Articles
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August 30, 2010 - PureSpectrum appoints William R. Norton as interim CEO
August 30, 2010
Lighting company’s former Executive Vice President installed effective immediately
SAVANNAH, GA – PureSpectrum, Inc. (OTCBB: PSRU) has appointed William R. Norton to be the Company’s interim President and Chief Executive Officer as well as member of the Company’s Board of Directors effective immediately.
Norton served the Company as Executive Vice President as well as Secretary and as a member of the Company’s Board of Directors for nearly four years before retiring on August 2, 2010. On August 25, 2010 the Company’s Board of Directors accepted the resignation of former CEO and Chairman Lee L. Vanatta by a majority vote of the Directors.
Norton’s professional experience includes more than three decades working as a corporate attorney for public companies, including serving as Vice President and General Counsel for Reliance Electric Company (REC) in Cleveland, Ohio from 1990 through 1996. During his tenure at REC, the company traded on the New York Stock Exchange, and Norton was instrumental in the management of numerous company financings, stock issuances and tender offerings as well as many domestic and international acquisitions and dispositions.
“PureSpectrum is enduring a period of serious financial adversity and needs leadership that will focus on immediate product sales to generate revenue to sustain the Company,” Norton said. “There are opportunities that can be made into realities, but the company must act quickly and decisively in order to bring those opportunities to fruition. The Company’s first priority will be working to protect and increase the value of our shareholders’ investment. The Company remains confident in its products and its mission of bringing to market high quality, high performance energy efficient lighting.”
PureSpectrum’s Board of Directors continues to explore potential funding options and entertain all reasonable and legitimate funding proposals which would enable the Company to meet its financial obligations and continue operations. As interim CEO, Norton will focus on developing an aggressive but achievable business plan focused product sales, support all fundraising efforts as well as communicate and negotiate with the Company’s creditors
“A review of the Company’s recent activity revealed that despite the challenges the Company was facing, progress was being made in certain areas and there is a real potential to achieve large volume sales of the Company’s products,” Norton said. “The Company is turning its attention to crafting an executable strategy that will provide the Company with the most potential avenues toward generating revenue rapidly.”
Please call (912) 721-3640 or visit www.psru.ir with any questions regarding PureSpectrum.
ABOUT PURESPECTRUM
PureSpectrum, Inc. is a progressive lighting company headquartered in Savannah, Ga., dedicated to researching and developing innovations in lighting in multiple categories that provide answers to questions facing the lighting industry. PureSpectrum is committed to identifying, cultivating, creating and implementing products and technologies that will satisfy the demand for cost effective, performance-driven energy efficient lighting solutions. The company’s mission is grounded in the quest to preserve natural resources and a belief that energy efficient lighting will be embraced and absorbed through improved performance. PureSpectrum is introducing products and identifying technologies that enable energy conservation and improved performance without increased cost or confusion for the consumer. PureSpectrum plans to continue its commitment to researching and developing products that satisfy consumer demand and advance the cause of energy conservation. Please call (912) 961-4980 or visit www.purespectrumlighting.com for more information on PureSpectrum.
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for PureSpectrum’s products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time by PureSpectrum. For additional information concerning risk factors, please refer to the securities filings at http://www.otcbb.com/asp/Info_Center.asp.
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August 27, 2010 - PureSpectrum implements company-wide layoff
August 27, 2010
Certain members of management team and staff continuing to work with Board of Directors to enable limited operations and identify funding source
SAVANNAH, GA – PureSpectrum, Inc. (OTCBB: PSRU) has notified its employees that the Company is implementing a company-wide layoff of the entire staff effectively immediately as the Company’s Board of Directors continues to seek funding that would allow the Company to continue operations.
On August 25, 2010 the Company’s Board of Directors accepted the resignation of former CEO and Chairman Lee L. Vanatta by a majority vote of the Directors. In a subsequent 8K filed on August 25, 2010 the Directors declared the Company to be insolvent, and following the filing of the 8K the Company’s staff was notified of the layoff. Read More »
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August 25, 2010 - PureSpectrum Board of Directors accepts resignation of CEO Lee L. Vanatta effective immediately
August 25, 2010
SAVANNAH, GA – Today the Directors of PureSpectrum, Inc. (OTCBB: PSRU), a public company based in Savannah, Ga., by a majority vote of the Company’s Board of Directors, constituting a majority of the Directors of the Company, accepted the resignation of Chairman and Chief Executive Officer Lee L. Vanatta effective immediately.
END Read More »
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August 10, 2010 - PureSpectrum and Ultra-Tech Lighting sign cross licensing agreement
August 10, 2010
Agreement authorizes energy efficient lighting companies to sell each other’s products
SAVANNAH, GA – PureSpectrum, Inc. (OTCBB: PSRU) and Ultra-Tech™ Lighting (Ultra-Tech) signed a cross licensing agreement authorizing the two energy efficient lighting companies to represent and sell each other’s product lines immediately into all distribution channels.
On July 6, 2010, PureSpectrum and Ultra-Tech, a New Jersey limited liability company, announced entering into a letter of intent outlining a potential combination of the two businesses. The cross licensing agreement does not replace or supersede the letter of intent and will not affect the timeline for concluding ongoing discussions regarding the potential combination of the two businesses. At this time, the companies have not disclosed specific proposed terms and timing of the business transaction. Read More »
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July 16, 2010 - PureSpectrum Adds Lighting Veteran Peter Weller as Vice President of Sales
July 16, 2010
Former Executive at TCP, Inc. and Osram Sylvania, Inc. Brings More Than Two Decades of Industry Experience and Insight
Savannah, GA - PureSpectrum, Inc. (OTCBB: PSRU) has hired lighting and lighting controls industry veteran Peter Weller to be the Company’s Vice President of Sales.
Mr. Weller, who holds a mechanical engineering degree from the University of New Hampshire and holds two lighting patents, brings more than 20 years of industry experience in engineering, business development, marketing and sales. He has served in executive roles for established global lighting manufacturers with conventional product lines as well as innovative developmental companies introducing new technologies. Read More »