MEMSIC Appoints Dr. Paul M. Zavracky President of North American and European Operations
ANDOVER, Mass., Nov. 30, 2010 (GLOBE NEWSWIRE) -- MEMSIC, Inc. (Nasdaq:MEMS), a leading MEMS solution provider, today announced that Dr. Paul M. Zavracky will join MEMSIC as President of North American and European Operations. A director of the company since 1999, Dr. Zavracky will report to Chairman and CEO Dr. Yang Zhao and will be responsible for all aspects of the development and growth of MEMSIC's business in North America and Europe.
"Paul is an ideal choice to assume a leadership role as we extend our business to system-level products and drive for growth in North America and Europe," said Dr. Zhao. "He has long been a leader in the development of MEMS technologies, is an outstanding and inspirational executive, and will use his extensive network of contacts and business experience to develop new sales opportunities for MEMSIC. As MEMSIC continues to grow, Paul's deep knowledge of MEMSIC and operational experience will also enable him to create additional efficiencies in our operations."
Dr. Zavracky commented, "I believe MEMSIC, as the first MEMS company to go public, has done an outstanding job of providing high-quality, reliable and price-competitive components to the portable electronics market. Our initial success with leading handset makers for MEMSIC's magnetic sensing products is just the beginning. Our goal is to provide increased value for customers worldwide by continuing to add higher performance and greater levels of system integration. I look forward to enabling MEMSIC to tap into the many growth opportunities that exist in Europe and North America."
Dr. Zavracky has more than 30 years of business, scientific and academic experience, serving most recently as Dean of Northeastern University's School of Technological Entrepreneurship. Prior to that, he co-founded The MicroOptical Corporation and, while serving as president and COO, developed two-axis MEMS micro-mirrors and successfully launched the company's military, medical and consumer head-mounted display businesses. Earlier in his career, he was co-founder and COO of Kopin Corporation, where he spearheaded its development of silicon on insulator (SOI) materials. Dr. Zavracky obtained his Ph.D. in Physics at Tufts University and his Bachelors and Master's degrees in Physics from Northeastern University. He has more than 100 publications and is named as an inventor in 67 issued patents.
About MEMSIC, Inc.
MEMSIC Inc., headquartered in Andover, Massachusetts, provides advanced semiconductor sensors and multi-sensor system solutions based on micro-electromechanical systems (MEMS) technology and sophisticated integration technologies in both the IC level and module level. MEMSIC's unique and proprietary approach combines leading-edge sensor technologies, such as magnetic sensors and accelerometers, with mixed signal processing circuitry to produce reliable, high quality, cost-effective solutions for the mobile phone, automotive, consumer, industrial, and general aviation markets. The company is listed on the NASDAQ Stock Exchange (Nasdaq:MEMS).
Safe Harbor Statement
Statements included in this press release that are not historical in nature are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements for reasons identified under the heading "Risk Factors" in the company's most recent annual report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof, and the company does not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or
CONTACT: MEMSIC, Inc.
Patricia Niu, Chief Financial Officer
Lippert Heilshorn & Associates
Source: MEMSIC, Inc.
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