-Executive Changes Aimed at Maintaining and
Improving Recent Growth Trajectories-
AMITYVILLE, N.Y., May 2, 2024
/PRNewswire/ -- NAPCO Security Technologies, Inc.
(NASDAQ: NSSC), one of the leading manufacturers and designers
of high-tech electronic security equipment, wireless communication
devices for intrusion and fire alarm systems and the related
recurring service revenues as well as a provider of school safety
solutions, today announced exciting changes aimed at bolstering its
management team with new roles, promotions, and the addition of a
new upper management team member, all to keep our business steadily
growing for many years to come. The Company's recruiting efforts to
attract superior talent across our business divisions is consistent
and ongoing.
Kevin Buchel has been promoted to
President & Chief Operating Officer while maintaining
his position as Chief Financial Officer. Mr. Buchel will
continue to report directly to NAPCO Founder, Richard Soloway. Mr. Soloway, who will continue
under his present titles of Chairman & CEO, commented: "Kevin
has been with NAPCO for 30 years in various management positions,
most recently as our Executive VP and CFO. The appointment of Kevin
as President & COO is well-deserved, and comes at an exciting
time at NAPCO as we continue to grow both revenues and our earning
metrics. Kevin has been central to those efforts and I will
continue to work closely with him as we have for 30 years. I
am confident that under this role, NAPCO will continue to achieve
significant milestones in revenues and profits for many years to
come."
Michael Carrieri has been promoted to Executive
Vice President of Engineering & Chief Technology
Officer. Mr. Soloway commented: "Michael has been our Senior
Vice President of Engineering Development for the past 24 years.
With his skills in creating products from
various in-house and external sources, he and the
prolific engineering team that he has developed have been
instrumental in NAPCO's substantial growth over so
many years. Those products are the most diversified range of
products in the security industry and bode well for
substantial corporate growth going forward.
Andrew Vuono was appointed as the Company's Senior Vice
President of Finance and Chief Accounting Officer. Mr. Buchel
commented: "Mr. Vuono has over 30 years of public
accounting experience, including over 20 years as a
partner at a top 10 Public Accounting Firm.
Mr. Vuono will oversee
the day-to-day accounting department and financial
reporting activities, and report directly to me." Mr. Vuono is
expected to start on June
3rd.
Michael Almes has been promoted to Controller, reporting to
Andrew Vuono. Mr. Buchel commented: "Michael joined NAPCO
three years ago as the Assistant Controller and in that relatively
short timeframe has demonstrated excellent accounting skills and
has become an integral part of the finance team."
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc., is one of the leading
manufacturers and designers of high-tech electronic security
devices, wireless recurring communication services for intrusion
and fire alarm systems as well as a provider of school safety
solutions, The Company consists of four Divisions: NAPCO, plus
three wholly owned subsidiaries: Alarm Lock, Continental
Instruments, and Marks USA. Headquartered in
Amityville, New York, its products are installed by tens of
thousands of security professionals worldwide in commercial,
industrial, institutional, residential and government applications.
NAPCO products have earned a reputation for innovation, technical
excellence and reliability, positioning the Company for growth in
the multi-billion dollar and rapidly expanding electronic security
market. For additional information on NAPCO, please visit the
Company's web site at http://www.napcosecurity.com.
Safe Harbor Statement
This press release contains forward-looking statements that are
based on current expectations, estimates, forecasts and projections
of future performance based on management's judgment, beliefs,
current trends, and anticipated product performance. These
forward-looking statements include, but are not limited to,
statements relating to the impact of COVID-19 pandemic; supply
chain challenges and developments; the growth of recurring service
revenues and annual run rate; the strength of our balance sheet;
our expectations regarding future results; the introduction of new
access control and locking products; the opportunities for school
security products; business trends , including the replacement of
3G radios, and our ability to execute our business strategies.
Actual results, performance or achievements could differ materially
from those anticipated in such forward-looking statements as a
result of certain factors, including those risk factors set forth
in the Company's filings with the Securities and Exchange
Commission, such as our annual report on Form 10-K and quarterly
reports on Form 10-Q. Other unknown or unpredictable factors or
underlying assumptions subsequently proving to be incorrect could
cause actual results to differ materially from those in the
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, level of activity,
performance, or achievements. You should not place undue reliance
on these forward-looking statements.
All information provided in this press release is as of today's
date, unless otherwise stated, and the Company undertakes no duty
to update such information, except as required under applicable
law.
Contacts:
Francis J. Okoniewski
Vice President of Investor Relations
NAPCO Security Technologies, Inc.
Office 800-645-9445 x 374
Mobile 516-404-3597
fokoniewski@napcosecurity.com
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SOURCE NAPCO Security Technologies, Inc.