Latest News
ISS Mourns the Passing of Board Member and Former CEO Dick Magnuson
Contacts: Erik Wood, Marketing Specialist
Image Sensing Systems, Inc., Phone: 651.603.7700
Saint Paul, MN, January 6, 2009 - Image Sensing Systems, Inc. (NASDAQ: ISNS), world leading developer of Intelligent Transportation Systems (ITS) computer enabled detection and traffic control technology, announced today the passing of Richard (Dick) C. Magnuson.
Mr. Magnuson was a member of the Board of Directors since 1990, served as President and CEO from 1991-1995, and consulted with the company from 1988 to 1990.
Panos Michalopoulos, founder of Image Sensing Systems and fellow director, stated "Dick played a pivotal role at ISS’ early stages of product manufacturing, human resources and management, all critical functions in getting the company off the ground. We are grateful to him for such contributions that are so essential at the fragile infancy of technology start up ventures."
James Murdakes, Chairman of the Board of Directors, commented, “Dick was a visionary leader, shepherding ISS along into a viable company. His presence will be missed.”
Mr. Magnuson was an active and highly respected member of the Twin Cities business community, most notably serving entrepreneurial companies. ISS extends sympathies to the Magnuson family.
Image Sensing Systems, Inc. is a technology company focused in infrastructure productivity improvement through the development of software-based detection solutions for the Intelligent Transportation Systems (ITS) sector and adjacent overlapping markets. ISS’ industry leading computer enabled detection (CED) products, including the Autoscope® machine-vision family and the RTMS® radar family, combine embedded software signal processing with sophisticated sensing technologies for use in transportation, environmental and safety/surveillance management. CED is a group of technologies in which software, rather than humans, examines the outputs of complex sensors to determine what is happening in the field of view in real-time. With more than 90,000 instances sold in over 60 countries worldwide, our depth of experience coupled with breadth of product portfolio uniquely positions us to provide powerful hybrid technology solutions and to exploit the convergence of the traffic, security and environmental management markets. We are headquartered in St. Paul, Minnesota. Visit us on the web at imagesensing.com.
Safe Harbor Statement: Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current expectations or beliefs, and are subject to risks and uncertainties that could cause actual results or events to vary from stated expectations, which variations could be material and adverse. Factors that could produce such a variation include, but are not limited to, the following: the inherent unreliability of earnings, revenue and cash flow predictions due to numerous factors, many of which are beyond the Company's control; developments in the demand for the Company's products and services; relationships with the Company's major customers and suppliers; unanticipated delays, costs and expenses inherent in the development and marketing of new products and services; the impact of governmental laws and regulations; and competitive factors. Our forward-looking statements speak only as of the time made, and we assume no obligation to publicly update any such statements. Additional information concerning these and other factors that could cause actual results and events to differ materially from the Company's current expectations are contained in the Company's reports and other documents filed with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2007.
