MFIC Corporation Appoints Michael C. Ferrara Chief Executive Officer
9:03a ET November 14, 2007 (Business Wire)
MFIC Corporation (OTCBB: MFIC) today announced that Michael C. Ferrara has been appointed Chief Executive Officer and a member of the Company's Board of Directors. Mr. Ferrara was most recently President and CEO of X-Rite where he led the corporation's reemergence as the global leader of its industry. X-Rite, a $352 million market capitalization NASDAQ-traded company (XRIT), is the global leader in color science and technology, developing, manufacturing and marketing innovative color management solutions for industrial, commercial and retail applications. Under Mr. Ferrara's leadership, X-Rite grew organically to achieve record-level revenues and earnings through the introduction of 61 new products in five years, distribution gains and industry-changing merger and acquisitions in the color technology space-including the acquisition of Amazys Holding AG, which was awarded in 2006 "The International Deal of the Year" by The M&A Advisor(TM). Mr. Ferrara also has extensive experience in building marketing and distribution channels with strategic partners in markets throughout the world, including Asia-Pacific and EMEA--areas of considerable focus for MFIC moving forward.
"Mike's relationships on Wall Street, his strategic vision and his proven ability to lead companies to success will be important in unlocking the value of MFIC as we continue to position the Company for long-term sustainable growth," said James N. Little, Ph.D., Acting Chairman of the Board of Directors. "The Board believes Mike's experience is an excellent fit for the breadth of opportunity at MFIC and we look forward to working with him to facilitate MFIC's growth and success under his leadership."
"MFIC has put in place a foundation to support the growth-potential of the Company," said Michael C. Ferrara, Chief Executive Officer. "I look forward to working with the team around the world to capitalize on our innovative technologies and products such that the potential of MFIC is realized for all stakeholders and shareholder value is consistently improved."
Michael Ferrara was previously Chief Executive Officer and President of X-Rite Incorporated. Prior to X-Rite, Mr. Ferrara was CEO of Marine Optical Group, CEO of N.I. World Trade, a trading subsidiary of National Intergroup (formerly National Steel) and held positions of increasing seniority over an 18-year period at Westinghouse Electric Corporation. Mr. Ferrara has a B.S in electrical engineering from Villanova University and completed the Program for Management Development (PMD) at Harvard Business School
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