GERMANTOWN, MD.—Telkonet, Inc., a leading technology solutions provider for broadband networking, end-to-end service support and energy management, announced that Jason Tienor has been named president and CEO, and Dottie Cleal has been promoted to COO effective immediately. These appointments mark an important phase of change and opportunity for the company, and cement the long-term strategy initiated in August 2007 to drive Telkonet forward in an expanding marketplace. Under this new leadership, Telkonet is embarking on a key phase of development, encompassing a number of critical technical, personnel, integrational and operational changes.
Key objectives for Jason Tienor and Dottie Cleal include expanding Telkonet’s presence into new markets, combined with enhancing the company’s effectiveness and increasing shareholder value.
“In recent months, we have put the building blocks in place that will enable Telkonet to develop and grow in line with its true potential, and we are seeing momentum build steadily,” said Jason Tienor. “I am confident that we will achieve our clearly stated objectives of attaining market leadership and profitability. I regard it as a great honor to lead the company at this pivotal time, and clearly understand the demands, responsibilities and accountability that come with this position. I am committed to communicating openly and candidly with our investors, shareholders and partners, as we embark on this new phase of the company’s evolution.”
“It is a great privilege to serve as Telkonet’s COO,” added Dottie Cleal. “Telkonet has tremendous potential and I am excited to be a part of the leadership team during this important time in Telkonet’s history.”
Smooth Leadership Transition
Founder and former CEO Ron Pickett has been named vice chairman of Telkonet’s Board of Directors, and will continue to play an important senior advisory role. Pete Musser, chairman of the Board, observed that having Ron’s leadership, vision and commitment from Telkonet’s inception was important to acknowledge.
Telkonet’s long-term strategy introduced in the summer includes a series of major cost-reducing programs, which are already producing tangible results. These focus on achieving rapid savings in terms of operational costs, with projected savings of approximately $2.1 million on an annualized basis, as well as driving down the cost of sales and improving gross margins.
Growth prospects for Telkonet are excellent, with the company being well-positioned within some of the most exciting technology markets in existence. The company’s energy management and hospitality businesses are scheduled to double, matched by continued growth within the government systems-related sectors. Telkonet’s substation monitoring business also holds meaningful revenue potential. In addition, gross margins are set to increase into 2008, in line with increasing volumes and revenues, and near-future cash flow breakeven is forecast, together with positive earnings per share for full year 2008.
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