Performance Technologies Announces Two Board of Directors' Changes
August 9, 2007 - ROCHESTER, NY - Performance Technologies, Inc. (NASDAQ: PTIX), a leading developer of communication platforms and systems, today announced two changes in the composition of its Board of Directors effective August 8, 2007.
Bernard Kozel officially retired from the Board of Directors after serving the Company as a Director since 1983. The Company had previously announced that Mr. Kozel had indicated his interest in moving forward with this transition sometime during the 2007-2008 Board of Directors term.
Commenting on Mr. Kozel's retirement, John Slusser, Chairman of the Board, president and chief executive officer stated, "This is a milestone event in the history of our Company. Bernie has been associated with Performance Technologies since its earliest stages as both an investor and Director. His support, wisdom and guidance over the past twenty-four years have been a key element in the Company's success and longevity. The rest of our Board, our executive team, and I personally will miss his mentorship and counsel. We cannot thank him enough for his service to our Company and most certainly wish Bernie the very best in the future."
Dennis C. Connors was appointed by the Board of Directors to fill a Director vacancy. Mr. Connors, age 53, is currently an independent business advisor to senior management in public and private equity companies. He has over 20 years executive experience in the communications and networking industry, including roles at 3Com Corporation as executive vice president of worldwide operations, president of CommWorks, a wholly owned subsidiary of 3Com, supplying both wireless and wireline solutions to service providers, and president of 3Com's Business Connectivity Company. Prior to 3Com, he was executive vice president and general manager of the service business for Ericsson, Inc. and during the Ericsson/General Electric joint venture from 1990-1995, he served as vice president of worldwide marketing and vice president of global product development and operations for the Private Radio Systems Business. Mr. Connors previously worked at General Electric for nine years, where he held a number of executive positions.
"We are very pleased that Dennis has joined our Board," noted John Slusser. "His high tech experience and successful executive track record are closely aligned with that of our business and, as such, will further add to the substantial credentials of our Board. I very much look forward to working with Dennis in his new role as one of our Directors."
About Performance Technologies
Performance Technologies (NASDAQ: PTIX) is a global supplier of integrated IP-based platforms and solutions for advanced communications networks and innovative computer system architectures. Our Embedded Systems Group offers robust application-ready platforms that incorporate open-standards based software and hardware, providing significantly accelerated end product deployment benefits for equipment manufacturers. Our Signaling Systems Group offers the SEGway™ product suite, which includes IP STPs, SS7 over IP transport solutions, and signaling gateways that enable lower operating costs through utilization of IP networks, thereby creating competitive advantages for carriers in existing and emerging markets.Performance Technologies is headquartered in Rochester, New York. Additional engineering facilities are located in San Diego and San Luis Obispo, California, and Kanata, Ontario, Canada.
Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. This press release contains forward-looking statements which reflect the Company's current views with respect to future events and financial performance, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor provisions of those Sections.
These forward-looking statements are subject to certain risks and uncertainties, and the Company's actual results can differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, among other factors, general business and economic conditions, rapid technological changes accompanied by frequent new product introductions, competitive pressures, dependence on key customers, the attainment of design wins and obtaining orders as a result, fluctuations in quarterly and annual results, the reliance on a limited number of third party suppliers, limitations of the Company's manufacturing capacity and arrangements, the protection of the Company's proprietary technology, the dependence on key personnel, changes in critical accounting estimates, potential impairments related to investments, foreign regulations, and potential material weaknesses in the future. Forward-looking statements should be read in conjunction with the audited Consolidated Financial Statements, the Notes thereto, Risk Factors, and Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company as of December 31, 2006, as contained in the Company's Annual Report on Form 10-K, and other documents filed with the Securities and Exchange Commission.
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