Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective June 1, 2020, Frank J. Garofalo was elected to the Board of Directors
of the Company.
For more than three decades Mr. Garofalo has been a Management Consultant and
Corporate Finance Advisor working on "special assignment" for Chief Executive
Officers and Boards of Directors, primarily in technology driven markets. Mr.
Garofalo has assisted companies ranging from $10 million to over $10 billion in
size, including several major participants in the Electronics and Computer
Systems Applications industry across U.S. as well as in Europe.
He is an expert in strategic, competitive and market analysis with an emphasis
on positioning companies for maximum equity valuation. Mr. Garofalo's career in
professional services includes serving as Senior Vice President in the
Investment Banking division of PaineWebber (now UBS) and as Director and Senior
Consultant in Arthur D. Little's Technology consulting practice.
While at Arthur D. Little, Mr. Garofalo was the Lead Manager on major studies
for Fortune 500 client organizations in product/market forecasting, technology
trends assessments, market research, strategic business planning, and
evaluations of diversification and acquisition opportunities.
As part of PaineWebber / UBS Corporate Finance his assignments have included
dozens of corporate development and corporate finance projects including private
placements of equity financing, mergers, acquisition, divestitures and the
establishment of joint ventures and strategic alliances.
Mr. Garofalo has served on several boards, including biotech spin-off company
Medi-Pharmaceuticals Inc. before its merger into Galectin Therapeutics, Inc. and
the Board of Sigma Labs. Mr. Garofalo is also member of the MIT Venture
Mentoring Service.
Mr. Garofalo earned a Bachelor of Science degree in Electrical Engineering from
MIT, a Master of Science degree in Computer Systems Engineering from the
University of Michigan and an MBA from Harvard University.
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