AETI announces closing of transaction with Myers and CEO transition
August 15 2018 - 7:00AM
American Electric Technologies, Inc. (NASDAQ:AETI) (the “Company”)
today announced that it has completed the closing of the previously
announced agreement to sell certain assets of its M&I Electric
Industries, Inc. subsidiary to a subsidiary of Myers Power
Products, Inc.
The Company also announced the resignation today of its Chief
Executive Officer, Charles Dauber, and that Peter Menikoff will
take on the role of Chief Executive Officer in addition to his role
as Chairman of the Board of Directors. Mr. Menikoff has been on the
board of directors of the Company since May 2007 and has been
Chairman of the Board since 2009.
“I am incredibly thankful for the employees of M&I for their
commitment and it has been a privilege to have led the Company
through the oil and gas market downturn and the rebound of our
business in a challenging market environment” said Dauber. “I look
forward to continuing to work with Mr. Menikoff and the rest of the
board to execute AETI’s next phase of initiatives.”
“We thank Charles for his 10 years of leadership and successful
navigation through multiple energy industry downturns to grow the
business and complete successful transaction with Myers Power
Products”, said Peter Menikoff. “We wish Charles the best in his
new endeavors and look forward to continuing to work with him as a
member of the AETI board.”
Mr. Menikoff previously served as President and
Chief Executive Officer of CONEMSCO, Inc., an oil and gas
drilling/production supplies, services and
equipment company, For the majority of his career, Mr.
Menikoff was at Tenneco Energy Corporation where he held multiple
senior executive roles including Executive Vice President and
Chief Administrative Officer, Senior Vice President, and
Executive Vice President of Case Corporation, an
agricultural and
construction equipment subsidiary of Tenneco.
American Electric Technologies,
Inc. (NASDAQ:AETI) is a leading provider of power delivery
solutions to the global energy industry. AETI is headquartered in
Houston and has global sales, support and manufacturing operations
in Rio de Janeiro, Macaé and Belo Horizonte, Brazil. In
addition, AETI has minority interest in a joint venture in Xian,
China. AETI's SEC filings, news and product/service information are
available at www.aeti.com.
Forward Looking StatementsThis
press release contains forward-looking statements, as defined in
Section 27A of the Securities Exchange Act of 1934, concerning
anticipated future domestic and international demand for our
products, and other future plans and objectives. While the Company
believes that such forward-looking statements are based on
reasonable assumptions, there can be no assurance that such future
revenues, profits, plans and objectives will be achieved on the
schedule or in the amounts indicated. Investors are cautioned that
these forward-looking statements are not guarantees of future
performance. Actual events or results may differ from the Company’s
expectations, and are subject to various risks and uncertainties,
including those listed in Item 1A of the Form 10-K filed with the
Securities and Exchange Commission on March 29, 2018. The Company
assumes no obligation to publicly update or revise its
forward-looking statements even if experience or future events make
it clear that any of the projected results expressed or implied
herein will not be realized.
Investor Contact: American Electric Technologies, Inc. Bill Brod
713-644-8182 investorrelations@aeti.com
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