-----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, HDovnUZNMNGDw2/6aqCAyieiUbXt/QU7ImLPjZ214sz7CDBw0KWpHAu8s7DC6egC 9JmpFAN+/IDidVu2KIlfzA== 0001157523-10-006650.txt : 20101105 0001157523-10-006650.hdr.sgml : 20101105 20101105094516 ACCESSION NUMBER: 0001157523-10-006650 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101103 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101105 DATE AS OF CHANGE: 20101105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRI CORP CENTRAL INDEX KEY: 0000853695 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 561362926 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28539 FILM NUMBER: 101166957 BUSINESS ADDRESS: STREET 1: 13760 NOEL ROAD STREET 2: SUITE 830 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: (214) 378-8992 MAIL ADDRESS: STREET 1: 13760 NOEL ROAD STREET 2: SUITE 830 CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: DIGITAL RECORDERS INC DATE OF NAME CHANGE: 19940824 8-K 1 a6499912.htm DRI CORPORATION 8-K


UNITED STATES
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): November 3, 2010



DRI Corporation
(Exact Name of Registrant as Specified in Its Charter)


North Carolina

000-28539

56-1362926

(State or Other Jurisdiction

of Incorporation)

(Commission File

Number)

(IRS Employer Identification No.)

 



13760 Noel Road, Suite 830, Dallas, Texas

 

75240

(Address of Principal Executive Offices)

(Zip Code)

Registrant's Telephone Number, Including Area Code (214) 378-8992

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




ITEM 5.02   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements with Certain Officers.

          On and effective November 3, 2010, Rob R. Taylor resigned his positions as Vice President and Chief Operating Officer of the Company’s North Carolina Operations to pursue other non-competitive career opportunities.  Mr. Taylor held those and other operational leadership positions during his five-year tenure with the Company.  The Board of Directors and executive management wish Mr. Taylor every success as he pursues other interests.

          On and effective November 3, 2010,  Lawrence A. Hagemann assumed the role of Chief Operating Officer of the Company’s North Carolina Operations, a position he held from August 2002 to December 2005.  He continues as the Company’s Vice President and Chief Technology Officer, positions he has held since December 2005.  Mr. Hagemann now reports directly to Oliver Wels, the Company’s President and Chief Operating Officer of Global Operations.

          Prior to assuming his most recent and continuing positions, Mr. Hagemann served in other key leadership roles during the course of his now 14-year tenure with the Company, the most notable of which was leading the start-up of the TwinVision® brand and operations that established the Company’s largest product revenue segment – electronic information display systems for public transit vehicles. A highly experienced engineer with an M.B.A., Mr. Hagemann possesses the unique combination of technical talent, business acumen, and more than 18 years’ transit-industry experience. Prior to joining the Company in July 1996, Mr. Hagemann served as: Vice President of ADDAX Sound Company, a privately held company in Illinois, from July 1995 to July 1996; Assistant to the President of Vapor-Mark IV in Illinois from April 1991 to December 1993; and Vice President of Sales and Marketing for Extel Corporation in Illinois, as well as a Director for both Excom Communications Limited in Slough, England, and Extel Overseas Limited in Hong Kong, from May 1973 to October 1990.  Mr. Hagemann, age 66, earned a bachelor’s degree in Electrical Engineering from the University of Detroit in 1967 and a master’s degree in Business Administration from Loyola University in Chicago in 1972.

           Mr. Hagemann’s employment agreement for his most recent and continuing positions has yet to be agreed upon, but it will be released when completed.

ITEM 7.01   Regulation FD Disclosure.

          On November 5, 2010, DRI Corporation announced that its executive management recently made personnel changes at the operational leadership level for its North Carolina Operations, which include its Digital Recorders, Inc. and TwinVision na, Inc. subsidiaries, located in the Research Triangle Park area near Durham, N.C.

          In the same press release, DRI Corporation announced Mr. Hagemann’s most recent and continuing positions with the Company and Mr. Taylor’s resignation from the Company.

          A copy of the Company's press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

ITEM 9.01   Financial Statements and Exhibits.

(a)      Exhibits.

          99.1      Press release dated November 5, 2010.


SIGNATURE

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.

Date: November 5, 2010

 

DRI CORPORATION

 

 

By:

/s/ Kathleen B. Oher

Kathleen B. Oher

Vice President, Chief Financial Officer, Secretary, and Treasurer

EX-99.1 2 a6499912ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

DRI Corporation Announces Strategic Changes in North Carolina Operations Leadership

Lawrence A. Hagemann Assumes Key Leadership Role

DALLAS--(BUSINESS WIRE)--November 5, 2010--DRI Corporation (NASDAQ: TBUS), a digital communications technology leader in the global surface transportation and transit security markets, announced today that its executive management recently made personnel changes at the operational leadership level for its North Carolina Operations, which include its Digital Recorders, Inc. and TwinVision na, Inc. subsidiaries, located in the Research Triangle Park area near Durham, N.C.

David L. Turney, the Company’s Chairman of the Board of Directors and Chief Executive Officer, said the following personnel changes became effective Nov. 3, 2010.

  • Lawrence A. (“Larry”) Hagemann assumed the role of Chief Operating Officer, North Carolina Operations (“COO-NC”), a position he held from August 2002 to December 2005. He continues as the Company’s Vice President and Chief Technology Officer, positions he has held since December 2005. Mr. Hagemann also has served in other key leadership roles during the course of his now 14-year tenure with the Company, the most notable of which was leading the start-up of the TwinVision® brand and operations that established the Company’s largest product revenue segment – electronic information display systems for public transit vehicles. Now reporting directly to Oliver Wels, the Company’s President and Chief Operating Officer of Global Operations, Mr. Hagemann’s complete biography is available via the Company’s website, www.digrec.com.
  • Rob R. Taylor resigned his positions as Vice President and COO-NC to pursue other non-competitive career opportunities. Mr. Taylor held those and other operational leadership positions during his five-year tenure with the Company. The Board of Directors and executive management wish Mr. Taylor every success as he pursues other interests.

Mr. Turney said: “We believe these key personnel changes should help us in our quest to attain sustained profitability and enhanced shareholder value, especially during this challenging, slower-than-expected global economic environment. We believe that Larry – a highly experienced engineer with an M.B.A. from Loyola University in Chicago – possesses the unique combination of technical talent, business acumen and more than 18 years’ transit-industry experience that we believe will enable us to further streamline North Carolina Operations’ processes and personnel, continue leveraging economies of scale, and better align our Digital Recorders® and TwinVision® brands with Company’s longer-term, global strategic business plans.”


ABOUT THE COMPANY

DRI Corporation is a digital communications technology leader in the global surface transportation and transit security markets. Our products include: TwinVision® and Mobitec® electronic destination sign systems, Talking Bus® voice announcement systems, Digital Recorders® Internet-based passenger information and automatic vehicle location/monitoring systems, and VacTell® video actionable intelligence systems. Our products help increase the mobility, flow, safety, and security of people who rely upon transportation infrastructure around the globe. Using proprietary hardware and software applications, our products provide easy-to-understand, real-time information that assists users and operators of transit bus and rail vehicles in locating, identifying, boarding, tracking, scheduling, and managing those vehicles. Our products also aid transit vehicle operators in their quest to increase ridership and reduce fuel consumption, as well as to identify and mitigate security risks on transit vehicles. Positioned not only to serve and address mobility, energy conservation, and environmental concerns, our products also serve the growing U.S. Homeland Security market. For more information about the Company and its operations worldwide, go to www.digrec.com.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements related to the Company’s efforts to attain sustained profitability and enhanced shareholder value by making key personnel changes, streamlining North Carolina Operations’ processes and personnel, leveraging economies of scale, and better aligning domestic brands with longer-term, global strategic business plans, as well as any statement, express or implied, concerning future events or expectations or which use words such as “suggest,” “expect,” “fully expect,” “expected,” “appears,” “believe,” “plan,” “anticipate,” “would,” “goal,” “potential,” “potentially,” “range,” “pursuit,” “run rate,” “stronger,” “preliminarily,” “guidance,” “may,” etc., is a forward-looking statement. These forward-looking statements are subject to risks and uncertainties, including risks and uncertainties that the Company’s efforts to attain sustained profitability and enhanced shareholder value by making key personnel changes, streamlining North Carolina Operations’ processes and personnel, leveraging economies of scale, and better aligning domestic brands with longer-term, global strategic business plans, may not prove meaningful over time, as well as other risks and uncertainties set forth in the Company’s Annual Report on Form 10-K filed April 15, 2010, and quarterly reports on Form 10-Q filed May 14, 2010 and Aug. 11, 2010, particularly those identified in Risk Factors Affecting Our Business. There can be no assurance that any expectation, express or implied, in a forward-looking statement will prove correct or that the contemplated event or result will occur as anticipated.

CONTACT:
DRI Corporation
Veronica B. Marks
Vice President, Corporate Communications and Administration
Phone: (214) 378-4776
Fax: (214) 378-8437
E-Mail: ir@digrec.com

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