Wireless Facilities Announces Election of President and COO
DeMarco most recently served as President and Chief Operating Officer of The Titan Corporation, a leading provider of comprehensive information and communications systems and services primarily to federal government customers, which recently agreed to be acquired by Lockheed Martin. Prior to serving as President and Chief Operating Officer of Titan, DeMarco served as Executive Vice President and Chief Operating Officer, Executive Vice President and Chief Financial Officer and Senior Vice President and Chief Financial Officer of Titan. DeMarco joined Titan in January 1997 and during his tenure revenue grew from approximately $138 million to an annualized run rate of approximately $1.5 billion at the time of his departure in March 2003.
"I am extremely excited about Eric's role in the future of WFI as we believe he will be a very valuable asset in maximizing the Company's growth potential and fulfilling my objective of establishing a plan of CEO succession for the Company," said Dr. Masood Tayebi, Chairman/CEO of WFI. "We have observed what Eric was able to accomplish during his six years at Titan. He was instrumental in exponentially growing revenue and profits and in significantly increasing the enterprise value of the company from $84 million at the time of his arrival to more than $2 billion today. He brings to WFI an enormous amount of energy, enthusiasm, and operational and financial management experience that we believe will enable us to significantly grow our business in the areas of systems design and integration, outsourcing and security solutions. I look forward to working closely with Eric as we transition all of WFI's operating functions to him, which will enable me to focus the majority of my time on business development and strategic initiatives with our major telecommunication customers," Dr. Tayebi concluded.
"I very much appreciate the confidence of both Dr. Tayebi and the Board in electing me President and COO and look forward to helping grow WFI and executing its strategic plan," said Eric DeMarco.
About Wireless Facilities
As a global leader in telecommunications outsourcing, Wireless Facilities, Inc. designs, deploys, integrates and manages wireless networks and specialized security systems for some of the largest wireless telecommunication carriers, wireless equipment vendors and general contractors worldwide. Specializing in network architecture and dimensioning of mobile and high speed wireless data systems, including third generation (3G) networks, WFI provides a complete range of network services -- from business and market planning to RF engineering, fixed network engineering, IP and data engineering, site acquisition and development, installation, optimization and maintenance.
WFI is headquartered in San Diego and has performed work in over 100 countries since the Company was founded in late 1994. The Company has offices in Dallas, Chicago, Seattle, Reston, London, Gothenburg, Stockholm, Mexico City, Sao Paulo, and Beijing. News and information are available at www.wfinet.com.
Notice Regarding Forward-Looking Statements
This news release contains certain forward-looking statements including, without limitation, express or implied statements concerning the Company's expectations regarding future financial performance and market developments that involve risks and uncertainties. Such statements are only predictions, and the Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to: changes in the scope or timing of the Company's projects; continued and additional slowdowns in telecommunications infrastructure spending in the United States and globally, which could delay network deployment and reduce demand for the Company's services; the timing, rescheduling or cancellation of significant customer contracts and agreements, or consolidation by or the loss of key customers; the adoption rate of new wireless data services; potential losses or lost opportunities arising from the Company's operation of its variable cost model; potential write-offs of goodwill and other long-lived assets; financial constraints on our customers that could cause us to write off accounts receivable or terminate contracts; failure to successfully consummate acquisitions or integrate acquired operations; changes in the Company's effective income tax rate; the rate of adoption of telecom outsourcing by network carriers and equipment suppliers; the rate of growth of adoption of WLAN and wireless security systems by enterprises; and competition in the marketplace which could reduce revenues and profit margins. The Company undertakes no obligation to update any forward-looking statements. These and other risk factors are more fully discussed in the Company's Annual Report on Form 10-K filed on March 21, 2003 and in other filings made with the Securities and Exchange Commission.
CONTACT: Investor-Media Contact - Martha Lessa, Director of Investor Relations, +1-858-228-2328, email@example.com, or Rochelle Bold, Senior VP of Corporate Development and Strategic Planning, +1-858-228-2649, firstname.lastname@example.org, both of Wireless Facilities, Inc./