"We are pleased to attract Mr. Bruggeman who has an exceptional track record in successfully commercializing technology-based companies and an equal record of managing businesses through challenging transitions," comments John C. Arme, chairman and interim ceo. Arme will remain chairman of the board and assist in the leadership transition.
Most recently, Bruggeman served as chairman and ceo of Aspetuck Capital Partners, Inc., a life science investment-banking firm that provides strategic advice, collaboration development and merger and acquisition assistance for the biotech and medical technology industry. Bruggeman also has experience in advising financially troubled companies.
At the same time, SureBeam is undertaking a detailed review of its business, in light of a slower than expected growth in domestic processing volumes and delays in the progress of several of its system sales contracts. The company anticipates it will not meet its forecasted growth for 2003, and its EBITDA loses for 2003 will be greater than expected.
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