The following is a letter from CVD Equipment Corporation President and CEO Emmanuel Lakios:
Dear CVD Shareholders:
As we announced this past Monday, a majority of the Board of Directors voted to make changes in the management of CVD equipment, replacing Leonard Rosenbaum as President, CEO and Chairman of the Board. I am honored and humbled to have been named President and CEO. Lawrence Waldman has also been elected as non-executive Chair of the Board.
Along with the independent members of the board, I believe we have an opportunity to re-focus the great talent, technology and intellectual innovation that lies within CVD Equipment to serve our markets and customers. These actions are intended to put the company on a path to grow profitably and build shareholder value.
Our CVD management team has already begun to assess our current businesses, products, and technologies that we are offering our customers, with a view towards cost efficiency and return on investment. I have over 30 years of management and direct sales experience in this industry, focused on growth and a positive return on investment.
We are developing a comprehensive business plan that capitalizes on our strengths, focuses on our customers and utilizes our tremendous talent pool.
Along with the board members who supported this change, there is extensive management, corporate governance and financial experience, and we collectively are up to the challenge that lies ahead.
As important decisions are being made in the near term, we will communicate such with you in a timely manner. We believe that open lines of communication to all stakeholders is essential to the success of any company. We will also initiate these efforts by returning to our quarterly and annual conference calls commencing with our year-end 2020 results.
The Board and our Senior Management Team welcome your thoughts, input, and concerns, and we look forward to working together as we position CVD Equipment for growth, profitability, and to serve the best long-term interests of all the stakeholders.
President & CEO
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronics, aerospace, biomedical, petroleum, pharmaceutical, and many other industrial markets.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements", as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, conditions, success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements.
Phone: (631) 981-7081
Fax: (631) 981-7095