IRVINE, CA--(Marketwired - Jun 16, 2016) - Lantronix, Inc. (the "Company"), a specialized networking company providing smart IoT and M2M solutions, today announced that technology investor Martin Hale Jr. is joining the board of directors as an independent director, expanding the company's board of directors to six members.
Hale, 44, currently is the founder, CEO and portfolio manager of Hale Capital Partners, a New York-based private growth equity fund. He currently serves as a director for FalconStor Software, a software-defined storage solutions provider. He has previously served as a director of several other public technology companies, including Adept Technology, Inc., a leading provider of intelligent vision-guided and autonomous robotic solutions (acquired by Omron Corporation); Telanetix, Inc., a cloud-based telecommunications service provider (acquired by Intermedia.net); and Paradigm Solutions, a cybersecurity solutions provider (acquired by CACI International, Inc.).
Before founding Hale Capital Partners in 2007, he was a managing director and member of the founding team of Pequot Ventures, where he was responsible for helping to manage seven funds with approximately $2 billion in assets under management. He earned a bachelor of arts degree cum laude from Yale University.
"I'm excited to have a director of Martin's caliber joining our board," said Jeffrey Benck, president and CEO of Lantronix. "Martin's nearly 20 years of financial leadership and reputation as a successful long-term strategic investor in emerging microcap companies is well established. His experience in the technology sector and his proven track record in creating shareholder value will make him a valued addition to Lantronix."
"Hale Capital Partners' strategy is to create value by partnering with talented management teams to achieve remarkable corporate transformations. We see Lantronix as a company that is well-positioned to take advantage of the exciting growth opportunity that the IoT market represents. With an energized and focused executive team at the helm, I'm thrilled to be joining the board of Lantronix at this exciting stage in its development," said Hale. "I look forward to working with the Board and Jeff to help guide the company as it executes its strategic transformation plan."
In addition to Hale's appointment to the Board, the company announced that Hale Capital Partners entered into an agreement to purchase 1,941,748 Lantronix common shares at a price of $1.03 per share, which reflects the closing price of the company's stock as of June 15, 2016, for a total investment of $2.0 million. Proceeds from the sale will be used for general corporate purposes, including supporting the company's strategic IoT initiatives.
Lantronix, Inc. (NASDAQ: LTRX) is a specialized networking company providing M2M (machine to machine) and IoT (Internet of Things) solutions. Our products deliver secure connectivity, device management and mobility for today's increasingly connected world. By networking and managing devices and machines that have never before been connected, we enable our customers to realize the possibilities of the Internet of Things. Founded in 1989, Lantronix pioneers robust, intelligent and easy to deploy solutions for mission critical applications in a wide range of industries, including data center, medical, security, industrial, transportation, retail, financial and government. Lantronix is headquartered in Irvine, California, with offices in Europe and Asia. For more information, visit www.lantronix.com.
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