XML 41 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events

 

Note 9.  Subsequent Events 

 

Subsequent to the end of the quarter, the Company sold 10,000 shares of Rudolph Technology stock for proceeds of approximately $131,000, resulting in a gain on the sale of approximately $129,000.

 

On July 23, 2013, the Board of Directors (the “Board”) accepted the resignation of Brad Slye as President, CEO, and CFO.  Mr. Slye will continue with the company as Product Development and Integration Manager.  The Board appointed David Klenk, an existing board member, as the new President, CEO, and CFO.  At the same time, the Board granted Mr. Klenk a ten-year option to purchase 50,000 shares of the Company’s common stock at an exercise price of $4.21 per share.  The options were fully vested and immediately exercisable as of the grant date.

 

On July 23, 2013, the Board appointed Scott Gabbard to the Board and as the audit committee chair.  Mr. Gabbard will be compensated pursuant to the Company’s existing director compensation plan.

 

Also, on July 23, 2013, the Board temporarily suspended the quarterly dividend.  The Board is acutely focused on maximizing shareholder value and is suspending the dividend to best position the company for renewed growth.