Advanced Powerline Technologies, Inc., Today Announces Additional Directors Nominated
WOODWARD, OK -- (PINKSHEETS) - July 14, 2006 -- Advanced Powerline Technologies, Inc., (Pink Sheets: APWL - News) announces today the nomination of two additional people for the company's Board of Directors.
Advanced Powerline Technologies, Inc., (Pink Sheets: APWL - News) announced today that Mr. Damon Maughan and Mr. Mike Snyder have been nominated for positions on the Board of Directors by shareholder and current Secretary and Director Dorine Nyman. Both of these individuals have responded and expressed their willingness to serve on the company's board. Both bring excellent experience in accounting, finance, and tax issues that management believes will be very helpful as the company moves forward.
Damon Maughan is 39 years old and started his career working as a Project Manager for Cherry Grove Ind. in Portland, Oregon, a defense contracting company that supported the Army Corps of Engineers. While in this position from 1991 to 1998, he received special recognition from the Army for his efforts and leadership during the 1996 Portland flood. After three years at Pacific University in Forest Grove, Oregon, Damon returned to school in 1998 and earned a Bachelor's degree in Accounting, a Bachelor's degree in Finance, and a Minor in Economics from Fort Hays State University in Hays, Kansas. While completing his Finance degree, Damon led a team of three students to win the American Express Financial Planning Invitational in April of 2001. After graduation, he took a position as Director of Planning and Investment Management for a mid-sized independent financial planning firm in Overland Park, Kansas, managing over $81 million in assets. Damon left this position in 2003 to pursue a career in the Accounting profession. During the fall semester of 2003, he taught Financial Accounting at Fort Hays State University as an adjunct professor. He currently works for CCH (Commerce Clearing House) as a Tax Analyst in Wichita, Kansas.
Mike Snyder graduated from the University of Missouri in 1979 with a Bachelor's of Science degree in Business Administration. He passed the CPA exam and became licensed in 1982. Mr. Snyder was employed with Cooper's & Lybrand in St. Louis, Missouri for two and one half years serving as a tax associate in their tax department. He then moved to Phoenix, Arizona and held the position of Accounting Services manager for the largest public accounting firm in Phoenix. Following that, he started his own firm and for a number of years provided tax and various other consulting services in Arizona and California to clients in the manufacturing, real estate, and medical fields. In 1998 Mr. Snyder had a wonderful opportunity to serve as a full time tax consultant to the Vice President of Taxes for Boeing Capital Corporation, the financing division for the Boeing Company. In this position he consulted on various tax matters such as the McDonnell Douglas merger, leasing acquisitions, state tax audits, and foreign sales corporations. In 2000 he moved to Wichita, Kansas so his wife could be closer to her granddaughter and took a position with CCH Inc. as a tax analyst, specializing in fiduciary taxation with responsibilities in the programming, testing and research areas.
The management of APT is excited about the prospect of adding the talents, abilities, and experience of such well qualified men to the current Board of Directors and enthusiastically recommends their acceptance. Shareholders will vote on adding these men to the board at the Annual Shareholders meeting scheduled for August 5, 2006 at the company's facility in Woodward, Oklahoma.
Advanced Powerline Technologies, Inc.'s principal business focus is to create and develop Broadband over Power Line (BPL) and Power Line Communications (PLC) friendly devices, products and services. The company's principal products at this time are liquid crystal display (LCD) digital televisions with high definition tuners (HDTV). The company intends on marketing the sales of High Definition Digital Televisions (HDTV) internationally and domestically. Upon the completion of research, development, and the verification of test results of the company's Broadband over Power Line (BPL) and Power Line Communications (PLC) devices, the company intends to utilize the technology within the existing product platforms to enhance their capabilities. Advanced Powerline Technologies, Inc.'s main products will become Broadband over Power Line (BPL) and Power Line Communications (PLC) friendly devices with the Company's related hardware and system service.
Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Advanced Powerline Technologies, Inc., (the ``company''), as well as those contained herein, that are not historical facts are ``forward-looking'' statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, and because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements, including those in Management's Discussion and Analysis, are statements regarding the intent, belief, or current expectations, estimates, or projections of the company, its directors, or its officers about the company and the industry in which it operates and are based on assumptions made by management. Forward-looking statements include without limitation statements regarding: (a) the company's strategies regarding growth and business expansion, including future acquisitions; (b) the company's financing plans; (c) trends affecting the company's financial condition or results of operations; (d) the company's ability to continue to control costs and to meet its liquidity and other financing needs; (e) the declaration and payment of dividends; and (f) the company's ability to respond to changes in customer demand and regulations. Although the company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words ``expects,'' ``anticipates,'' ``intends,'' ``plans,'' ``believes,'' ``seeks,'' ``estimates,'' and similar expressions are generally intended to identify forward-looking statements.
Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) changes in the regulatory and general economic environment; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the company's revenue and/or cost and expenses, such as increased competition, lack of qualified marketing, management or other personnel, and increased labor and inventory costs; (iv) changes in technology or customer requirements, which could render the company's technologies noncompetitive or obsolete; (v) new product introductions, product sales mix, and the geographic mix of sales.
The company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this advertisement are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, governmental approval processes, the impact of competitive products or pricing, technological changes, and the effect of economic conditions.
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CONTACT:
Advanced Powerline Technologies, Inc.
Christopher Holley, Vice President Investor Relations
Telephone (310) 544-8894
E-mail: [email protected]
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