Exhibit 99.1
HEI Announces Changes to Board of Directors
-- Mr. Thomas F. Leahy to Assume Chairman Role
MINNEAPOLIS, Feb. 13 /PRNewswire-FirstCall/ -- HEI, Inc. (Nasdaq: HEII)
( http://www.heii.com ) announced today that Dennis J. Leisz has resigned from
the Board of Directors. Mr. Leisz stated that the reason for his resignation
is the need to devote 100% of his time to his responsibilities as the
president and CEO of Wavecrest Corporation. "I am very pleased and proud of
our accomplishments during my tenure on the HEI Board," said Mr. Leisz. The
Company also announced that Mr. Thomas F. Leahy, a major HEI shareholder and
former President and CEO of Advance Circuits Inc., has been appointed to
replace Mr. Leisz on the Board. Mr. Leahy will assume the role of Chairman.
"I greatly appreciate the significant contributions made by Dennis to HEI
during his service on the Board," stated Mr. Mack Traynor, President and CEO.
"He provided important leadership to the Company during a very difficult period
and we will miss his insights."
Mr. Leahy served as President, CEO and a Director of Advance Circuits for
over 15 years. During this time, this circuit board manufacturer grew to $185
million in revenues. He has founded and served on the Board of Directors of a
number of other companies including Help/Systems Inc., a computer operations
software company and Nature Vision Inc., a publicly-traded manufacturing
business.
"I am extremely pleased that Mr. Leahy has agreed to replace Dennis on our
Board and to assume the duties of Chairman," stated Mr. Traynor. "Mr. Leahy has
substantial experience in our business and as a large shareholder, has a
significant interest in enhancing shareholder value. I am looking forward to
working closely with Tom in the future."
HEI, Inc. designs, develops and manufactures microelectronics, subsystems,
systems, connectivity and software solutions for OEMs engaged in the medical
equipment and medical device, hearing, communications, and industrial markets.
HEI provides its customers with a single point of contact that can take an idea
from inception to a fully functional, cost effective and manufacturability
product utilizing innovative design solutions and by the application of
state-of-the-art materials, processes and manufacturing capabilities.
Headquarters & Microelectronics Operations PO Box 5000,
1495 Steiger Lake Lane,
Victoria, MN 55386
Advanced Medical Operations 4801 North 63rd Street,
Boulder CO 80301
High Density Interconnect Operations 610 South Rockford Drive,
Tempe, AZ 85281
RF Identification Operations 1546 Lake Drive West,
Chanhassen, MN 55317
FORWARD LOOKING INFORMATION
Information in this news release, which is not historical, includes
forward-looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Statements contained in this
press release, including the implementation of business strategies, growth of
specific markets, and operational expectations. All of such forward-looking
statements involve risks and uncertainties including, without limitation,
continuing adverse business and market conditions, the ability of HEI to secure
and satisfy customers, the availability and cost of materials from HEI's
suppliers, our ability to satisfy financial or other obligations or covenants
set forth in our banking agreements, adverse competitive developments, change in
or cancellation of customer requirements, collection of outstanding debt,, and
other risks detailed from time to time in HEI's SEC filings. We undertake no
obligation to update these statements to reflect ensuing events or
circumstances, or subsequent actual results.
SOURCE HEI, Inc.
-0- 02/13/2006
/CONTACT: Mack V. Traynor, CEO, or Timothy Clayton, CFO, both of HEI,
Inc., +1-952-443-2500/
/Web site: http://www.heii.com /