Revolution Announces Resignation of Chief Financial Officer
STAMFORD, Conn., May 06, 2019 (GLOBE NEWSWIRE) -- Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) (“Revolution Lighting” or the “Company”), a global provider of advanced LED lighting solutions, announced today that James DePalma, a director and the Chief Financial Officer of the Company, resigned for personal reasons effective May 2, 2019. Mr. DePalma has offered to make himself available, as needed, to assist the Company’s efforts to transition to a new Chief Financial Officer. He also plans to continue to cooperate with the Company’s audit committee review and investigation into accounting issues.
The Company has commenced a search for a new Chief Financial Officer. In the interim, Robert V. LaPenta, Chairman, CEO and President of the Company, will assume Mr. DePalma’s duties as principal financial officer and principal accounting officer until the Company identifies an interim or permanent chief financial officer.
“On behalf of the Board and the Company, I thank Jim for his contributions and the role he has played at the Company,” said Mr. LaPenta.
About Revolution Lighting
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced LED technologies, Revolution Lighting has created an innovative lighting company that offers a comprehensive advanced product platform of high-quality interior and exterior LED lamps and fixtures, including signage and control systems. Revolution Lighting is uniquely positioned to act as an expert partner, offering full service lighting solutions through our operating divisions including Energy Source, Multi-Family and Tri-State LED to transform lighting into a source of superior energy savings, quality light and well-being. Revolution Lighting Technologies markets and distributes its products through a network of regional and national independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the Nasdaq Capital Market under the ticker RVLT. For more information, please visit rvlti.com and connect with the Company on Twitter, LinkedIn and Facebook.
Except for statements of historical fact, the matters discussed herein are “forward-looking statements” within the meaning of the applicable securities laws and regulations. The words “estimates”, “expects,” “intends,” “believes” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements, including statements regarding the Company’s ability to identify and hire a new Chief Financial Officer involve risks and uncertainties that may cause actual results to differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the Company’s ongoing investigation into its revenue recognition practices and other risks described more fully in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements reflect the views of the Company’s management as of the date hereof. The Company does not undertake to revise these statements to reflect subsequent developments.
RVLT Investor Relations Contact:
Amato and Partners, LLC
Investor Relations Counsel
Released May 6, 2019