DURHAM, N.C., April 27, 2012 /PRNewswire/ -- EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that veteran international financial executive Timothy J. Blades has been appointed Director of Finance, Principal Accounting Officer and Corporate Secretary. Since March 6, 2012, Mr. Blades has served, and continues to serve, in an interim finance position with EMRISE. He reports to Chief Executive Officer Carmine T. Oliva.
Blades, 55, who is based in England, is a Chartered Accountant and an experienced international financial executive who has led multidisciplinary teams focused on profit improvement, fundraising and a broad range of essential finance and accounting functions throughout his career. He has strong technical expertise in international finance, particularly in the U.S., Europe, the UK, and the Far East. Blades currently owns and operates TJB Advisory Services Ltd., located in England, for which he has worked as an independent, self-employed consultant since 2010, and through which he has been, and will continue to be, compensated by EMRISE.
"Tim's lengthy experience, particularly in the UK and western Europe where most of our operations are based and our financial team is located, will be of tremendous value to us as we continue to execute our turnaround strategy focused on sustainably increasing revenues, profits and shareholder value," Oliva said. "He has significant expertise in working with public companies that trade on U.S. and international securities exchanges, including carrying out Sarbanes-Oxley reviews, as well as leading financial and accounting organizations. He is well versed in U.S. GAAP accounting requirements and has a proven track record of building financial teams and improving profitability. We are pleased to have him on our team and believe he will be a major contributor to the future success of EMRISE."
Blades spent the majority of his career working for Grant Thornton UK LLP in various UK locations. From 2002 to 2010, he was a regional managing partner and led a 12-partner team that directed a 300-member staff responsible for accounting, tax and financial planning. During this period, he also built the Grant Thornton Cambridge office from a staff of 30 to more than 100 professionals.
From 1997 to 2002, Blades was the Managing Partner of the Northampton office of Grant Thornton, overseeing a staff of 100 and creating a culture of high technical standards while driving commercial performance. In all, Blades worked for Grant Thornton for more than 30 years.
Blades graduated with honors from the University of Sheffield in England earning a Bachelor of Arts degree in Business Studies. As a Chartered Accountant, he has extensive training in U.S. and UK GAAP, IFRS (International Financial Reporting Standards), due diligence reporting and a full range of regulatory matters. Blades is also a trustee of a 250 million pounds Sterling defined benefit pension plan. He is active in a number of charitable organizations and a member of the Court (governing body) of Northampton University in England.
About EMRISE Corporation
EMRISE designs, manufactures and markets electronic devices, sub-systems and equipment for aerospace, defense, industrial and communications markets. EMRISE products perform key functions such as power supply and power conversion; radio frequency (RF) and microwave signal processing; and network access and timing and synchronization of communications networks. The use of its power supplies, RF and microwave signal processing devices and subsystems in on-board in-flight entertainment and connectivity systems is a primary growth driver for the Company's Electronic Devices business segment. The Company's network access and timing and synchronization products are primary growth drivers for the Company's Communications Equipment business segment. EMRISE serves the worldwide base of customers it has built in North America, Europe and Asia through operations in the United States, England and France. EMRISE is a publicly traded company whose common stock trades on the OTCBB under the symbol EMRI. For more information go to www.emrise.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release, including without limitation EMRISE's ability to grow the Company and to enhance shareholder value are forward-looking statements that involve a number of risks and uncertainties. The actual future results of EMRISE Corporation could differ from those statements. The Company also refers you to those factors contained in the "Risk Factors" Section of EMRISE's Annual Report on Form 10-K for the year ended December 31, 2011, its Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K filed in recent months, and other EMRISE filings with the SEC.
SOURCE EMRISE Corporation