WIRELESS TELECOM GROUP INC.
25 EASTMANS ROAD, PARSIPPANY, NJ 07054
TEL. (201) 261-8797 FAX (201) 261-8339
NEWS RELEASE
Contact: Todd Fogarty
Kekst & Co.
(212) 521-4854
For Immediate Release
THURSDAY, SEPTEMBER 1, 2005
WTT ANNOUNCES RESIGNATION OF CYRILLE DAMANY AS CEO,
APPOINTMENT OF PAUL GENOVA AS INTERIM CEO
Parsippany, New Jersey - Wireless Telecom Group, Inc. (AMEX Symbol: WTT)
announced today that Cyrille Damany has resigned as WTT's Chief Executive
Officer by mutual agreement with WTT's board of directors. In addition to
resigning his position with WTT, Mr. Damany has also resigned as Chief Executive
Officer and as a member of the advisory board of Willtek Communications GmbH, a
wholly owned subsidiary of WTT. His resignations are effective immediately.
By unanimous vote of WTT's board of directors, Paul Genova, WTT's President and
Chief Financial Officer, has been appointed interim Chief Executive Officer of
WTT, effective immediately. WTT's board of directors has formed an executive
search committee and will be selecting an executive search firm to help identify
qualified candidates to lead WTT on a permanent basis. The search committee
intends to conduct a thorough search for a qualified successor.
Mr. Damany joined WTT as Chief Executive Officer at the closing of WTT's
acquisition of Willtek effective July 1, 2005. He had been the Chief Executive
Officer and General Manager of Willtek since August 1997.
Savio W. Tung, WTT's Chairman of the Board, stated, "The board greatly
appreciates Cyrille Damany's contributions to Willtek over the years and to WTT
over the past couple months and wish him well in his future endeavors. We
believe that the management changes being undertaken are in the best interests
of WTT's shareholders, and that WTT will emerge from this transition in a better
position to take advantage of growth opportunities we identify through our
ongoing strategic planning process. Paul Genova has played a central role in the
strategic planning process, from both a financial and operational perspective,
and is well suited to lead the company during the interim period."
Paul Genova, 49, has served as WTT's Chief Financial Officer since September
2003 and since March 2004 has served as WTT's President. He served as a director
of WTT from March 2004 to July 2005. From 1994 to February 2002, Mr. Genova
served as Chief Financial Officer of Wilson Logistics, Inc., a supply chain
management and industrial services provider. From 1985 to 1994, Mr. Genova
worked with Deloitte & Touche as a Senior Audit Manager.
ABOUT WIRELESS TELECOM GROUP, INC.
WTT is a global provider of electronic noise generation equipment in the
telecommunications field. It develops, manufactures and markets a wide variety
of electronic noise sources, passive microwave components and electronic testing
and measuring instruments, including power meters, volt meters and modulation
meters. WTT's products have historically been primarily used to test the
performance and capability of cellular/PCS and satellite communications systems,
and to measure the power of RF and microwave systems. Other applications include
radio, radar, wireless local area network (WLAN) and digital television. WTT's
current operations are conducted through WTT and its wholly owned subsidiaries
Boonton Electronics Corporation, Microlab/FXR and Willtek Communications GmbH.
Boonton Electronics Corporation is a leader in the manufacture of test equipment
dedicated to measuring the power of RF and Microwave Systems used in multiple
telecommunications markets. Microlab/FXR is a global provider of passive
microwave components including power splitters, directional couplers and
filters. These products are employed as system components in commercial
applications such as wireless base stations for cellular, paging and private
communications, in-building wireless signal distribution, television
transmitters and aircraft navigation counter measures and missile guidance.
Willtek is a leading provider of solutions that enable manufacturers and
operators of wireless communications devices to test mobile phones, air
interface, and base stations of cellular networks. Willtek serves a base of more
than 5,000 customers worldwide with state-of-the-art products including testing
equipment for GSM, GPRS, CDMA and WCDMA phones and wireless devices, as well as
handheld spectrum analyzers. WTT's website address is http://www.wtt.bz.
Except for historical information, the matters discussed in this news release
may be considered "forward-looking" statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Such statements include declarations regarding
the intent, belief or current expectations of WTT and its management. The words
"believes", "expects", "anticipates", "estimates", and similar words or
expressions are generally intended to identify forward-looking statements.
Prospective investors are cautioned that any such forward-looking statements are
not guarantees of future performance and involve a number of risks and
uncertainties that could materially affect actual results. Such risks and
uncertainties are identified in WTT's definitive proxy materials, dated May 9,
2005, and certain other filings made with the Securities and Exchange
Commission.
