LaserCard Corporation Reorganizes Management Structure
Founder Jerome Drexler Retires as Chairman of the Board
Mountain View, Calif., December 02, 2004–LaserCard Corporation (NASDQ:LCRD), today announced that Jerome Drexler, the company’s founder, has retired from his position as Chairman of the Board and Director of LaserCard Corporation. Dr. Drexler will remain a part-time senior advisor under a two-year agreement and will hold the position of Chairman emeritus. The company also announced a new corporate management structure, with Richard Haddock serving as CEO and Christopher Dyball assuming the newly created position of President and functioning as chief operating officer. Concurrently, the Board has elected Stephen Price-Francis as Vice President of Business Development of LaserCard Corporation.
Dr. Dyball and Mr. Haddock have served as the company’s Co-CEOs since September, 2003, when Dr. Drexler stepped down as CEO. They will continue working together as they have for more than ten years on the company’s day-to-day operations and will share responsibility for the company’s strategic planning. In lieu of a Chairman of the Board, together they will prepare agendas and management reports for board of director meetings.
“Jerry Drexler has had a distinguished career and we thank him for his dedication and leadership over the years,” said William McKenna, a board member of LaserCard Corporation. “I believe that Jerry felt the time was right to make a change in our leadership structure. Richard and Chris share a history as well as a vision for the company, and the new structure will allow us to better optimize their experience to take LaserCard Corporation to the next level.”
About LaserCard Corporation
LaserCard Corporation (http://www.lasercard.com) manufactures and markets LaserCard® optical memory cards, chip-ready Smart/Optical™ cards and other advanced-technology secure identification cards. The company has sold over 25 million secure ID cards to meet the demanding requirements for border security, digital governance, and national identification in countries around the world, including the United States, Canada, Italy and India. In addition, the Company manufactures optical card read/write drives and develops optical card system software, card-related data systems and peripherals. The Company operates two wholly owned German subsidiaries: Challenge Card Design Plastikkarten GmbH, which manufactures advanced-technology cards; and cards & more GmbH, which markets cards, system solutions, and card personalization printers. LaserCard Corporation was formerly known as Drexler Technology Corporation (NASDQ:DRXR) and is headquartered in Mountain View, Calif.
About Jerome Drexler
Jerome Drexler invented the optical memory card technology upon which the company’s products are based, and he holds 76 U.S. patents involving megawatt microwave electronics, laser recording and optical data storage. Dr. Drexler founded two U.S. electronics companies and has received numerous honors, including the “Honorary Fellow of the Technion” from the Technion-Israel Institute of Technology and the Alfred P. Sloan Fellow at Stanford University. For his invention of the computer-based optical memory card, he received the “Inventor of the Year Award” in 1990 for California’s Silicon Valley.”
Jerome Drexler will be devoting more time to writing a sequel to his book, How Dark Matter Created Dark Energy and the Sun–An Astrophysics Detective Story, which was published in December 2003. Book information may be found at http://amazon.com or http://barnesandnoble.com.