Canton, MA - August 13, 2012 - LoJack Corporation (NASDAQ: LOJN) has formed a Corporate Development Department to proactively explore, prioritize and execute new business opportunities. As part of this initiative, the company has appointed Douglas F. Flood, a seasoned executive in strategic business expansion, to the position of Vice President of the new department. Flood will leverage his extensive expertise in growing businesses through new market expansion, strategic alliances, and licensing and merger/acquisition efforts. He will report directly to Randy Ortiz, LoJack's President and CEO, a recognized auto industry veteran who joined the company from Ford Motor Company in November 2011.
In commenting on this appointment, Ortiz said, "The focus of LoJack's management team has been to increase our presence in the global stolen vehicle recovery market. In addition, we are broadening our mission to capitalize on the significant strength we have in the LoJack brand to expand our business in the areas of safety, security and protection, producing products and services that customers want and value. To that end, I'm excited to have Doug in this new position. He has a stellar track record in helping growth-focused companies increase their market share through strategic initiatives, including global market expansion, acquisitions, alliances, partnerships and licensing deals. With Doug concentrating on these areas, we plan to accelerate our efforts to identify and select the right growth opportunities that will fulfill LoJack's global strategy."
Flood joined LoJack in May 2011 as Senior Counsel. He has held a variety of management positions at growth-focused organizations across a range of industries, leveraging his business development and legal background. He most recently served as Managing Partner at Technology Growth Partners where he served as business advisor, legal consultant, and transactional team member to technology companies in different phases of their lifecycle. Prior to that, Flood spent 11 years at Mercury Computer Systems, where as Vice President of Corporate Development, he was responsible for identifying and developing new business and market opportunities, including strategic partnerships, mergers and acquisitions, divestitures and technology licensing. Flood was also a Senior Vice President, Business Development and General Counsel at FTP Software.
Flood earned a bachelor's degree in mathematics from Purdue University, a master's in mathematics from State University of New York at Stony Brook, and his Juris Doctor degree from Boston University School of Law.
About LoJack Corporation
LoJack Corporation, the company that invented the stolen vehicle recovery market more than 25 years ago, is the global leader in finding and recovering a wide range of mobile assets including cars, construction equipment and motorcycles-having recovered nearly $4 billion USD in stolen assets worldwide. In today's rapidly changing world, LoJack's core competencies are more valuable and more relevant than ever as they are now being applied into new areas, such as the prevention, detection and recovery of stolen cargo and finding and rescuing people with cognitive conditions such as autism and Alzheimer's.
For more information, visit www.lojack.com, www.autotheftblog.com, www.youtube.com/lojack, www.twitter.com/LoJackCorp or www.Facebook.com/LoJackCorp.
Safe Harbor Regarding Forward Looking Statements
From time to time, information provided by the company or statements made by its employees may contain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws, which involve risks and uncertainties. Any statements in this news release that are not statements of historical fact are forward-looking statements (including, but not limited to, statements concerning the company's (i) strategic initiatives and plans for growth and business expansion, (ii) future operations, products and services, and (iii) new business and growth opportunities). Such forward-looking statements are based on a number of assumptions and involve a number of risks and uncertainties, and accordingly, actual results could differ materially. Factors that may cause such differences include, but are not limited to: (i) the continued and future acceptance of the company's products and services; (ii) our ability to obtain financing from lenders; (iii) the outcome of ongoing litigation involving the company; (iv) the rate of growth in the industries of the company's customers; (v) our relationships with our licensees and agents and the strength of their business; (vi) the presence of competitors with greater technical, marketing, and financial resources; (vii) the company's customers' ability to access the credit markets, including changes in interest rates; (viii) the company's ability to promptly and effectively respond to technological change to meet evolving customer needs; (ix) the company's ability to successfully identify and complete strategic initiatives, such as global market expansion, acquisitions, alliances, partnerships and licensing transactions, and integrate any acquired companies and technologies; (x) our ability to effectively manage growth; (xi) conditions in the automotive retail market; (xii) changes in customer demand and automotive production schedules, and (xiii) changes in general economic or geopolitical conditions, including the European debt crisis and persisting trade tensions. For a further discussion of these and other significant factors to consider in connection with forward-looking statements concerning the company, reference is made to the company's Annual Report on Form 10-K for the year ended December 31, 2011 and the company's other filings with the Securities and Exchange Commission.
Readers should not place undue reliance on any forward-looking statements, which only speak as of the date made. Except as required by law, the company undertakes no obligation to release publicly the result of any revision to the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
# # #