New CEO Appointed
Contacts:
Jeffrey F. Martin, Chief Financial Officer
Image Sensing Systems, Inc., Phone: 651.603.7700
Michael Murphy
Fitzgerald Advertising and Public Relations, Inc., Phone: 407.251.1020
SAINT PAUL, Minn., February 12, 2002 - Image Sensing Systems, Inc. (NASDAQ/Small Cap: ISNS) today announced that it has appointed Anthony Gould and Johan Billow to its Board of Directors. Anthony Gould takes over as President and CEO from William Russell who has decided to leave the company. James Murdakes, who has been a Board member since 1995, takes over as Chairman of the Board.
Anthony Gould, 54, has been responsible for the company's Asian operations and Managing Director of its Flow Traffic subsidiary since 1998. Johan Billow, 39, is General Manager of Flow Traffic Limited and will also now oversee international sales operations of ISS.
Anthony Gould, commenting on his appointment, said, "Our priorities now are to focus on our core business, which is the development and marketing of the Autoscope video detection products. We are a world leader in machine-vision-based wide area detection products for transportation (ITS) applications and we need to maintain our lead position in this expanding worldwide market. Flow Traffic Limited, our Asia subsidiary, is a key asset and an effective route to market, as is our long-term strategic relationship with Econolite Control Products, Inc., the company that has achieved such success in marketing our Autoscope products in North America and the Caribbean. A sharper focus on exploiting core assets and capabilities will help us achieve real growth in profitability and shareholder value."
James Murdakes, ISS Chairman, commented, "We are indeed fortunate to have an experienced business manager in Anthony Gould, who has had 25 years experience in various CEO roles, to lead the ISS Team to refocus on core business and growth."
Based in Saint Paul, Minnesota, Image Sensing Systems, Inc. is the world leader in products applying video imaging technology for implementation in advanced traffic management systems (ATMS), freeway incident detection and traffic data collection to help reduce traffic congestion and improve roadway planning. The company also offers a suite of products that provide wireless transmission of video, data and audio in a variety of markets. The Company's cornerstone Autoscope products provide traffic managers the means to reduce roadway congestion, improve roadway planning and increase cost efficiencies. Econolite Control Products, Inc., based in Anaheim, California, has been the exclusive distributor of Autoscope products throughout North America since 1991. Image Sensing Systems, Inc. and Econolite Control Products, Inc. are particularly suited to provide technical solutions to the emerging intelligent transportation systems and security markets worldwide.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This report contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain factors that could cause results to differ materially from those anticipated by some of the statements made, as listed in the Company's 2001 Annual Form 10-KSB.
