SOUTHBOROUGH, Mass., Aug. 04, 2016 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq: SEV ) today announced that Board member Ryan J. Morris, CFA has been elected Executive Chairman of the Board.
“I am honored to be elected to this newly created role at Sevcon,” said Morris. “I have been personally excited about the potential impact of electric vehicles for decades, and believe that Sevcon is well positioned to capitalize on the global trend toward electrification. I look forward to working with the management team and board to accelerate Sevcon's growth and leverage its unique strategic position.”
Mr. Morris has been a member of Sevcon’s Board of Directors since 2013. He founded Meson Capital Partners LLC in 2009, and serves as President. He served as the Executive Chairman of the Board of InfuSystem Holdings, Inc., a leading provider of infusion pumps and related services, from April 2012 through May 2015 and continues to serve on its board. He also founded and served as CEO of VideoNote LLC, an educational software company. He holds a B.Sc. and M.Eng from Cornell University.
Forward-Looking Statements
Statements in this release about the Company’s future growth are forward-looking statements that are based on management’s present expectations and involve risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause these statements not to be realized include that we may not be able to successfully integrate and manage the Bassi business, the Bassi acquisition may not further our business strategy or results as we expect, we may not be able to successfully complete the development of the controllers contracted by particular customers, the manufacturers may decide not to commence production, and the markets for the particular vehicles may not develop as the manufacturers hope. Additional important factors are set forth under “Risk Factors” and elsewhere in the Forms 10-K and 10-Q we file with the SEC.
About Sevcon, Inc.
Sevcon is a global supplier of control and power solutions for zero-emission, electric and hybrid vehicles. Its products control on- and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption and help reduce air pollution. Sevcon’s newly acquired Bassi Division produces battery chargers for electric vehicles; power management and uninterrupted power source (UPS) systems for industrial, medical and telecom applications; and electronic instrumentation for battery laboratories. The company supplies customers from its operations in the U.S., U.K., France, Germany, Italy, China and the Asia Pacific region, as well as through an international dealer network. Visit www.sevcon.com and www.bassi-srl.eu .
Contact: David Calusdian Sharon Merrill Associates 1 (617) 542 5300 SEV@InvestorRelations.com Matt Boyle President and CEO 1 (508) 281 5503 matt.boyle@Sevcon.com
