Audiovox 2004 Annual Report Download - page 16

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President and Chief Executive Officer of UTStarcom Personal Communications, LLC,
a division of UTStarcom, Inc. Mr. Christopher also serves on the Executive
Committee of the Cellular Telephone Industry Association.
Paul C. Kreuch, Jr. was elected to the Board of Directors in February 1997.
Mr. Kreuch became Non−Executive Chairman in May 2004 and was elected Chairman in
September 2004 of International Asset Transactions, LLC, a securitization and
asset management firm. Prior to May 2004, he was Managing Director of WJM
Associates, Inc., a leading executive development firm. Prior career
responsibilities include Executive Vice President of Natwest Bank, N.A. from
1993 to 1996, and before that, President of National Westminster Bank, USA.
Dennis F. McManus was elected to the Board of Directors in March 1998. Mr.
McManus is currently self−employed as a telecommunications consultant. From May
2001 to February 2005, he was fully−employed by one of his clients, LSSI
Corporation, as Vice President−New Product Marketing. Prior to that, Mr. McManus
was employed by NYNEX Corp. (now Verizon) for over 27 years, most recently as a
Senior Vice President and Managing Director. Mr. McManus held this position from
1991 through December 31, 1997.
Irving Halevy served on the Board of Directors from 1987 to 1997 and was
re−elected to the Board of Directors in 2001. Mr. Halevy is a retired professor
of Industrial Relations and Management at Fairleigh Dickinson University where
he taught from 1952 to 1986. He was also a panel member of the Federal Mediation
and Conciliation Service.
Peter A. Lesser was elected to the Board of Directors in 2003. Mr. Lesser
is the President of X−10 (USA), Inc., a wholesaler of electronic home control
and security systems. Mr. Lesser is a founder and shareholder of, and has also
served as a director and stockholder of X−10 Limited, the Hong Kong parent
company of X−10− (USA), Inc. since 1979. He is a Member−at−Large of the
Executive Board of the Consumer Electronics Association. From 1997 through 1999,
Mr. Lesser served as the President of the Security Industry Association.
All of our executive officers hold office at the discretion of the Board of
Directors.
Cautionary Factors That May Affect Future Results
We have identified certain risk factors that apply to the Company. You
should carefully consider each of the following risk factors and all of the
other information included or incorporated by reference in this Form 10−K. If
any of these risks, or other risks not presently known to us or that we
currently believe not to be significant, develop into actual events, then our
business, financial condition, liquidity, or results of operations could be
materially adversely affected. If that happens, the market price of our common
stock would likely decline, and you may lose all or part of your investment.
There is no plan to distribute any of the net proceeds of the sale of the
Cellular business to Audiovox stockholders.
Currently, we do not intend to distribute any portion of the net proceeds
from the sale of the Cellular business to our stockholders. Currently, we intend
to use the net proceeds from the sale of the Cellular business to fund and grow
our Consumer Electronics business. However, we may use all or a portion of the
net proceeds from the sale for other purposes, and we will also consider other
market opportunities, including acquisitions.
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