CDEX Appoints New Directors; CDEX Board of Directors Accepts Resignation of Two Directors, Appoints Two New Directors; Former Chairman of the Board of Directors Steps Down
ROCKVILLE, Md., Feb 06, 2006 (BUSINESS WIRE) -- CDEX, Inc. (OTCBB: CEXI), a
public technology development company based in Rockville, Maryland, today
announces that Mr. Malcolm Philips, Chairman of the Board of Directors, and Mr.
John Knubel, Director, have submitted their resignations to the Board of
Directors, effective February 3, 2006. The Board of Directors has accepted their
resignations and has appointed James O. Griffin, President and CEO of CDEX,
Inc., as an inside Director and Donald W. Strickland, an outside Director, to
fill these two vacancies, and serve on the Board until such time as they stand
for election at the company's annual shareholder's meeting on March 17, 2006.
Dr. B. D. Liaw was elected by the Board to succeed Mr. Philips as Chairman of
the Board of Directors.
"As Founder, President and CEO, and Chairman of the Board of CDEX, Mr. Philips
provided guidance to the company during its difficult start up phase and was a
consistent and steadying influence for the company during its transition to a
public company. Malcolm leaves behind a strong management team, a strong Board
of Directors, and a company poised for growth, all of which are the results of
planned succession that he has been implementing during the past year," said Dr.
Liaw. "The Board of Directors thanks Mr. Malcolm Philips for his untiring
leadership and unwavering commitment to CDEX over the past four years. As we
salute Malcolm and bid him farewell, we wish him success in his pursuits of
other interests, and we wish he and his family nothing but the very best in the
future."
"The Board also expresses its thanks for the service provided to it by Mr. John
Knubel, who served as the chairman of our financial committee and was our
Sarbanes-Oxley compliance consultant," said Dr. Liaw.
"It is my pleasure to welcome Mr. Donald W. Strickland and Mr. James O. Griffin
to our Board of Directors. Don brings a wealth of public company knowledge to
our Board and we welcome his insights and experience," added Dr. Liaw.
Mr. Strickland will serve as the chairman of the financial committee, replacing
Mr. Knubel. Mr. Griffin will serve as Secretary of the Board, and a member of
the financial committee.
About Donald W. Strickland
Mr. Donald W. Strickland, Director, comes to CDEX from a 30-year career in
successfully developing businesses internationally for both large public
companies and technology startups. He has held executive positions at Eastman
Kodak Company and Apple Computer, including heading product development,
manufacturing, and sales. In 1996 he became CEO of PictureWorks Technology, a
technology start up, which he sold for $200M in 2000 to IPIX Corporation, a
public company traded on the Nasdaq exchange. Thereafter, he served as President
and CEO of IPIX through 2004, during which time he led the company through a
major restructuring, focusing on the security markets and taking the company to
profitability. Mr. Strickland holds a bachelor's degree in physics from Virginia
Tech, a master's degree in physics from the University of Notre Dame, a master's
degree in optics from the University of Rochester, a master's degree in
management from the Stanford University and a law degree from George Washington
University.
About James O. Griffin
Mr. James O. Griffin, President & Chief Executive Officer, has served in senior
executive positions in the high technology security and defense electronic
systems industries for more than 25 years. Throughout his career, Mr. Griffin
has focused on commercializing emerging technologies--growing sales and
establishing productive distribution channels. Mr. Griffin joined CDEX in 2005,
originally as chief operating officer, from a background in both public and
private enterprises in the U.S., with extensive experience establishing and
heading the international business units of several multinationals, including
Sentech, Simplex, and Cardkey Systems. Immediately preceding CDEX, at Cernium,
Inc., Mr. Griffin served as vice president of federal systems sales where he
founded the company's Washington, DC office, and opened relationships with
government agencies for the developer of security video analytics systems.
Previously, as vice president and general manager for the IPIX Corporation, he
launched the company's security division, IPIX Security, and established a
customer base that included the 2004 G-8 Summit for the IPIX line of mission
critical security imaging systems. As managing director of Simplex Asia Ltd.,
Mr. Griffin led a nearly two-year transformation of the fire alarm
manufacturer's Asian operations and reversed a major operating loss. Under Mr.
Griffin's leadership, the security services division of Mosler Inc. added
contracts with the New York Port Authority to upgrade the security systems in
the three airports serving New York City. For Cardkey Systems, Mr. Griffin
created the company's international division, linking together worldwide
distributors to form cohesive sales channels. Mr. Griffin holds an MBA from
Pepperdine University and a B.S. in Electrical Engineering from California State
University.
About CDEX, Inc.
CDEX Inc. is a technology development company with a current focus on developing
and marketing products using chemical detection and validation technologies. At
present, CDEX is devoting its resources to two distinct areas: (i)
identification of substances of concern (e.g., explosives and illegal drugs for
homeland security); and (ii) validation of substances for anti-counterfeiting,
brand protection and quality assurance (e.g., validation of prescription
medication and detection of counterfeit or sub-par products for brand
protection). ValiMed is one line of CDEX products for the healthcare market.
CDEX is headquartered in Rockville, Maryland with its research and development
laboratory in Tucson, Arizona. For more information, visit www.cdex-inc.com.
Any statements made in this press release, which contain information that is not
historical, are essentially forward-looking. Many forward-looking statements can
be identified by the use of words such as "expects," "plans," "may,"
"anticipates," "believes," "should," "intends," "estimates," and other words of
similar meaning. These statements are subject to risks and uncertainties that
cannot be predicted or quantified and, consequently, actual results may differ
materially from those expressed or implied by such forward-looking statements.
Such risks are detailed from time-to-time in filings with the Securities and
Exchange Commission. There is no obligation to publicly update any
forward-looking statements.
SOURCE: CDEX, Inc.
