaptive Broadband, Agilent
Technologies, Ericsson, Glenayre Technologies (Wireless Access), Harris,
Hughes, IBM, LGIC, Lockheed Martin, Lucent Technologies, Mitsubishi,
Motorola, NEC, NeoPoint, Netro, Newbridge Networks, Nokia, Northrop
Grumman, Raytheon, Samsung, Siemens and SpectraPoint.
Some of the statements contained in this news release are forward-looking
statements. The accuracy of these statements cannot be guaranteed as they
are subject to a variety of risks, including but not limited to the
success of the products into which the Company's products are integrated,
governmental action relating to wireless communications licensing and
regulation, the accuracy of the Company's internal projections as to the
demand for certain types of technological innovation, competitive products
and pricing, the success of new product development efforts, the timely
release for production and the delivery of products under existing
contracts, future economic conditions generally, as well as other factors.
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CONTACTS:
Vari-L Company, Inc. Pfeiffer Public Relations, Inc.
Pete Pappas, CEO Jay Pfeiffer
303/371-1560 303/393-7044
[email protected]
