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2005

08/03/2005

PACE Announces Ownership Succession Plan

PACE, Inc announced today that Paul Dunham, the current President and Chief Operating Officer, has become a major shareholder in the Company. PACE was founded by William Siegel 50 years ago. The Company is a pioneer in the electronics rework and repair industry, and has been owned and operated by the Siegel family since that time. Mr Dunham has been with PACE for the past 25 years. He has been instrumental in leading PACE to its current world class manufacturing status through its lean manufacturing initiative, as well as the Company's introduction of many new and innovative products in response to the industry's shift from through-hole to surface mounted component technology. "Paul has now become an owner of PACE, and this is a crucial step in our transition strategy, to ensure the Company's ongoing success and a smooth transition in our business" said Siegel. "We consider Paul part of our family, and we are delighted that his new role puts PACE in an even stronger position, for the continued benefit of our employees, their families, and our customers". For more information, please contact PACE by telephone at 301 490 9860, by fax 301 776 9685, or visit our web site at www.paceworldwide.com