Airtrax Announces Sales Decline, Names New CEO

Airtrax, Inc. (Blackwood, N.J.), a developer of omni-directional lift trucks, named Robert M. Watson as the company's new president and CEO. Watson reportedly has extensive experience in corporate turnarounds and restructurings. From 2001 until October 2006, Watson was president and CEO of Hartz & Company, a manufacturer of tailored clothing, with two production facilities in the United States and sales and marketing offices in New York City.

The company’s previous CEO, Peter Amico, passed away suddenly at the end of August. He was temporarily replaced by Nicholas Fenelli, who has now returned to his role as chief operating officer.

As previously announced, Airtrax's Board of Directors appointed Andrew Guzzetti as chairman of the board. Tthe company is now in the process of making additional key management hires, inculding a chief financial officer.

"Due to mitigating circumstances, we believe that third quarter sales of our principal product, the Sidewinder, has declined significantly and the company's manufacturing and marketing capabilities have been negatively impacted. However, we continue to believe that Airtrax's patented technology and the various applications it serves will redefine the material handling business and we are taking steps now to fundamentally reposition the Company and capitalize on this opportunity," said Guzzetti.

Source: Airtrax.

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