Germantown,
MD, Telkonet, Inc. (Amex: TKO), the leader in providing in-building broadband
access over existing electrical wiring, today
announced that the Company has commenced a search for a Chief Financial Officer
to succeed E. Barry Smith, who notified its Board of Directors on May 31,
2006
of his intent to resign as CFO of the Company effective June 30, 2006. In
the
interim, Richard Leimbach, the Controller, has been promoted to Vice-President
of Finance to continue the management of the financial organization for the
Company. Mr. Smith has offered his assistance during the
transition.
Mr.
Smith
joined Telkonet in February 2003. “Barry has made a significant contribution
over the last three years to the Company’s development, during which time his
commitment to the Company required him to commute from his residence in West
Chester, PA to Telkonet’s corporate headquarters in Germantown, Maryland.
Barry’s increasing family commitments and his travel away from home were the
reasons for his departure,” said Telkonet President & CEO Ronald W.
Pickett.
Mr.
Smith
stated, “Telkonet is well positioned for growth and I sincerely appreciate
having had the opportunity to contribute to its accomplishments. During
my time
with Telkonet, there were no disagreements between me and the Company’s
management with respect to any matter of accounting principles or practices.
I
am ending my tenure with Telkonet amicably and the decision to leave was
a
difficult one. I am looking forward to the opportunity to devote more time
to my
family.”
About
Telkonet
Telkonet
Inc. (Amex: TKO) develops products that provide connectivity over existing
electrical wiring and do not require the costly installation of additional
wiring or major disruption of business activity. Telkonet’s products are
designed for use in commercial and residential applications, including
multi-dwelling units and the hospitality and government markets. For more
information, please visit www.telkonet.com.
Statements
included in this release may constitute forward-looking statements within
the
meaning of the Private Securities Litigation Reform Act of 1995. Such statements
involve a number of risks and uncertainties such as competitive factors,
technological development, market demand and the Company’s ability to obtain new
contracts and accurately estimate net revenues due to variability in size,
scope
and duration of projects, and internal issues in the sponsoring client.
Further
information on potential factors that could affect the Company’s financial
results, can be found in the Company’s Registration Statement and in its Reports
on Forms 8-K filed with the Securities and Exchange Commission
(SEC).
Contacts:
Joe
Noel
Telkonet,
Inc.
240.912.1851
jnoel@telkonet.com
Michael
Porter
President
Porter,
LeVay & Rose, Inc.
212-564-4700
mike@plrinvest.com
www.plrinvest.com
Harrison
G. Wise
Rubenstein
Public Relations
212.843.8001
hwise@rubensteinpr.com
