-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OIQcE2VIapCe6SkR1SCU0ccM5gsmfvxNYYwyo0Cqd5ZtJ4500wvBhWTALknyjnHh zURQEzEN7zZix3tsCiZkXg== 0000351998-99-000001.txt : 19990209 0000351998-99-000001.hdr.sgml : 19990209 ACCESSION NUMBER: 0000351998-99-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990205 ITEM INFORMATION: FILED AS OF DATE: 19990208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DATA I/O CORP CENTRAL INDEX KEY: 0000351998 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 910864123 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-10394 FILM NUMBER: 99523709 BUSINESS ADDRESS: STREET 1: 10525 WILLOWS RD NE STREET 2: P O BOX 97046 CITY: REDMOND STATE: WA ZIP: 98073-9746 BUSINESS PHONE: 2068816444 MAIL ADDRESS: STREET 1: P O BOX 97046 STREET 2: 10525 WILLOWS RD NE CITY: REDMOND STATE: WA ZIP: 98073-9746 8-K 1 8K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ FORM 8 - K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 5, 1999 Data I/O Corporation (Exact name of registrant as specified in its charter) Washington (State of other jurisdiction of incorporation) 0-10394 91-0864123 (Commission File Number) (IRS Employer Identification No.) 10525 Willows Road N.E., Redmond, WA 98073-9746 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (425) 881-6444 Not Applicable (Former name or former address, if changed since last report) Page 1 of 4 Pages Item 5. Other Events See the following press release, dated February 2, 1999, announcing the selection of a new Chief Executive Officer and President starting February 23, 1999, and his addition to the Board of Directors effective January 29, 1999. FOR IMMEDIATE RELEASE For further information please contact: Dave Bullis Joel Hatlen President & CEO VP/Finance Data I/O Corporation Data I/O Corporation 425/881-6444 425/881-6444 bullisd@data-io.com hatlen@data-io.com DATA I/O NAMES NEW CHIEF EXECUTIVE OFFICER Redmond, Wash. (February 2, 1999) - Data I/O (NASDAQ: DAIO), a leader in programming technology for programmable integrated circuits, today named Frederick Hume to be its new President and Chief Executive Officer. Hume, a former Senior Vice President and General Manager with Keithley Instruments (KEI), will replace David Bullis. Having led the Company through its recent restructuring efforts Mr. Bullis will remain on the Board of Directors. Mr. Hume joined Seattle-based John Fluke Manufacturing in 1972, and moved quickly from product manager to Vice President of Technology and Planning and finally to Group VP for Manufacturing and R&D. His accomplishments at Fluke included the development and introduction of several successful industrial product lines . In 1988 Hume left Fluke and Seattle for a Vice President and General Manager position with Keithley Instruments in Cleveland, OH. In a decade at Keithley, Hume helped double sales of his Instrument Division and helped increase market capitalization of the firm to $120 million. He also formed strategic alliances with IBM to develop the Quantox product line for semiconductor process characterization, and opened offices in Tokyo, Japan and Beijing, China. "Having helped steer Data I/O through the first phases of a very difficult turnaround, I am now pleased to pass the baton to an extremely qualified and capable leader," Bullis said. "I am confident Fred Hume will provide the breadth of experience and steady hand of management needed to help return the Company to profitability and growth." Given the softness of the programmable integrated circuit equipment market and the many challenges faced by Data I/O when Bullis took over, the outgoing CEO said he is proud of what the company has accomplished during his relatively brief tenure in Data I/O's top post. (more) Data I/O Page Two "I took over in May of 1998 and was immediately faced with some very difficult decisions about what kind of company we wanted Data I/O to be," Bullis said. "In July, I committed to the Board to take the company through several necessary changes, eliminating aging product lines, scaling back our role as a manufacturer, restructuring internally, and looking for acquisitions to move us back toward profitability. These important steps have now been taken and I am pleased to have Fred Hume join us as the new CEO ." In order to maintain continuity during and after the change in leadership, Bullis will remain a member of Data I/O's Board of Directors and Mr. Hume will be added to the Board. According to Hume, the changes which have shaken Data I/O during the past year are sometimes an unavoidable result of remaining competitive in a dynamic and changing industry. "I could not be more excited about the opportunities of this new position," Hume said. "I've worked in this industry for most of the past four decades. I've seen all facets of it grow and evolve, and now I welcome the chance to continue the turnaround that Mr. Bullis so skillfully began." Bullis will remain as CEO until February 23rd, when Mr. Hume formally joins the Data I/O management team, comprised of Joel Hatlen CFO, Jim Rounds Vice President of Engineering, Mark Edelsward Vice President of Sales and Helmut Adamski the newly appointed Vice President of Marketing and former CEO of SMS. Forward-Looking Statements Statements in this news release concerning, return to profitability and growth and any other statement that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements. These factors include a variety of difficulties in the integration of acquired products and operations, customer acceptance of new products, success of product development efforts, non-deliveries of key components by suppliers, retention of key personnel and other risks including those described from time to time in the company's filings with the Securities and Exchange Commission (SEC), press releases and other communications. Corporate Information The market leader for more than 25 years, Data I/O Corporation is the world leader in device programming and handling solutions, providing the most comprehensive product offering from design through manufacturing of programmable integrated circuits. The company, which is publicly traded (NASDAQ:DAIO), is headquartered in Redmond, Wash., and has sales and support offices worldwide. The company's worldwide web address is http://www.dataio.com SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Data I/O Corporation February 5, 1999 By _/s/Joel S. Hatlen_________ ----------------- Joel S. Hatlen Vice President - Finance Chief Financial Officer Secretary and Treasurer SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Data I/O Corporation February 5, 1999 By _____________________ Joel S. Hatlen Vice President - Finance Chief Financial Officer Secretary and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----