Wireless Facilities Announces Retirement of CFO
"We greatly appreciate the role that Terry has played at WFI over the past three years. He was extremely instrumental in the managing the cost structure during a critical time for the Company. We wish Terry and his family all the best in his retirement," said Dr. Masood Tayebi, Chairman and CEO of WFI.
"While the decision to retire is not an easy one and I will miss my colleagues at WFI and in the industry, I look forward to having the opportunity to spend more time with my family," said Terry Ashwill.
The Company plans to initiate a search for a new Chief Financial Officer immediately. In the interim, Dan Stokely, WFI's Vice President, Corporate Controller, and Chief Accounting Officer will be assuming the role of Chief Financial Officer and all finance and accounting activities will be transitioned to him during this period.
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.
Director of Investor Relations
Wireless Facilities, Inc.
Senior VP of Corporate
Development and Strategic Planning
Wireless Facilities, Inc.