Costar Technologies, Inc. Announces New Executive Leadership

COPPELL, Texas, April 30, 2020 /PRNewswire/ -- Costar Technologies, Inc. ("Costar" or the "Company") (OTC Markets Group: CSTI) is pleased to announce two additions to the Company's senior management team. These appointments signal a new chapter for Costar as part of a comprehensive strategy to enhance efficiencies and increase synergies across its businesses, while continuing to provide outstanding products and customer support.

Two proven Costar executives have been named to new assignments:

Sarah Ryder has been named Chief Financial Officer. Ms. Ryder joined Costar as the Corporate Controller in 2015. Ms. Ryder is a Certified Public Accountant and brings a strong operational and financial background to Costar following previous positions at CBIZ, Inc., Cricket Communications Inc., and RSM. 

Shane Compton has been appointed to the dual roles of Chief Operating Officer and Chief Product Officer. Mr. Compton has served as Costar's Chief Product Officer since September 2018 and previously served as General Manager of the Company's Arecont Vision Costar subsidiary from January to April 2019. Prior to joining Costar, Mr. Compton worked for over 16 years at Pelco (later Pelco by Schneider Electric) in software engineering, project management, and engineering management in director and vice president roles, then finally as CTO / Vice President of Advanced Technology and Engineering.

Costar Technologies, Inc. operates five subsidiary companies. They are each well-known in their market segments across video surveillance and industrial video: Arecont Vision Costar, CohuHD Costar, Costar Video Systems, Innotech Security, and IVS Imaging.

"I am excited about the internal promotions of Sarah and Shane to their new positions as they proved themselves invaluable to the Arecont Vision Costar turnaround," stated Scott Switzer, the Interim President and CEO of Costar Technologies, Inc. "They are integral to our new 'One Costar' strategy that allows us to be more nimble, efficient, and leverage our strengths across the entire organization. The addition of these and other skilled team members increases the depth and expertise of our executive leadership team. With our recent leadership changes and our One Costar strategy, we are focused on enhanced efficiencies and increased synergies across our organization in order to better serve our customers."

About Costar Technologies, Inc.

Costar Technologies, Inc. develops, designs, manufactures and distributes a range of security solution products including surveillance cameras, lenses, digital video recorders and high-speed domes. The Company also develops, designs and distributes industrial vision products to observe repetitive production and assembly lines, thereby increasing efficiency by detecting faults in the production process. Headquartered in Coppell, Texas, the Company's shares currently trade on the OTC Markets Group under the ticker symbol "CSTI". Costar was ranked as the 35^th largest company in a&s magazine's Security 50 for 2019. Security 50 is an annual ranking by the magazine of the world's largest security manufacturers in the areas of video surveillance, access control and intruder alarms, based on sales revenue.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements, including statements regarding the Company's ability to grow revenue and earnings, that are subject to substantial risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to risks related to the ability to diversify business across vertical markets, secure new customer wins, and launch new products. You can often identify forward-looking statements by words such as "believe," "may," "estimate," "continue," "anticipate," "intend," "plan," "expect," "predict," "potential," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations but they involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of the risks and uncertainties.

You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable laws.

SOURCE Costar Technologies, Inc.