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Telenetics Reports Changes to its Board of Directors; Names Gary Arnold as New Chairman IRVINE, Calif. --(Business Wire)-- Oct. 5, 2004 -- Telenetics Corporation (OTCBB:TLNT), a provider of wired and wireless data communications products for customers worldwide, today reported the addition of Carlos P. Salas to its Board of Directors as well as the resignation of Michael N. Taglich as Chairman of the Board and as a director. Gary P. Arnold has been elected as the new Chairman. These changes took effect on October 4, 2004.Michael Taglich said of his tenure on Telenetics' Board of Directors, "I am proud of my service as Chairman of Telenetics, and greatly enjoyed dealing with the Company's dedicated management team, investors and employees during a very difficult period. Having made the necessary investments, and having greatly improved the Company's financial and operating structure, I believe that Telenetics is now well positioned for success in the AMR market. Although I enjoyed my time as Chairman, I believe it is now time for Telenetics to be led by a Chairman with a technology background, and I feel Gary Arnold is an ideal choice as the new Chairman. As a shareholder, I am excited about Telenetics' prospects." Gary Arnold commented on becoming Chairman: "I look forward to working even more closely with the management team and the Board to achieve renewed growth and improved profitability, based on our strong product offering and the significant improvement in our balance sheet over the last two years." Gary Arnold has served as a member of the Board since November 2003. He has served as a director of National Semiconductor Corp. (NYSE:NSM) since 1989. He joined National Semiconductor Corp. in 1981, and served as its vice president and chief financial officer from 1983 to 1990. Mr. Arnold served as the vice president and chief financial officer of Tektronix, Inc. (NYSE:TEK) from April 1990 to November 1992. He served as the chairman, president and chief executive officer of Analogy, Inc., then a public company, from January 1993 to January 2000. Since February 2000, Mr. Arnold has managed investments for his own account. Mr. Arnold holds a B.S. degree in Accounting from Eastern Tennessee State University, a J.D. degree from the University of Tennessee, and is a Certified Public Accountant. Carlos Salas is a principal and managing director of Dolphin Advisors, LLC. Dolphin Advisors manages Dolphin Direct Equity Partners, L.P., a private-equity investment fund that is focused on middle-market opportunities and holds an investment in Telenetics. Before joining Dolphin Advisors in January 2004, Mr. Salas led an investor group in the acquisition of a private engineering and manufacturing firm in 2001, and joined that firm to lead a financial and operating restructuring as chief financial officer throughout 2002 and 2003. Previously, Mr. Salas led corporate finance and mergers and acquisitions advisory assignments for middle-market clients as an investment banker with the Los Angeles office of Donaldson, Lufkin & Jenrette ("DLJ"), and when DLJ was acquired by Credit Suisse First Boston Corporation ("CSFB"), joined CSFB's mergers and acquisitions group. Prior to joining DLJ in 1999, Mr. Salas practiced law with Cleary, Gottlieb, Steen & Hamilton in New York, advising financial sponsors and corporate clients in connection with financings and cross-border mergers and acquisitions transactions. Mr. Salas received a J.D. from The University of Chicago in 1996, and a B.A. in Philosophy from New York University in 1992. Mr. Salas also currently serves on the board of directors of Williams Controls, Inc. (OTC:WMCO) and Tengasco, Inc. (OTC:TGC). About Telenetics Based in Irvine, Calif., Telenetics designs, manufactures and distributes wired and wireless data communications products for customers worldwide. Telenetics offers a wide range of industrial grade modems and wireless products, systems and services for connecting its customers to end-point devices such as meters, remote terminal units, traffic and industrial controllers and remote sensors. Telenetics also provides high-speed communications products for complex data networks used by financial institutions, air traffic control systems and public and private wireless network operators. Additional information is available at www.telenetics.com. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This release contains forward-looking statements that involve risks and uncertainties. With the exception of historical information, the matters discussed in this press release, including without limitation, the Company's positioning for success in the AMR market and the Company's ability to achieve renewed growth and improved profitability, involve a number of risks and uncertainties, including the ability of the Company to continue to fund its existing and planned operations and its product development activities to ensure that it continues to produce products that meet the demands of its customers. Actual future results of Telenetics could differ from those statements. These risks include but are not limited to financial constraints that may affect Telenetics' ability to increase revenue or to repay either its outstanding indebtedness when due or a substantial customer deposit if demanded, the ability to ship current backlog, the continued demand for Telenetics' products despite worldwide economic conditions, the ability to have and maintain satisfactory deliveries of products from Telenetics' contract manufacturers, changes in governmental regulations and policies, the emergence of competitive products and unforeseen technical issues, including issues relating to the Company's move of its headquarters and manufacturing operations. Other risks are detailed in filings with the Securities and Exchange Commission made from time to time by Telenetics, including the Company's Form 10-KSB for the year ended December 31, 2003 and the Company's Form 10-QSB for the quarter ended June 30, 2004. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances occurring after the date hereof. |
