CINCINNATI, OH -- June 4, 1996 -- Cincinnati Microwave, Inc.
(Nasdaq: CNMW) today announced that Erika Williams, a director of
the company since 1994, has been appointed president and chief
executive officer effective June 10, 1996. Current President and
Chief Executive Officer Jacques A. Robinson will remain on the board
of directors and continue to lead the company's efforts to develop
strategic partnerships.
Commenting on the transition, Robinson said, "Erika's extensive
experience in managing high technology businesses in rapidly
developing markets and familiarity with Cincinnati Microwave make
her the ideal person to lead Cincinnati Microwave."
Williams, 49, has served as chief executive officer of Systems
Integrators, Inc., a company that designs, manufactures, markets and
services publishing systems to the newspaper publishing industry,
since March 1996 and chief operating officer from July 1995. From
1978 to 1995, Williams held various positions with Amdahl
Corporation, a developer and manufacturer of mainframe computers,
including senior vice president and general manager of Enterprise
Storage Systems (an Amdahl subsidiary), corporate officer
responsible for product management of the mainframe business, vice
president of processor technology and development and director of
product software and diagnostics. She holds a Master of Business
Administration degree from the Massachusetts Institute of
Technology, as well as Bachelor of Science and Master of Science
degrees in Computer Science from Boston University.
Williams commented on her appointment, "Recent results indicate
that Cincinnati Microwave has completed key steps and is continuing
to take steps to improve its performance. Its products continue to
be received favorably in the marketplace. I am looking forward to
the challenge of managing the company to further improve its
performance."
Robinson, the company's third largest shareholder, will continue
to devote extensive time to the company. He added, "Cincinnati
Microwave has consistently sought strategic partnerships to
strengthen the market position of its leading edge products. With
Erika leading the company, I can devote time to this important
component of our strategy to maximize shareholder value."
Cincinnati Microwave designs, manufactures and markets ultrahigh
frequency and microwave wireless communications products. The
company's product lines include radar warning devices, digital
spread spectrum cordless telephones and wireless data modems for use
on the Cellular Digital Packet Data (CDPD) network. The company's
products combine its experience in ultrahigh frequency and microwave
wireless technology, including digital signal processing, with its
high volume manufacturing capabilities.
The company markets its products both under the ESCORT(R) brand
name through direct advertising and as an Original Equipment
Manufacturer (OEM) supplier. The company's strategy for entering
new markets is to align with companies that have established sales
leadership and market positions. This strategy is designed to
provide broader access to the end user. The company produces
digital spread spectrum telephones for several leading marketers of
consumer telephones. The company's common stock is traded on the
Nasdaq National Market System under the symbol CNMW.
CONTACT: Elaine Bacon of Cincinnati Microwave, 513-489-5400,
or e-mail, shinfocnmw.com; or Bill Schmidle, Analyst Inquiries,
312-640-6753, or Karl Plath, General Inquiries, 312-640-6738, both
of The Financial Relations Board
BALA CYNWYD, Pa. -- June 4, 1996 -- HOLLY PRODUCTS
INC. (NASDAQ:HOPR, HOPRW, AND HOPRP; BSE:HOP, HOPP) announced today
that the closing on its previously approved $5,000,000 financing
package has been completed.
The court previously gave Country
World Casinos Inc. until June
17, 1996 to close on the financing and resolve all disputes
concerning prior secured and unsecured debt.
As part of the closing, the first deed of trust for the Casino
property was paid in full securing title to the property as defined
in the court's order.
The company believes that the funds from this financing are
sufficient to allow the company to emerge from bankruptcy in
relative short order.
William Patrowicz, president of Holly Products Inc. stated,
"This is our first great step toward resolving all issues and
getting this Casino built."
Holly Products Inc. headquartered in Bala Cynwyd, Pa., has a
wholly owned subsidiary, Navtech Industries Inc. of Shiprock, N.M.
and a majority owned subsidiary, Country World Casinos Inc., of
Denver. Navtech is a manufacturer and tester of electronic
components for casino equipment, hotel equipment, and signage.
Country World Casinos Inc. is a development corporation, whose plan
is to construct a casino in Black Hawk, Colo., as well as a hotel
complex.
CONTACT: Holly Products Inc.
William Patrowicz, 610/617-0400
or
Martin E. Janis & Co. Inc.
Elliott Jacobson, 312/943-1100