SUGAR LAND, Texas, Aug. 15, 2006 (PRIMEZONE) -- Gridline Communications Holdings, Inc., a publicly-held Delaware corporation, announced that on August 11, 2006 the Company accepted the resignation of Mr. Blaize Kaduru from positions of Chairman of the Board and Chief Executive Officer (CEO).
In a special meeting of the Board of Directors, Mr. Kaduru expressed his intentions to leave Gridline, noting that he had steered the company to a point where he felt new leadership would be better equipped to move the Company to the next level. "I made this decision as a strategic repositioning move for new management to take over, building on the success of old management in order to propel Gridline to greater heights," stated Mr. Kaduru.
The Board of Directors accepted Mr. Kaduru's resignation as Chairman of the Board and CEO and has elected Dr. Terrence Heng as the Company's new Chairman of the Board. The Board is now in consideration for a new Chief Executive Officer. Mr. Kaduru will continue to serve temporarily as CEO while the Board finalizes its selection for his replacement.
About Dr. Terrence Heng
Dr. Terrence Heng, 65, has held top level position with numerous prestigious institutions and companies throughout his forty years career. Most recently, he was co-founder and Chairman of the Board of the Portal of the Americas, a Nevada company created in 2005 to develop a new personal portal concept for education and municipal services for the Ibero-American countries.
After re-joining Motorola in 1990, Dr. Heng served as Corporate Vice President and Senior Vice President over the Global Software Group, generally recognized as the premier software development organization both within and outside of the company. He retired from Motorola in 2004 as a Senior Vice-President. Earlier, Dr. Heng co-founded Omnirel Corporation, which developed state-of-the-art solid-state power devices and power integrated modules for Space, Defense and high-end Industrial companies. The company was successfully sold in 1989. Prior to that, he created and was the first Manager of the High Frequency Devices Laboratories at the Westinghouse Research Laboratories, which conducted research in microwave and millimeter wave solid-state devices and circuits for radar, electronic-countermeasure, and space explorations.
Additionally, Dr. Heng has served on numerous University, Industry and Government Boards and Committees, including the Massachusetts Institute of Technology (MIT) Industry Liaison Board, the Rensselaer Polytechnic University President Executive Advisory Board, ISTEC Board of Directors, Illinois Institute of Technology International Board, Washington State University Foundation Board, Singapore Economic Development Board, U.S. Council of Competitiveness, Scottish Economic Development Board, and the Pacific Basin Economic Council.
About Gridline Communications Holdings, Inc.
Gridline Communications Holdings, Inc. is a Texas-based corporation focused on Broadband over Power Line (BPL) deployment using proven BPL technologies, coupled with proprietary Intellectual Properties, to provide high speed Broadband connectivity and a variety of market driven applications such as VoIP telephony, security, streaming video, telemedicine, and long distance learning. Additional information can be found by visiting the company's website at www.gridlinecommunications.com.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.