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Charlie Schafer to Retire as RVLT President and CFORevolution (News - Alert) Lighting Technologies, Inc. (RVLT), a leading provider of advanced lighting solutions, today announced the retirement of Charles Schafer, its President and Chief Financial Officer for the company, effective July 10, 2015. In this regard, Chairman and CEO Robert V. LaPenta will assume the role of President in addition to his current responsibilities and James DePalma will become the Chief Financial Officer. Mr. Schafer assumed the position as President and Chief Financial Officer in January 2013 and decided that he wanted to retire to spend more time with his family after a career that has spanned over 45 years, including L-3 Communications (News - Alert) and Loral Corporation. He will continue as a board member for the remainder of his term. "I am grateful to have had the opportunity to work with Charlie for so many years and congratulate him on the growth he helped us achieve at RVLT," said Robert V. LaPenta, Chairman and Chief Executive Officer, RVLT. James DePalma is currently on the RVLT Board and is Vice Chairman and Senior Managing Partner of Aston Capital. Mr. DePalma has an extensive merger and acquisition, operational and financial background which includes executive level roles at L-1 Identity Solutions, Viacom (News - Alert), CBS, Westinghouse Electric and PricewaterhouseCoopers. Mr. DePalma has been an active member of the board and has made great strides over the past year focused on shaping our business and financial operations to better align our overall organization with our expected significant level of growth. "I am pleased and appreciative to have Jim take on this important role given his vast experience which he acquired over three decades," noted LaPenta. "I expect that Jim will work closely with me and the board as we bring RVLT to the next level of achievement in a very dynamic and fast growing enterprise," concluded LaPenta.
Updated Guidance "We continue to see a robust market for our products and lighting solutions and as a result our pipeline of opportunities continues to grow," said Robert LaPenta, Chairman and Chief Executive Officer. RVLT will provide a more in depth review of the second quarter in late July or early August when it reports its full results for the quarter.
About Revolution Lighting Technologies Inc. Revolution Lighting markets and distributes its products through a network of independent sales representatives and distributors, as well as through energy savings companies, national accounts and its wholly owned subsidiary, Value Lighting, a leading supplier of lighting solutions to the multifamily residential housing sector and new construction marketplace across the U.S. Other brands within our RVLT family include Lumificient, which supplies LED illumination for the signage industry; and Sentinel, a revolutionary patented and licensed monitoring and smart grid control system for outdoor lighting applications. Revolution Lighting was recognized as a 2014 Deloitte (News - Alert) technology fast 500 company. For additional information visit: www.rvlti.com.
Cautionary Statement for Forward-Looking Statements
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