FORT LAUDERDALE, FL / ACCESSWIRE / June 27, 2024 / Aluf Holdings, Inc., (OTC PINK:AHIX) has announced that Donald C. Bennett, Executive Chairman of the Board of Directors (the "Board"), has notified the company of his plan to retire from the Board effective June 30, 2024. Mr. Bennett has been a member of the Aluf board for nearly 13 years serving over 7 years as both President and Chairman of the Company. His decision to retire is unrelated to any disagreement with the Company but reflects his desire to conclude his business career with a well-earned retirement.
The board has appointed Teresa McWilliams, the company's Chief Financial Officer and a board member for over 13 years, as the new Chairperson of the Board, effective July 1, 2024. During her tenure as CFO, Ms. McWilliams has managed the existing Aluf offerings and has successfully negotiated acquisition agreements with several operating companies with a long history of successful financial performance.
Joseph S. Paresi, currently serving as the company's Chief Executive Officer, has been unanimously elected to the Board. With over 45 years of experience in advanced high-technology companies, Mr. Paresi has played a pivotal role in over 100 acquisitions and mergers throughout his career. He is currently advising Aluf on various business initiatives and is actively involved in securing capital to finalize planned acquisitions. Upon the successful conclusion of the initial acquisitions, Mr. Paresi will assume the roles of President and Chief Executive Officer, overseeing all operations, including strategic growth and corporate management oversight.
Mr. Paresi commented on his decision to join Aluf, stating, "I believe the team has successfully identified reputable companies for direct acquisitions, bypassing auctions. These firms possess robust fundamentals that promise substantial growth and enhanced shareholder equity. I eagerly anticipate executing Aluf's strategies and integrating these companies to build upon their already impressive financial achievements."
Before Aluf, Mr. Paresi held roles as the Corporate Director of Technology at Loral and Lockheed Martin Corporations, was part of the founding team and Corporate Vice President at L-3 Communications (Now L-3/Harris), Founder of L-3 Security & Detection Systems (Acquired by Leidos for $1B), and Co-founder of L-1 Identity Solutions (acquired by Safran for $1.9B) and Integrated Defense and Security Solutions(IDSS) (recently acquired by SureScan Corporation).
Mr. Paresi has a bachelor's and master's degree in electrical engineering, an MBA in Finance, a Department Of Defense Program Management Degree, and has a Secret Clearance and is Top Secret Special/Compartmental Information Eligible (TS/SCI).
About Aluf Holdings Inc.:
Aluf Holdings, Inc. is a publicly traded company committed to acquiring, developing, and managing a diverse array of potentially high-growth companies and technologies. With a focus on the biotech and biometrics industries, the company aims to revolutionize these sectors with innovative solutions and strategic acquisitions.
Contact Information:
Teresa McWilliams, CFO
Aluf Holdings, Inc.
866-793-1110
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
SOURCE: Aluf Holdings, Inc.
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