OSS Chief Executive Officer David Raun to Step Down Following Appointment of Successor
February 09 2023 - 4:39PM
One Stop Systems, Inc. (Nasdaq: OSS), a leading provider of AI
Transportable compute and storage solutions at the edge, announced
today that its chief executive officer, David Raun, will be
stepping down, effective upon the appointment of his successor. The
company has not yet identified a candidate to fill the position,
however it has retained an internationally recognized search firm
to aid in this effort. Mr. Raun will continue to serve as a member
of the company’s Board of Directors.
Under Raun’s leadership, OSS has been executing a multi-year
strategy to position the company for accelerated growth and greater
long-term shareholder value. Soon after assuming his role in 2020,
Raun fortified the balance sheet through profitability and
increased cash infusions, producing a solid cash position. In 2021,
Raun implemented new product and market strategies, innovating on
the company’s core competencies, leading to new business
engagements in military and industrial AI and Autonomous
Transportation applications. Although the company continues to have
success in Autonomous Trucking and other verticals, the focus and
investments have been on AI Transportables in high-margin recurring
opportunities throughout the Department of Defense (DOD).
As a result, in 2023, OSS expects to announce the incorporation
of its latest technologies into some key military programs that it
has been working on with the DOD and major prime contractors over
the past few years, and additional projects are well underway. Much
of this activity is centered around its new flagship “Rigel”
platform, offering the most-compact, highest-performance ruggedized
compute and storage product enabling AI and autonomy on the ground
and in the air. The DOD and several prime contractors have
indicated to OSS that adding this type of capability throughout the
military theater is key toward maintaining the military superiority
our country has enjoyed for decades.
“I am pleased and excited with the progress of the management
team and the Board in repositioning OSS over the last few years to
create great long-term value going forward,” said David Raun.
“Based on this and the success we are currently seeing with the
DOD, I feel it’s time to bring in new leadership with deep
experience and high-level contacts in the defense sector to scale
the opportunities and growth. In parallel with this announcement,
today we also implemented several internal organizational changes
to align our U.S.-based operations with this same objective.
Meanwhile, during the search for my successor, I remain committed
to our shareholders and our people to continue pushing forward,
while facilitating a smooth transition. Once complete, I look
forward to contributing as an active board member and significant
shareholder.”
Ken Potashner, Chairman of the Board, remarked, “In my time with
the company, there’s never been a more exciting time than now. The
products that David and the management team have been working on
for DOD projects are gaining acceptance and their forecasted
integration is beyond our expectations. The Board appreciates—and
has great respect for—David’s leadership in setting an exciting
path for the company and for recognizing the opportunity to
leverage the unique skill sets required to maximize the
opportunities with the DOD, which we strongly believe is in the
best interest of shareholders. The Board is pleased that David will
stay engaged to enable a smooth transition to the right successor
and it unanimously voted to have him continue to serve the company
at the Board level.”
OSS plans to issue a press release to announce its latest
contract awarded by the military on or about February 14, 2023, in
conjunction with the first day of the Armed Forces Communications
& Electronics Association International (AFCEA) West 2023 show
in San Diego.
About One Stop SystemsOne Stop Systems, Inc.
(Nasdaq: OSS) is a global leader in AI Transportable solutions for
the demanding ‘Edge.’ It designs and manufactures the highest
performance compute and storage products that enable rugged
autonomous and AI capabilities without compromise. These hardware
and software platforms bring the latest data center performance to
the harsh and challenging applications, whether they are on land,
sea or in the air.
OSS products include ruggedized servers, compute accelerators,
flash storage arrays, and storage acceleration software. These
specialized compact products are used across multiple industries
and applications, including autonomous trucking and farming, as
well as aircraft, drones, ships and vehicles within the defense
industry.
OSS solutions address the entire AI workflow, from high-speed
data acquisition to deep learning, training and large-scale
inference, and have delivered many industry firsts for industrial
OEM and government customers.
As the fastest growing segment of the multi-billion-dollar edge
computing market, AI Transportables require—and OSS delivers—the
highest level of performance in the most challenging environments
without compromise.
OSS products are available directly or through global
distributors. For more information, go to www.onestopsystems.com.
You can also follow OSS on Twitter, YouTube, and LinkedIn.
Forward-Looking StatementsOne Stop Systems
cautions you that statements in this press release that are not a
description of historical facts are forward-looking statements.
These statements are based on the company's current beliefs and
expectations. The inclusion of forward-looking statements should
not be regarded as a representation by One Stop Systems or its
partners that any of our plans or expectations will be achieved,
including but not limited to, the search for, and appointment of, a
new chief executive officer and the effectiveness and/or success of
the company’s business strategy. Actual results may differ from
those set forth in this press release due to the risk and
uncertainties inherent in our business, including risks described
in our prior press releases and in our filings with the Securities
and Exchange Commission (SEC), including under the heading "Risk
Factors" in our Annual Report on Form 10-K and any subsequent
filings with the SEC. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof, and the company undertakes no obligation to revise or
update this press release to reflect events or circumstances after
the date hereof. All forward-looking statements are qualified in
their entirety by this cautionary statement, which is made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Media Contacts: Katie RiveraOne Stop Systems,
Inc. Tel (760) 745-9883Email contact
Tim RandallCMA Media RelationsTel (949) 432-7572Email
Contact
Investor Relations:Ronald Both or Grant
StudeCMA Investor RelationsTel (949) 432-7557 Email contact
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