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Flight Safety Technologies, Inc. (AMEX:FLT) announced that
effective February 19, 2007 one of its four independent directors,
Stephen P. Tocco, has resigned from the Board of Directors of the
Company due to the challenges of growth at his current company, and
his new role as Chairman of the University of Massachusetts Board of
Trustees.
The Company has, by Board action, elected two new independent
directors. Mr. Wes Cummins is the Director of Capital Markets at B.
Riley & Company in Los Angeles, California where he oversees the
firm's financial advisory and capital raising services to
middle-market, publicly traded companies. (The Riley firm, in a filing
with the U.S. Securities and Exchange Commission dated January 9, 2007
indicated that it controls 869,900 shares of the Company's common
stock). Mr. Cummins holds a BSBA from Washington University in St.
Louis, MO, with majors in Finance and Accounting.
Additionally, the Board has elected Mr. James A. Schwartz as an
independent director. Prior to founding Harvey Partners LLC, a New
York based investment management firm, Mr. Schwartz was associated
with Gilder, Gagnon & Howe as a portfolio manager. Previously, he was
a senior producer for NBA Entertainment where he won an Emmy Award.
Mr. Schwartz earned an MBA from Columbia University and a BA in
History from Bates College.
The Company notified AMEX of these developments on February 23,
2007.
Chairman Samuel Kovnat stated that the addition of Mr. Cummins and
Mr. Schwartz will strengthen the Board by adding the perspective of
the investment community. Mr. Kovnat also thanked Mr. Tocco for his
service to the Company over the past five years and expressed
appreciation for his offer to continue to support the Company in the
future.
About Flight Safety Technologies, Inc.
Flight Safety Technologies, Inc. is a development stage company
pursuing advanced technologies aimed at enhancing safety, security and
efficiency for the aviation industry. These new technologies include
AWSM(TM), SOCRATES(R), UNICORN(TM) and TIICM(TM). The Aircraft Wake
Safety Management (AWSM(TM)) system is being developed to provide a
total airport system solution to the need for increased airport
capacity with enhanced safety. SOCRATES(R) is an airport based laser
acoustic sensor for the detection and tracking of wake vortex
turbulence. UNICORN(TM) is an airborne radar for collision avoidance
using state of the art components to achieve low cost, small size and
light weight. TIICM(TM) is an airborne passive countermeasure
initiative to protect airliners against the threat of certain
terrorist missile attacks.
Safe Harbor statement under the Private Securities Litigation
Reform Act of 1995: This release contains forward looking statements
identified by the use of words such as should, believes, plans, goals,
expects, may, will, objectives, missions, or the negative thereof,
other variations thereon or comparable terminology. Such statements
are based on currently available information which management has
assessed but which is dynamic and subject to rapid change due to risks
and uncertainties that affect our business, including, but not limited
to, the outcome of pending class action litigation alleging violations
of federal securities laws, pending litigation challenging our rights
to TIICM(TM), whether the government will implement WVAS at all or
with the inclusion of a SOCRATES(R) wake vortex sensor, the impact of
competitive products and pricing, limited visibility into future
product demand, slower economic growth generally, difficulties
inherent in the development of complex technology, new products
sufficiency, availability of capital to fund operations, research and
development, fluctuations in operating results, and other risks
detailed from time to time in Flight Safety Technologies, Inc.'s
filings with the Securities and Exchange Commission. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, goals,
assumptions or future events or performance are not statements of
historical fact and should be considered forward looking statements.
Forward looking statements involve a number of risks and uncertainties
which could cause actual results or events to differ materially from
those presently anticipated.
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