EXHIBIT 99.1
AT THE COMPANY
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James A. Luksch
Chairman and Chief Executive Officer
(732) 679-4000
FOR IMMEDIATE RELEASE
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May 9, 2003
BLONDER TONGUE ANNOUNCES MANAGEMENT PROMOTIONS
OLD BRIDGE, NEW JERSEY, MAY 9, 2003 - Blonder Tongue Laboratories, Inc.
(AMEX:BDR), a manufacturer of electronics and systems equipment for the
franchised and private cable television industries, announced today the
promotion of Robert J. Palle, Jr. to President of the Company, a position
formerly held by James A. Luksch.
Mr. Palle has been the Executive Vice President, Chief Operating Officer and
Secretary of the Company since 1989. Following his promotion, he will continue
to serve as Chief Operating Officer and Secretary of the Company. Mr. Luksch
will remain as the Chairman of the Board and Chief Executive Officer of the
Company and will continue his active involvement in managing the Company,
including a focus on creating long-term shareholder value through strategic
relationships and transactions.
"The promotion to President recognizes Bob's tremendous contributions and
substantial responsibilities in all facets of our business, even as he continues
to be the primary driving force of the Company's sales initiatives. The
promotion is also part of the Company's succession planning. In addition, the
executive vice president position being vacated by Bob's promotion will remain
open and we expect to initiate a search to fill that position during 2003." said
Jim Luksch.
The Company also announced that Eric Skolnik was promoted to Senior Vice
President. He will also continue as Chief Financial Officer, Treasurer and
Assistant Secretary of the Company. Mr. Skolnik, who joined the Company in 2000
as Corporate Controller and was promoted to Vice President and Chief Financial
Officer in 2001, has over 16 years of financial experience. "Eric has become an
integral part of our management team and this promotion recognizes his
contributions by making him a part of our senior management group," said Jim
Luksch.
In addition, the Company announced the appointment of Allen Horvath as Vice
President - Manufacturing and Kant Mistry as Vice President Engineering and
Chief Technical Officer. Mr. Horvath has been with Blonder Tongue for 25 years,
assuming overall responsibility for manufacturing during the past year. Mr.
Mistry has been the driving force in the Company's research and development
efforts since 1990.
"We are delighted to have Allen and Kant join our Executive Team. Both
individuals bring strong leadership, technical skills and innovative thinking to
our Company," said Jim Luksch.
Blonder Tongue Laboratories is a designer, manufacturer and supplier of a
comprehensive line of electronics and systems equipment for the franchised and
private cable television industries. Founded in 1950, Blonder Tongue has grown
to be one of the leaders in cable television equipment manufacturing. For more
information regarding Blonder Tongue and its products or to receive Blonder
Tongue's latest news releases and other corporate announcements via fax or
email, at no cost, please visit the Company's Internet site at
www.blondertongue.com or contact the Company directly at (732) 679-4000.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The information set forth above includes "forward-looking" statements and
accordingly, the cautionary statements contained in Blonder Tongue's Annual
Report on Form 10-K for the year ended December 31, 2002 (See Item 1: Business
and Item 7: Management's Discussion and Analysis of Financial Condition and
Results of Operations), and other filings with the Securities and Exchange
Commission are incorporated herein by reference. The words "believe", "expect",
"anticipate", "project", and similar expressions identify forward-looking
statements. Readers are cautioned not to
place undue reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. Blonder Tongue undertakes no
obligation to publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof. Blonder Tongue's actual
results may differ from the anticipated results or other expectations expressed
in Blonder Tongue's "forward-looking" statements.
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