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Aetrium Announces Management Reorganization
GlobeNewswire 2012-01-09
ST. PAUL, Minn., Jan. 9, 2012 (GLOBE NEWSWIRE) -- Aetrium Incorporated
(Nasdaq:ATRM) today announced that the Company has reorganized its
operations along product lines into its Reliability Test Products
Division and its Test Handler Division. Joseph C. Levesque, Chairman
and CEO of Aetrium, stated, "The changes are meant to maximize both the
short and long term revenue and profit potential of Aetrium's two very
distinct product lines. Both product lines are sold into the
semiconductor industry but they are typically not sold to or installed
at the same facilities and are best served by different sales channels
and marketing strategies. Revenues from Aetrium's test handler products
are primarily driven by production volumes of semiconductors while
revenues for reliability test products are generally driven by
technology changes within the industry. Another difference in the
product lines is that test handler product revenues have proven to be
very cyclical over the years while reliability test products have
proven to be much less so. The reorganization will provide new autonomy
and focus to deal with the widening differences in cycles and market
drivers for our product offerings."
Effective immediately, Timothy McMullen will assume the title of Vice
President and General Manager of Aetrium's Reliability Test Products
Division. Mr. McMullen has been a long term senior manager at the
Company. He has held numerous positions in the reliability test product
group and has held the title of Vice President since 2003. In his role,
he will assume profit and loss responsibility for the division with the
goal of maximizing both short and long term growth and profit
opportunities. Mr. Levesque stated, "We believe that our reliability
test products are in direct alignment with the technology demands of
the semiconductor industry as it continues to drive to new performance
and price goals via shrinking geometries and the adoption of new
materials. We have had great success with our reliability products in
the last couple of years and currently count all of the top five and
eight of the top ten semiconductor manufacturers among our existing
customers. Our goal is to leverage our recent successes as we move
forward with a more direct and singular focus from this division."
Also effective immediately, Timothy Foley will assume the title of Vice
President and General Manager of Aetrium's Test Handler Division. Mr.
Foley has been a long term senior manager at Aetrium and has held the
title of Vice President since 1996. Mr. Foley will assume profit and
loss responsibility for the division with the goal of maximizing
revenue and profits in this very cyclical area of the semiconductor
industry. Mr. Levesque stated, "We have world class test handler
products to offer to semiconductor manufacturers as they look to
increase their production capacity. We are currently in long term
product evaluations at both existing and new customers. We expect that
the divisional structure will allow us to focus our efforts more
clearly on short and long term prospects and use our resources to our
best advantage."
Both Mr. McMullen and Mr. Foley will report directly to Mr. Levesque in
their new roles. Gary Quasabart, who previously reported directly to
Mr. Levesque as Vice President of Sales, will report directly to Mr.
Foley with the same title and a singular focus on the Test Handler
Division. Charles Sletten, who also previously reported to Mr. Levesque
as Vice President of Engineering, will also report directly to Mr.
Foley with the same title and a singular focus on the Test Handler
Division.
Certain matters in this news release are forward-looking statements,
which are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Such risks and
uncertainties include, but are not limited to, adverse domestic or
global economic conditions, slowing growth in the demand for
semiconductor devices, the volatility and cyclicality of the
microelectronics industry, changes in the rates of capital expenditures
by semiconductor manufacturers, progress of product development
programs, unanticipated costs associated with the integration or
restructuring of operations, and other risk factors set forth in the
Company's SEC filings, including its Form 10-K for the year ended
December 31, 2010.
Aetrium, based in North St. Paul, Minnesota, is a leading supplier of
proprietary technologies and equipment that are used by the worldwide
semiconductor industry to test integrated circuits. The Company's
products are used by customers to advance reliability, improve quality,
increase product yield or improve manufacturing processes. Aetrium's
common stock is publicly traded on the Nasdaq market under the symbol
ATRM. More information about Aetrium is available on the internet at
www.Aetrium.com.
The Aetrium Incorporated logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6943
CONTACT: Doug Hemer
Aetrium Incorporated
(651) 773-4274
Guerrant Associates
Laura Guerrant-Oiye
(808) 882-1467
lguerrant@guerrantir.com
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