Former Deputy Assistant Secretary of Defense
LOUISVILLE, Ky.--(BUSINESS WIRE)--Jul. 12, 2012--
Sypris Solutions, Inc. (Nasdaq/NM: SYPR) announced today that effective
July 11, 2012 it has elected Robert F. Lentz to join its Board of
Directors as a Class II director.
Since October 2009, Mr. Lentz has served as President of Cyber Security
Strategies, LLC, a global cyber security consulting company. From
November 2007 to October 2009, Mr. Lentz served as Deputy Assistant
Secretary of Defense for Cyber, Identity and Information Assurance in
the Department of Defense (DoD). From November 2000 to October 2009, he
served as the Chief Information Security Officer for the DoD. Among his
many other responsibilities, Mr. Lentz served as the Chairman of the
National Space INFOSEC Steering Council, principal DoD member of the
Presidential Sub-Committee on National Security Systems, leader of the
DoD IA Steering Council, and the IA Domain Owner of the Global
Information Grid Enterprise Information Environment Mission Area. In his
capacity as the Chief Information Security Officer, Mr. Lentz was a
member of the DoD CIO Executive Council. He also served as the DoD
liaison to several private sector boards, including the Center for
Internet Security Strategic Advisory Council, the Common Vulnerabilities
& Exposures Senior Advisory Council, the International Cyber Center
Advisory Board and SAFEcode. Mr. Lentz began his career with the
National Security Agency in 1975.
Commenting on the announcement, Jeffrey T. Gill, president and chief
executive officer of Sypris Solutions, said, "We are pleased to have Bob
join our board. His highly-regarded track record as Deputy Assistant
Secretary of Defense and his years as the Chief Information Security
Officer for the Department of Defense are expected to be invaluable
resources to Sypris as we continue to develop solutions to protect our
nation’s critical infrastructure from cyber security threats."
Mr. Lentz is a graduate of the National Senior Cryptologic Course, the
Federal Executive Institute, the Harvard Business School in Strategy
Planning and the Resource Management Course at the Naval Postgraduate
School. He earned a Bachelor’s Degree with a double major in History and
Social Science from Saint Mary's College of Maryland and a Master’s
Degree in National Security Strategy from the National War College.
Sypris Solutions is a diversified provider of outsourced services and
specialty products. The company performs a wide range of manufacturing,
engineering, design and other technical services, typically under
multi-year, sole-source contracts with corporations and government
agencies principally in the markets for industrial manufacturing and
aerospace and defense electronics. For more information about Sypris
Solutions, visit its Web site at www.sypris.com.
Each “forward-looking statement” herein is subject to serious
risks and should not be relied upon, as detailed in our most recent Form
10-K and Form 10-Q and subsequent SEC filings. Briefly, we currently
believe that such risks also include: declining revenues and backlog in
our aerospace and defense business lines as we attempt to transition
from legacy products and services into new market segments and
technologies; dependence on, recruitment or retention of key employees;
reliance on major customers or suppliers, especially in the automotive
or aerospace and defense electronics sectors; U.S. government spending
on products and services that our Electronics Group provides, including
the timing of budgetary decisions; our ability to develop new products
and programs within the Electronics Group especially in new market
segments and technologies; cyber security threats and disruptions;
potential impairments, non-recoverability or write-offs of goodwill,
assets or deferred costs, including capitalized pre-contract costs
related to the development of a replacement for certain aerospace and
defense products; potential liabilities associated with discontinued
operations, including post-closing indemnifications or claims related to
business or asset dispositions; inventory valuation risks including
obsolescence, shrinkage, theft, overstocking or underbilling; our
inability to successfully launch or sustain new or next generation
programs or product features, especially in accordance with budgets or
committed delivery schedules; the costs of compliance with our auditing,
regulatory or contractual obligations; regulatory actions or sanctions
(in each case including FCPA, OSHA and Federal Acquisition Regulations,
among others); breakdowns, relocations or major repairs of machinery and
equipment; pension valuation, health care or other benefit costs; labor
relations; strikes; union negotiations; changes in licenses, security
clearances, or other legal rights to operate, manage our work force or
import and export as needed; changes or delays in government or other
customer budgets, funding or programs; potential weaknesses in internal
controls over financial reporting and enterprise risk management; the
cost, efficiency and yield of our operations and capital investments,
including working capital, production schedules, cycle times, scrap
rates, injuries, wages, overtime costs, freight or expediting costs;
disputes or litigation, involving customer, supplier, lessor, landlord,
creditor, stockholder, product liability or environmental claims; the
costs and supply of debt, equity capital, or insurance; fees, costs or
other dilutive effects of refinancing, compliance with covenants; cost
and availability of raw materials such as steel, component parts,
natural gas or utilities; volatility of our customers’ forecasts,
financial conditions, market shares, product requirements or scheduling
demands; adverse impacts of new technologies or other competitive
pressures which increase our costs or erode our margins; failure to
adequately insure or to identify environmental or other insurable risks;
revised contract prices or estimates of major contract costs; risks of
foreign operations; currency exchange rates; war, terrorism, or
political uncertainty; unanticipated or uninsured disasters, losses or
business risks; inaccurate data about markets, customers or business
conditions; or unknown risks and uncertainties.
Source: Sypris Solutions, Inc.
Sypris Solutions, Inc.
Brian A. Lutes, 502-329-2000
Vice
President & Chief Financial Officer