Paragon Technologies Appoints Three New Independent Directors
Rhea-AI Summary
Paragon Technologies (OTC PINK:PGNT) has appointed three new independent directors: David Lontini, Howard Brownstein, and Tim Eriksen, while announcing the retirement of Jack Jacobs after 12 years of service, effective December 31, 2024. The board will temporarily expand from three to six directors before reducing to five upon Jacobs' retirement.
The new directors bring diverse expertise: Eriksen is CEO of Solitron Devices and specializes in micro-cap stocks; Brownstein has extensive experience in corporate governance and investment banking; and Lontini, current Chairman of Check Cap , is known for operational optimization. They will exclusively compose the company's Audit, Compensation, and Nominating Committees, with Brownstein, Lontini, and Eriksen serving as respective chairs.
Positive
- Addition of three experienced independent directors strengthening corporate governance
- New directors bring specialized expertise in finance, corporate governance, and operational optimization
- Formation of key committees (Audit, Compensation, Nominating) with independent directors
Negative
- Loss of long-term board member with 12 years of experience
News Market Reaction 1 Alert
On the day this news was published, PGNT gained 5.88%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Board Member Jack Jacobs to Retire
EASTON, PA / ACCESSWIRE / December 20, 2024 / Paragon Technologies, Inc. (OTC PINK:PGNT), a diversified holding company, today announced the appointment of David Lontini, Howard Brownstein, and Tim Eriksen as independent directors of the Board of Directors. The appointments coincide with the retirement of Jack Jacobs, who after 12 successful years as a member of the Board will retire effective December 31, 2024. As a result, Paragon Technologies' board will temporarily expand from three to six directors and will then be reduced to five directors upon Mr. Jacobs' retirement.
Sam Weiser, Chairman and CEO of Paragon Technologies, said, "We are excited to grow our Board of Directors and welcome David, Howard, and Tim as independent directors. These appointments demonstrate Paragon Technologies' commitment to strengthening our corporate governance and maintaining a Board with skills that are relevant to our growing business. Their extensive experience and strategic insights bring an exceptional level of expertise with a particular focus on financial, strategic, operational execution, and business transformation. With the addition of these highly qualified individuals, we are confident in our ability to position Paragon Technologies for long-term success."
Mr. Weiser continued, "On behalf of the Board, I would also like to express our sincere gratitude and appreciation to Jack Jacobs, who has given dedicated service to our Board and the Company. Jack has contributed to the growth and success of our organization in numerous ways throughout his tenure. He has always been a source of wisdom and support for Paragon Technologies. We wish him all the best in his future endeavors."
Mr. Jacobs commented, "It has been an honor to serve on the board of Paragon Technologies and contribute to its growth and success. I am confident that the reconstituted board will lead the company with vision and dedication. Their diverse perspectives and expertise will be imperative as Paragon Technologies moves forward. I extend my best wishes to them."
The new independent directors bring a wealth of experience and expertise to the Board.
Tim Eriksen brings expertise in micro-cap and small-cap stocks, coupled with his board experience, making him a valuable asset to the companies he serves. Tim is a skilled executive with a strong background in finance and investments. Mr. Eriksen is currently the CEO of Solitron Devices and the Managing Member of Eriksen Capital Management and Cedar Creek Partners.
Howard Brownstein is a seasoned business leader with a strong track record in corporate governance and investment banking. He has served on numerous boards of directors, including public companies, private equity-backed firms, and nonprofits. His expertise lies in audit, governance, risk management, and strategic planning. Mr. Brownstein has held leadership positions at various organizations, including Enprotech Corp., The Stone Group, and The Brownstein Corporation.
David Lontini is a highly experienced business consultant with a diverse skill set and a proven track record of success. He is well regarded for optimizing operations, increasing efficiency, and maximizing profitability. Mr. Lontini currently serves as Chairman of the Board for Check Cap Ltd., a NASDAQ-traded company.
Paragon Technologies' Audit Committee, Compensation Committee, and Nominating Committee will be composed solely of the new independent directors David Lontini, Howard Brownstein, and Tim Eriksen. Mr. Brownstein will serve as Chair of the Audit Committee, Mr. Lontini will chair the Compensation Committee, and Mr. Eriksen will chair the Nominating Committee.
About Paragon Technologies
Paragon Technologies, Inc. is a holding company owning subsidiaries that engage in diverse business activities, including material handling, distribution, real estate, and investments. For additional information please visit: www.pgntgroup.com.
Investor Relations Contact:
Alliance Advisors IR
ParagonIR@allianceadvisors.com
SOURCE: Paragon Technologies Inc.
View the original press release on accesswire.com
FAQ
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