Costar Technologies, Inc. Appoints Sally Washlow and Alan Howe to its Board of Directors

COPPELL, Texas, Feb. 25, 2019 /PRNewswire/ -- Costar Technologies, Inc. (the "Company") (OTC Markets Group: CSTI), announced today that it has appointed two new directors with strong credentials to its Board of Directors: Sally Washlow and Alan B. Howe. 

Ms. Washlow is the former Chief Executive Officer of Cedar Electronics Corporation, a supplier of radar detectors, GPS systems, dash cameras and other electronic products under the Cobra Electronics and Escort brand names. Mr. Howe is the Managing Partner of Broadband Initiatives LLC, a boutique corporate advisory and strategic consulting firm, and an experienced public company director. 

"We are pleased to welcome Sally and Alan to the Costar Board as new independent directors," said Rory J. Cowan, Chairman of the Board of Directors. "Both Sally and Alan bring new and beneficial perspectives to Costar, and will be of significant value as we integrate the acquisition of Arecont Vision and explore additional opportunities to improve long-term value for stockholders. The addition of these two new directors is part of our ongoing efforts to ensure that the Board, considered as a whole, is comprised of directors with an appropriate mix of backgrounds, skills and perspectives to meet the Company's strategic and operating needs."

Ms. Washlow was identified by the Board's Nominating and Corporate Governance Committee and Mr. Howe was recommended by Milfam LLC, the Company's largest stockholder. In connection with the appointment of Mr. Howe to the Board, Milfam LLC entered into a cooperation agreement with the Company pursuant to which it has agreed to customary standstill provisions and to vote its shares in favor of the Board's nominees at the 2019 Annual Meeting of Stockholders provided that Mr. Howe is included on the Company's slate of directors. A copy of the cooperation agreement is available on the Company's website at https://costartechnologies.com/Investor-Relations/Corporate-Governance. With the appointment of Ms. Washlow and Mr. Howe, the Board is now comprised of seven members, six of whom are independent. 

In an effort to further align the interests of directors with the Company's stockholders, the Board has elected to decrease the cash compensation payable to directors by $5,000 and increase the equity options granted to directors by 1,000 shares. A complete description of the Company's current director compensation policy will be included in the Company's proxy statement issued in connection with the 2019 Annual Meeting of Stockholders.

About Sally Washlow

Ms. Washlow, 47, currently leads the Midwest practice for the International Center for Executive Options, a boutique provider of executive transition consulting services. She is also the Managing Director of SW Consulting Solutions LLC, a strategic and executive management consulting firm.  From 2015 to 2017, Ms. Washlow was the Chief Executive Officer of Cedar Electronics Corporation, a supplier of radar detectors, GPS systems, dash cameras and other electronic products, and led the integration of the Cobra and Escort electronics businesses. Prior to that, Ms. Washlow worked for 13 years at Cobra Electronics Corporation in various capacities, including as President from 2013 until 2015. Ms. Washlow received a Masters in Business Administration in Marketing from DePaul University and a BA in Supply Chain Management from Michigan State University. She is also a former member of the Executive Board of the Consumer Technology Association. 

About Alan B. Howe

Mr. Howe, 57, has served as a co-founder and the Managing Partner of Broadband Initiatives LLC, a boutique corporate advisory and strategic consulting firm, since 2001. Previously, he held various executive management positions at Covad Communications, Inc., Teletrac, Inc., Sprint PCS and Manufacturers Hanover Trust Company. Mr. Howe is an experienced public company director. He currently serves as a director of WidePoint Corporation and Resonant Inc., the Chairman of the Board of Data I/O Corporation and the Vice Chairman of Determine, Inc. Mr. Howe received a Masters of Business Administration from the Kelley Business School at Indiana University and a Bachelors of Science – Business Administration and Marketing from the University of Illinois.

About Costar Technologies, Inc.

Costar Technologies, Inc. develops, designs, manufactures and distributes a range of security solution products including surveillance cameras, lenses, digital video recorders and high-speed domes. The Company also develops, designs and distributes industrial vision products to observe repetitive production and assembly lines, thereby increasing efficiency by detecting faults in the production process. Headquartered in Coppell, Texas, the Company's shares currently trade on the OTC Markets Group under the ticker symbol "CSTI". Costar was ranked as the 40^th largest company in A&S Magazine's Security 50 for 2017. Security 50 is an annual ranking by the magazine of the world's largest security manufacturers in the areas of video surveillance, access control and intruder alarms, based on sales revenue.

Cautionary Statement Regarding Forward Looking Statements

This press release may contain forward-looking statements, including statements regarding the value of the new directors, that are subject to substantial risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to risks related to the ability to diversify business across vertical markets, secure new customer wins, and launch new products. You can often identify forward-looking statements by words such as "believe," "may," "estimate," "continue," "anticipate," "intend," "plan," "expect," "predict," "potential," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations but they involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of the risks and uncertainties.

You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable laws.

SOURCE Costar Technologies, Inc.