Meade Instruments Announces Resignation of Steven Muellner
IRVINE, Calif., Feb. 5, 2009 -- Meade Instruments Corp. (Nasdaq:MEAD), a leading designer and manufacturer of optical products, including telescopes and binoculars, today announced that Steven Muellner has resigned from his position as President and Chief Executive Officer and as a director of the Company in order to pursue other interests. Steven Murdock, a director of the Company since May 2006, has been appointed to the position of Chief Executive Officer of the Company to replace Mr. Muellner. Previously, Mr. Murdock was Chief Executive Officer of the Company from June 2003 through May 2006. Mr.
Murdock has agreed to serve for one year at an annual salary of $1.00.
Mr. Murdock was granted 1,250,000 options at an exercise price of $0.22 per share, with 750,000 of these options subject to stockholder approval at the next annual meeting of stockholders.
As previously announced, the Company has sold its European subsidiary and completed its formal review of strategic alternatives. Tim McQuay, the new Chairman of the Board of Directors of the Company, commented, "The Company's business objectives today are clear. We intend to use the cash infusion from the sale of our European subsidiary to provide working capital for our United States business, so that we can continue to pursue our goal of making the Company profitable again."
The Company today also announced that Harry Casari resigned from the Board of Directors effective Saturday, January 31, 2009, and that James Chadwick resigned from the Board of Directors effective Wednesday, February 4, 2009. "We appreciate the many contributions that Harry and James have made to the Company while serving on the Board, and we thank them for their many years of dedicated service," said Mr. McQuay. Mr.
Casari joined the Company's Board of Directors in 1997, and Mr.
Chadwick joined the Board of Directors in 2006.
ABOUT MEADE INSTRUMENTS
Meade Instruments is a leading designer and manufacturer of optical products including telescopes and accessories for the beginning to serious amateur astronomer. Meade offers a complete line of binoculars that address the needs of everyone from the casual observer to the serious sporting or birding observer. The Company distributes its products worldwide through a network of specialty retailers, mass merchandisers and domestic and foreign distributors. Additional information on Meade is available at www.meade.com.
CONTACT:
Meade Instruments Corp.
Paul Ross
949-451-1450
Fax: 949-451-1460
The Piacente Group, Inc.
Shelley Young
212-481-2050
shelley@tpg-ir.com
