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PITTSBURGH, Dec. 02, 2022 (GLOBE NEWSWIRE) — LB Foster Company (NASDAQ: FSTR ), a global provider of products and services to the rail and infrastructure markets, announced today that Ms. Janet Lee has been appointed to the company’s Board of Directors effective 1 .January 2023, following the retirement of Mrs. Susan B. Rowland and Roberta S. Purgason on December 31, 2022.
Ms. Li brings a broad range of knowledge and skills to the Board that includes more than three decades of legal experience in both private practice and global, public companies, leading to her current position as Vice President, General Counsel and Secretary of ANSIS. , Inc. (NASDAK: ANSS), in which capacity it has served since 2017. ANSIS is a market leader in engineering simulation software and a member of the Nasdaq 100 Large Cap Growth Index, with a market capitalization of over $20 billion and over 85 offices in 19 countries. Ms. Li built the legal and intellectual property team that saw ANSIS grow from a smaller public company to an S&P 500 member, and is responsible for transaction support, product and regulatory compliance, cybersecurity, litigation, intellectual property protection, corporate governance risks, business continuity and crisis management, ethics training and investigations, data privacy, government relations, ESG and employment legal support, including European union issues, and C-suite relations.
From 2010 to 2017, Ms. Lee served as Vice President of Legal and Intellectual Property for HERE Technologies North America, a privately held location and mapping company owned by BMW, Audi and Daimler. Ms. Li served as Director of Nokia Research Center and Intellectual Property for Nokia Corporation from 2007 to 2010; Assistant General Counsel of America Online, Inc. from 1999 to 2007; corporate and M&A counsel for Cooley Godward, LLP from 1996 to 1999; General Counsel of Renaissance Group, a full-service investment bank in the Russian Federation, from 1995 to 1996; and an attorney at Clifford Chance in Russia from 1993 to 1995 and at Paul Weiss, Rifkind, Wharton & Garrison from 1991 to 1993. Ms. Lee received her J.D. from Stanford Law School, her M.B.A. from Harvard University, and her Bachelor of Arts from the University of Michigan.
Raymond T. Butler, Chairman of the Board of Directors of LB Foster, commented on the appointment: “The Board of Directors is excited to have Janet join the company. Janet has extensive experience in many of the critical issues facing public, multinational companies today, including legal, intellectual property, cyber security, ESG and risk management issues. We look forward to her contribution to the board and management as we enhance shareholder value.”
About LB Foster
Founded in 1902, LB Foster is a global solutions provider for engineered, manufactured products and services that builds and supports infrastructure. The company’s innovative engineering and product development solutions address the safety, reliability and performance needs of its customers’ most challenging requirements. The company has locations in North America, South America, Europe and Asia. For more information, visit www.lbfoster.com.
Forward-looking statements
This release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management’s current expectations about future events based on certain assumptions and include any statement that does not relate directly to any historical or current fact. Sentences containing words such as “believe”, “intend”, “plan”, “may”, “expect”, “should”, “could”, “anticipate”, “estimate”, “anticipate”, “project” ” or their negatives or other similar expressions of the future or the future generally should be considered forward-looking statements. Forward-looking statements in this earnings release are based on management’s current expectations and assumptions about future events that involve inherent risks and uncertainties and may concern, among other things, the Company’s expectations regarding our strategy, goals, projections and plans in related to our financial position, liquidity, capital resources and results of operations and decisions related to our strategic growth initiatives, market position and product development. Although the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company cautions readers that various factors could cause the Company’s actual results to differ materially from those indicated by the forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as predictions of actual results. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are the risks and uncertainties related to: the COVID-19 pandemic, and any future global health crisis, and the associated social, regulatory and economic impacts and response to them by the Company, our employees, our customers and national, state or local authorities; volatility in oil and natural gas prices and the related impact on midstream energy markets, which could lead to cost-cutting measures, including shutdowns or rest periods; the continuation or worsening of adverse economic conditions in the markets we serve, including recession, whether as a result of the current COVID-19 pandemic or otherwise, including its impact on labor markets, supply chains and other inflationary costs, travel and demand for oil and gas , continued volatility in oil and gas prices, government travel restrictions, project delays and budget shortfalls, or otherwise; volatility in global capital markets, including fluctuations in interest rates, which could adversely affect our ability to access capital markets on terms favorable to us; limitations on our ability to use our credit agreement, including as a result of any future inability to comply with the restrictive covenants contained therein; continued reductions in freight or transit rail traffic, including as a result of the ongoing COVID-19 pandemic, strikes or work stoppages; environmental issues, including all costs associated with the remediation and monitoring of such issues; the risk of doing business in international markets, including compliance with anti-corruption and anti-bribery laws, foreign currency fluctuations and inflation, and trade restrictions or embargoes; our ability to execute our strategy, including cost reduction initiatives, and our ability to effectively integrate acquired businesses or divest businesses, such as the recent sale of the Peeling business and tape components business, and the acquisitions of Skratch Enterprises Ltd., Intelligent Video Ltd. and VanHooseCo Precast LLC and to realize the expected benefits; costs and impacts associated with shareholder activism; ongoing restrictions on customers related to the presence of third-party vendors on-site due to the COVID-19 pandemic; the timeliness and availability of materials from our major suppliers, including any continued or worsening supply chain disruptions that have occurred as a result of the COVID-19 pandemic, and the impact on our access to customer-requested inventory with respect to the origin of such inventory, such as concerns buyers about conflict minerals; labor disputes; Cybersecurity risks such as data breaches, malware, ransomware, “hacking” and identity theft, which could disrupt our business and could lead to the misuse or misappropriation of confidential or proprietary information, and could lead to disruption or damage to our systems , increased costs and losses, or a negative impact on our reputation; the continued effectiveness of our ongoing implementation of enterprise resource planning systems; changes in current accounting estimates and their final outcomes; the adequacy of internal and external sources of funds to meet financing needs, including our ability to negotiate any additional necessary amendments to our credit agreement or the terms of any new credit agreement, as well as reforms related to the use of LIBOR as a benchmark for determining the applicable interest rate; the Company’s ability to manage its working capital and indebtedness needs; domestic and international taxes, including assessments that may affect taxes; domestic and foreign government regulations, including tariffs; economic conditions and regulatory changes caused by the United Kingdom’s exit from the European Union; geopolitical conditions, including the conflict in Ukraine; lack of state or federal funding for new infrastructure projects; increase in production or material costs; loss of future revenue from current customers; and risks inherent in litigation and the outcome of litigation and product warranty claims. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from those indicated. Significant risks and uncertainties that may affect the Company’s business, performance and results of operations and forward-looking statements include, but are not limited to, those set forth in Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2021 or as updated and/or supplemented by our other current or periodic filings with the Securities and Exchange Commission.
The forward-looking statements in this release are made as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by the federal securities laws of values.
Marketing and Communications:
Caroline Toplak
(412) 928-3540
ctoplak@lbfoster.com
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