StockerYale, Inc. Appoints Stephen L. Abbey to Head Specialty Optical Fiber Business Unit
Wednesday June 4, 8:13 am ET
SALEM, N.H.--(BUSINESS WIRE)--StockerYale, Inc. (NASDAQ: STKR - News), a leading designer and manufacturer of structured light lasers, LED modules and specialty optical fibers for industrial OEMs, medical and defense markets, today announced the appointment of Stephen L. Abbey as Managing Director of its Specialty Optical Fiber (“SOF”) business unit. The appointment, effective June 8, 2008, reflects StockerYale’s commitment to supporting the rapid development of SOF initiatives for key medical, industrial and defense verticals. Mr. Abbey will report directly to StockerYale’s Chief Operating Officer, Tim Losik.
“With over 34 years of sales and marketing experience, including 10 years at JDS Uniphase Corporation’s specialty fiber business unit and SDL, Inc.’s specialty fiber group, Steve is uniquely equipped to lead the SOF business to capitalize on key opportunities and accelerate growth,” stated Mark W. Blodgett, Chairman and CEO. “His strong management experience in technology, sales and marketing will be central to the unit’s ability to leverage its position as the sole remaining independent specialty optical fiber manufacturer. I am pleased to welcome such a highly seasoned and accomplished executive and believe his contributions will greatly assist StockerYale in achieving its long term growth goals.”
Mr. Abbey was most recently Principal of Hickory Associates, an executive management consulting and coaching firm, where he developed and implemented processes to achieve business objectives for companies across disparate industries. Prior to this, he was a Director and General Manager of JDS Uniphase Corporation’s Specialty Fiber unit from 2001 through 2003. Mr. Abbey was Director of SDL, Inc.’s Specialty Fiber Group, a manufacturer of active optical components and integrated modules, from 1999 to 2001 when it was acquired by JDS Uniphase Corporation. From 1998 to 1999, Mr. Abbey was Vice President and General Manager at Polaroid Corporation’s fiber laser business. Mr. Abbey holds a Bachelors of Science degree in Interdisciplinary Engineering and Management from Clarkson University.
“Given StockerYale’s substantial investment in the fiber business, coupled with the assembly of a world class team of engineers and technicians, I am confident that we can significantly increase the growth of the specialty optical fiber business unit,” said Steve Abbey, Managing Director.
About StockerYale
StockerYale, Inc., headquartered in Salem, New Hampshire, is an independent designer and manufacturer of structured light lasers, LED modules, and specialty optical fibers for industry leading OEMs. In addition, the company manufactures fluorescent lighting products and phase masks. The Company serves a wide range of markets including the machine vision, industrial inspection, defense, telecommunication, sensors, and medical markets. StockerYale has offices and subsidiaries in the U.S., Canada, and Europe. For more information about StockerYale and their innovative products, visit the Company's web site at www.stockeryale.com
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including without limitation, those with respect to StockerYale's goals, plans and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: uncertainty that cash balances may not be sufficient to allow StockerYale to meet all of its business goals; uncertainty that StockerYale's new products will gain market acceptance; the risk that delays and unanticipated expenses in developing new products could delay the commercial release of those products and affect revenue estimates; the risk that one of our competitors could develop and bring to market a technology that is superior to those products that we are currently developing; and StockerYale's ability to capitalize on its significant research and development efforts by successfully marketing those products that the Company develops. Forward-looking statements represent management's current expectations and are inherently uncertain. You should also refer to the discussion under "Risk Factors" in StockerYale's annual report on Form 10-KSB and the Company’s quarterly reports on Form 10-QSB for additional matters to be considered in this regard. Thus, actual results may differ materially. All Company, brand, and product names are trademarks or registered trademarks of their respective holders. StockerYale undertakes no duty to update any of these forward-looking statements.
Contact:
The Piacente Group, Inc.
Sanjay M. Hurry, 212-481-2050
(Investor Relations Counsel, StockerYale)
