Terayon Announces Resignation of Directors
June 19 2006 - 4:30PM
PR Newswire (US)
Company Authorizes Corresponding Reduction in Size of Board SANTA
CLARA, Calif., June 19 /PRNewswire-FirstCall/ -- Terayon
Communication Systems, Inc. (Pink Sheets: TERN.PK) today announced
that two members of the Board of Directors are resigning, and that
the Board of Directors has approved a reduction in size from nine
to seven members. Mark Slaven, current Chair of the Audit Committee
and member of the Board of Directors of the Company, is resigning
effective August 2, 2006 as a result of the increased demands on
his time from his duties as Senior Vice President, Chief Financial
Officer and Treasurer of Cross Match Technologies Inc. in Palm
Beach Garden, Florida, and not as a result of any matter concerning
the Company. Mr. Slaven has served as a director of the Company
since July 2003, and has served as the Chairman of the Audit
Committee and a member of the Nominating and Governance Committee
since June 2004. Aleksander Krstajic's resignation, effective
immediately, resulted from the increased travel and demands on his
time from his duties as President and Chief Executive Officer of
Bell Vanguard Inc., and not from any matter concerning the Company.
Mr. Krstajic has served as a director of the Company since July
1999. "The Company has benefited greatly from the dedication,
guidance and experience of Messrs. Slaven and Krstajic," said Jerry
Chase, Chief Executive Officer of Terayon. "We thank them for their
service to the Company and wish them well in the future." The
Company has appointed Lew Solomon, currently a member of the Board
of Directors, to be a member of the Audit Committee effective
August 2, 2006. With four independent directors on the seven member
board, the Board of Directors will continue to be comprised of a
majority of independent directors. Note: Terayon and the Terayon
logo are registered trademarks of Terayon Communication Systems,
Inc. All other trademarks are property of their respective owners.
About Terayon Terayon Communication Systems, Inc. provides
real-time digital video networking applications to cable, satellite
and telecommunication service providers worldwide, which have
deployed more than 6,000 of Terayon's digital video systems to
localize services and advertising on-demand and brand their
programming, insert millions of digital ads, offer HDTV and other
digital video services. Terayon maintains its headquarters in Santa
Clara, California; has sales and support offices worldwide and is
on the web at http://www.terayon.com/. DATASOURCE: Terayon
Communication Systems, Inc. CONTACT: Rebecca West of Atomic PR,
+1-415-402-0230, or , for Terayon; or investors, Moriah Shilton, ,
or Kirsten Chapman, both of Lippert/Heilshorn & Associates,
+1-415-433-3777, for Terayon Web site: http://www.terayon.com/
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