Sono-Tek Completes Senior Management Transition
02 Gennaio 2024 - 2:00PM
Sono-Tek Corporation (NASDAQ: SOTK), the leading developer and
manufacturer of ultrasonic coating systems, today announced that it
has completed the senior management transition that was previously
announced at the Company’s most recent annual meeting on August 24,
2023.
Effective as of December 31, 2023, Dr.
Christopher L. Coccio transitioned from his position as Chief
Executive Officer of Sono-Tek Corporation to the Company’s
Executive Chairman. He will also continue to serve as Chairman of
the Company’s Board of Directors. As Executive Chairman, Dr. Coccio
will continue to play a senior leadership role in the Company’s
management. Effective upon Dr. Coccio’s transition, the Board
formalized the appointment of R. Stephen Harshbarger as the
Company’s Chief Executive Officer. He will also remain President, a
position he has held since 2012.
Dr. Christopher L. Coccio, Executive Chairman
and Chairman of the Board of Directors of Sono-Tek, stated, “It has
been my pleasure to serve as the CEO of Sono-Tek since 2001. For
many of those years, I have worked together in partnership at the
highest levels with Steve Harshbarger and together, we completed
the turnaround of Sono-Tek and the strategic repositioning to focus
on larger, more complex systems for production applications that
has created the momentum we’ve been building. I have every
confidence in his abilities to lead Sono-Tek forward, and he has
all of my support as we continue working together to achieve the
Company’s goals.”
Steve Harshbarger, Chief Executive Officer of
Sono-Tek, added, “I’m excited to keep advancing the vision for
Sono-Tek that I share with Dr. Coccio and am honored to have been
mentored by him, and to now transition to the role of Chief
Executive Officer. The shift in focus to developing multiple high
technology applications for Sono-Tek’s proprietary ultrasonic
coating technology has begun to pay off, and we believe that
supported by our solid operational and financial foundation,
Sono-Tek has a strong outlook for future growth.”
Mr. Harshbarger has over 30 years of experience
in ultrasonic coating equipment for the electronics, medical device
and advanced energy industries. He joined Sono-Tek in 1993 and was
appointed President of the Company in 2012, elected a Director in
2013, and in August 2020, he assumed the Chief Operating Officer
position as well. As President, he directed the Company’s Sales,
Marketing, Engineering, Service, and Manufacturing Operations.
Prior to becoming President, Mr. Harshbarger served as Sales
Engineer, World-Wide Sales and Marketing Manager, Vice President
& Director of Electronics and Advanced Energy (E&AE) and
Executive Vice President. In his years managing the sales
organization, Mr. Harshbarger established a worldwide distribution
and representative network in more than 40 countries consisting of
more than 300 people, and contributing to revenue growth of greater
than 400%.
Prior to joining the Company, Mr. Harshbarger
was the Sales and Marketing Manager for Plasmaco Inc., a world
leader in the development of flat panel displays. In that position,
he established that company’s distribution network, participated in
venture capital funding, and introduced the first flat panel
technology to Wall Street trading floors. Mr. Harshbarger is a
graduate of Bentley University with a major in Finance and a minor
in Marketing.
About Sono-Tek
Sono-Tek Corporation is the leading developer
and manufacturer of ultrasonic coating systems for applying
precise, thin film coatings to protect, strengthen or smooth
surfaces on parts and components for the
microelectronics/electronics, alternative energy, medical and
industrial markets, including specialized glass applications in
construction and automotive.
The Company’s solutions are
environmentally-friendly, efficient and highly reliable, and enable
dramatic reductions in overspray, savings in raw material, water
and energy usage and provide improved process repeatability,
transfer efficiency, high uniformity and reduced emissions.
Sono-Tek’s growth strategy is focused on
leveraging its innovative technologies, proprietary know-how,
unique talent and experience, and global reach to further develop
thin film coating technologies that enable better outcomes for its
customers’ products and processes. For further information, visit
www.sono-tek.com.
Safe Harbor Statement
This news release contains forward-looking
statements regarding future events and the future performance of
Sono-Tek Corporation that involve risks and uncertainties that
could cause actual results to differ materially. These
“forward-looking statements” are based on currently available
competitive, financial and economic data and our operating plans.
They are inherently uncertain, and investors must recognize that
events could turn out to be significantly different from our
expectations and could cause actual results to differ
materially.
These factors include, among other
considerations, general economic and business conditions;
political, regulatory, tax, competitive and technological
developments affecting our operations or the demand for our
products; inflationary and supply chain pressures; residual effects
from COVID-19 pandemic; maintenance of increased order backlog and
timely completion and shipment of related product; the imposition
of tariffs; timely development and market acceptance of new
products and continued customer validation of our coating
technologies; adequacy of financing; capacity additions, the
ability to enforce patents; maintenance of operating leverage;
maintenance of increased order backlog; consummation of order
proposals; completion of large orders on schedule and on budget;
continued sales growth in the medical and alternative energy
markets; successful transition from primarily selling ultrasonic
nozzles and components to a more complex business providing
complete machine solutions and higher value subsystems; and
realization of quarterly and annual revenues within the forecasted
range of sales guidance. Sono-Tek undertakes no obligation to
update any forward-looking statement.
For more information,
contact:
Stephen J. BagleyChief Financial OfficerSono-Tek
Corporationinfo@sono-tek.com
Investor Relations:Stephanie PrincePCG
Advisory(646) 863-6341sprince@pcgadvisory.com
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