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Steven Murdock, a director of the company since May 2006, has been appointed to the position of chief executive officer of the company to replace Muellner. Previously, Murdock was chief executive officer of the company from June 2003 through May 2006 and has agreed to serve for one year at an annual salary of $1.00. He was granted 1,250,000 options at an exercise price of $0.22 per share, with 750,000 of these options subject to stockholder approval at the next annual meeting of stockholders.
The company has sold its European subsidiary and completed its formal review of strategic alternatives. Tim McQuay, the new chairman of the board of directors of the company, commented, "The company's business objectives today are clear. We intend to use the cash infusion from the sale of our European subsidiary to provide working capital for our United States business, so that we can continue to pursue our goal of making the company profitable again."
In addition, Harry Casari and James Chadwick have resigned from the board of directors.
Meade Instruments is a leading designer and manufacturer of optical products including telescopes and accessories for the beginning to serious amateur astronomer.
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