Wegener Updates Financing and Leadership

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Wegener Updates Financing and Leadership

Oct 14, 2009 3:21 PM

Duluth, GA - Oct 14, 2009 - Wegener Corporation has entered into a financing arrangement with The David E. Chymiak Trust as assignee of the Bank of America's loan and security agreement with it Wegener subsidiary.

Additionally, Robert Placek has chosen to step down as CEO of Wegener Corporation but will remain as Chairman of Wegener Corporation's and Wegener's boards of directors. C. Troy Woodbury Jr., current CFO of Wegener Corporation and Wegener, has been unanimously named CEO of Wegener Corporation by Wegener Corporation's board of directors and CEO of Wegener after having been nominated for the positions by Placek. James T. Traicoff has been appointed CFO of Wegener Corporation and Wegener. Woodbury's and Traicoff's appointments are effective immediately. Ned L. Mountain is leaving Wegener in pursuit of other business interests and has resigned from the Wegener Corporation board of directors.

Wegener is a wholly owned subsidiary of Wegener Corporation.

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