(By Balaseshan) Intellicheck Mobilisa Inc. (NYSEAMEX: IDN) said Chairman Nelson Ludlow will now serve as President and Chief Executive Officer effective immediately, replacing Steve Williams, who was separated from the company.
Ludlow, who previously served as President and CEO of Mobilisa as founder from 2001 through 2008, and President and CEO of Intellicheck Mobilisa from the merger in 2008 to March 2011, will now be leading the company's overall vision, strategic growth and product development.
Michael Malone, Vice Admiral, US Navy, Retired, who was appointed to the company's Board of Directors in June 2011, will serve as Chairman, effective immediately.
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Malone serves as a technical advisor and consultant to Pequot Capital, a venture capital firm, and Environmental Tectonics Corp., a high technology simulation and manufacturing company. He also recently joined the board of directors at Environmental Tetonics Corp.
Malone has conducted various due diligence projects in support of Pequot investments/acquisitions and has developed a government marketing strategy for ETC. Prior to joining Skarven Enterprises -- now Kestrel, a division of The Boeing Co. (NYSE: BA) -- in 2004, Admiral Malone served 34 years in the US Navy.
Intellicheck Mobilisa is engaged in developing and marketing wireless technology and identity systems for various applications including mobile and handheld access control and security systems for the government, military and commercial markets.
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The company's primary businesses include identity systems products and the development of wireless security applications. Identity systems products include commercial applications of identity card reading and verification and government sales of defense security and identity card applications.
IDN is trading up 6.32% at $1.01 on Tuesday. The stock has been trading between $0.81 and $1.99 for the past 52 weeks.