UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 20, 2003
Performance Technologies, Incorporated
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-27460 16-1158413
(Commission File Number) (IRS Employer Identification No.)
205 Indigo Creek Drive, Rochester. N.Y. 14626
(Address of principal executive offices) (Zip Code)
(585) 256-0200
Company's telephone number, including area code
(Not Applicable)
(Former name or former address, if changed since last report.)
Item 5. Other Events and Required FD Disclosure.
On January 20, 2003, the Board of Directors of Performance Technologies,
Incorporated created the position of Chief Strategic Officer. John M. Slusser
agreed to fill this position and will carry out the duties and responsibilities
of this position in addition to his ongoing responsibilities as Chairman of the
Board. In this dedicated role, Mr. Slusser will be responsible for leading the
Company's long-term strategic planning efforts, including identifying and
facilitating acquisition opportunities, business and technology investments and
other growth initiatives.
A copy of the press release announcing the foregoing matter is filed herewith as
Exhibit 99.1.
Item 7. Financial Statements, Proforma Financial Information and Exhibits.
(c) Exhibits.
(99.1) Press release issued by Performance Technologies, Incorporated
on January 20, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
PERFORMANCE TECHNOLOGIES, INCORPORATED
January 30, 2003 By: /s/ Donald L. Turrell
Donald L. Turrell
President and
Chief Executive Officer
January 30, 2003 By: /s/ Dorrance W. Lamb
Dorrance W. Lamb
Chief Financial Officer and
Vice President, Finance
Exhibit 99.1
Press Release
ROCHESTER, N.Y - January 20, 2003 - The Board of Directors of Performance
Technologies, Inc. (Nasdaq: PTIX) announced today that John M. Slusser, in
addition to his duties as Chairman of the Board, has been appointed by the Board
of Directors to the newly created, senior-level position of Chief Strategic
Officer for the Company. In this dedicated role, Mr. Slusser will be responsible
for leading the Company's long-term strategic planning efforts including
identifying and facilitating acquisition opportunities, business and technology
investments and other growth initiatives. He will report to the Board and work
closely with the Company's President and Chief Executive Officer, Don Turrell.
"The Board of Directors felt this was an ideal time to initiate a more focused,
high-level strategic effort to accelerate the Company's growth prospects," said
Don Turrell. "John is an ideal individual to carry out this responsibility given
his experience with technology organizations and his background with the
Company."
"Performance Technologies has demonstrated an ability to fiscally and
technically out-perform many of its peers during very difficult market and
economic conditions," commented John Slusser. "While these conditions may
continue for some period to come, challenging times such as these can also offer
unique and exciting opportunities for the future. I enthusiastically look
forward to my role in this mission to increase long-term shareholder value."
Mr. Slusser, age 50, founded the Company and has been a director since its
inception in 1981. He has served as Chairman of the Board since June 2001. From
1981 to 1986, he served in various Company management positions and from 1986 to
1995 he served as President and Chief Executive Officer. From 1995 to 1999, he
served as Chairman and Chief Executive Officer of InformationView Solutions
Corporation. Since 2000, he has been President of Radio Daze LLC. Mr. Slusser
holds a BSEE degree from Rochester Institute of Technology.