SANTA CLARA, Calif.–(BUSINESS WIRE)–Intevac, a leading supplier of thin-film processing systems, today announced the appointment of Ryan L. Vardeman to its board of directors, effective immediately. Mr. Vardeman is a principal and co-founder of Palogic Value Fund, L.P., which is a substantial shareholder of Intevac.
“We are pleased to welcome Ryan to the Board,” said Kevin Barber, chair of the Board. “We look forward to Ryan’s contributions as a director and believe that he will further enhance the strength of our Board as we focus on building value for all stockholders.”
“I believe that Intevac is an outstanding company,” said Mr. Vardeman. “I look forward to working with the Board and supporting the management team as they continue to execute on initiatives to improve profitability, drive greater operational efficiency and enhance value creation.”
In connection with the appointment of Mr. Vardeman, Intevac and Palogic entered into a customary cooperation agreement. This agreement will be included as an exhibit to a Current Report on Form 8-K, which will be filed by Intevac with the Securities and Exchange Commission.
About Ryan L. Vardeman
Mr. Vardeman serves as a principal and co-founder of Palogic Value Management, L.P., a Dallas, Texas based investment management company, a position he has held since January 2007. Mr. Vardeman has extensive corporate strategy, operating, financial and investment experience including capital structure analysis, a focus on small-cap equities, and investing in a broad range of industries with an emphasis on technology and software companies. Mr. Vardeman holds a B.S. in Electrical Engineering and Computer Science from Texas Tech University and an M.B.A. from the Owen Graduate School of Management at Vanderbilt University. He previously served on the board of directors of Bsquare Corporation.
About Intevac
Founded in 1991, we are a leading provider of thin-film process technology and manufacturing platforms for high-volume manufacturing environments. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we deploy our materials science expertise primarily to the hard disk drive (HDD) industry. Our industry-leading 200 Lean® platform is our flagship system, supporting the majority of the world’s capacity for HDD disk media production, including the vast majority of the industry’s most advanced, leading-edge, heat-assisted magnetic recording (HAMR) media. The majority of Intevac’s HDD business for the last several years has been focused on enabling the upgrades of the installed base of worldwide media capacity in close partnership with our HDD customers, thus enabling their technology roadmaps. For more information call 408-986-9888, or visit the Company’s website at www.intevac.com.
