On August 28, 2012, the Board of Directors of the Company determined to appoint K. Peter Heiland as the Interim Chief Executive Officer of the Company, replacing Barak Bar-Cohen.
Mr. Heiland has been serving as the director of the Company since August 7, 2012. Mr. Heiland, age 50, is a Managing Director of JEC Capital Partners, LLC (“JEC Capital Partners”), a technology focused investment firm that was founded in 2009. As previously disclosed, Peter Heiland, through various entities, owns approximately 8% of the outstanding shares of the Company and pursuant to a settlement agreement with JEC Capital Partners dated August 7, 2012, the Company agreed to reimburse JEC Capital Partners an amount of up to $300,000 for expenses incurred in connection with filing of Schedules 13D and related matters and appointed Mr. Heiland to the Board. Pursuant to Mr. Heiland’s appointment as a director, as previously disclosed, on August 13, 2012 Mr. Heiland received an equity grant of 38,585 restricted shares of common stock of the Company, vesting in four equal quarterly installments commencing on the date of grant, and a sign-on grant of 28,939 shares of common stock of the Company.
JEC Capital Partners has been an investor in several private and public technology companies, recently leading the recovery of shareholder value in Miranda Technologies. JEC Capital Partners was also a significant shareholder of the GSI Group (NASDAQ: GSIG), participating in the statutory Equity Committee during the GSI Group’s Chapter 11 process, engineering its recapitalization, and remaining active as a board member in the reorganized company. Prior to founding JEC Capital Partners, Mr. Heiland was the founder and CEO of Integrated Dynamics Engineering (“IDE”). IDE designs, manufactures, and sells environmental control systems, robotics, and motion control systems for semiconductor metrology and lithography equipment. In January of 2008, IDE was acquired by Aalberts Industries (AMS: AALB).
Source: KIT digital