Tag Archives: Tim Scronce

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Tim Scronce Settles Dispute with PCTEL

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By Business Wirevia The Motley Fool

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Tim Scronce Settles Dispute with PCTEL

BLOOMINGDALE, Ill.–(BUSINESS WIRE)– PCTEL, Inc. (NAS: PCTI) , a leader in simplifying wireless and site solutions for private and public networks, announced today that its Board of Directors has accepted a settlement offer from Tim Scronce. The settlement relates to matters surrounding PCTEL‘s recent acquisition of certain TelWorx Entities assets. The details of the settlement are disclosed in PCTEL‘s 8-K filing made earlier today.

PCTEL continues to seek restitution from Scronce’s advisors. The company will continue to cooperate with the SEC‘s investigation of this matter.

Marty Singer, PCTEL‘s Chairman and CEO, said, “We are turning our attention now to accelerating synergies between our Lexington and Bloomingdale operations and developing our kitting, tower and enclosure businesses.”

About PCTEL

PCTEL, Inc. (NAS: PCTI) , develops antenna, scanning receiver, and engineered site solutions and services for public and private networks. PCTEL RF Solutions specializes in the design, optimization and testing of today’s wireless communication networks. The company’s SeeGull® scanning receivers, SeeHawk® visualization tool, and Clarify® system, measure and analyze wireless signals for efficient cellular network planning, deployment, and optimization. PCTEL develops and supports scanning receivers for LTE, TD-LTE, EV-DO, CDMA, WCDMA, TD-SCDMA, GSM, and WiMAX networks. PCTEL Secure, which is part of RF Solutions, focuses on Android mobile platform security.

PCTEL Connected Solutions™ simplifies network deployment for wireless, data and communications applications for private network, public safety, and government customers. PCTEL Connected Solutions develops and delivers high-value YAGI, Land Mobile Radio, WiFi, GPS, In-Tunnel, Subway, and broadband antennas (parabolic and flat panel) through its MAXRAD®, Bluewave™ and Wi-Sys™ product lines. PCTEL also designs specialized towers, enclosures, fiber optic panels, and fiber jumper cables to deliver custom engineered site solutions. The company’s vertical markets include SCADA, Health Care, Smart Grid, Positive Train Control, Precision Agriculture, Indoor Wireless, Telemetry, Off-loading, and Wireless Backhaul. PCTEL‘s products are sold worldwide through direct and indirect channels. For more information, please visit the company’s web sites www.pctel.com, www.antenna.com, www.rfsolutions.pctel.com, www.connectedsolutions.pctel.com, www.towerworx.com, or www.pctelsecure.com.

PCTEL Safe Harbor Statement

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements regarding PCTEL seeking restitution from Scronce’s advisors and acceleration of synergies between …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Company Addresses Accounting Irregularities at PCTelWorx

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By Business Wirevia The Motley Fool

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Company Addresses Accounting Irregularities at PCTelWorx

Files 8-K/A

Anticipates Recording Non-Cash Impairment Charge

BLOOMINGDALE, Ill.–(BUSINESS WIRE)– (NAS: PCTI) The Audit Committee of the Board of Directors of PCTEL, Inc. (the “Company” or “PCTEL“) has concluded that the financial statements relating to the recently acquired assets of the TelWorx Entities contain material errors. The Audit Committee further concluded that these material errors relate solely to pre-acquisition financial statements of the TelWorx Entities and have no material effect on any pre-acquisition consolidated financial statements of PCTEL.

Management detected accounting irregularities at its PCTelWorx subsidiary in December, 2012. PCTelWorx holds the assets acquired from the TelWorx Entities in July 2012. Management promptly informed the Audit Committee and its Board of Directors. With the oversight of the Audit Committee and assistance from outside counsel and forensic accountants, the Company immediately commenced a formal, internal investigation.

The expanded investigation is ongoing, but results to date indicate that pre and post-acquisition accounting errors and irregularities stem from Tim Scronce‘s actions. Scronce was the executive formerly responsible for PCTelWorx operations and the principal owner of the TelWorx Entities. Management believes that the accounting irregularities in the TelWorx Financial Statements identified as a result of this investigation were directed and/or permitted by management of the TelWorx Entities, principally Tim Scronce and those acting at his direction. The Company further believes that Scronce continued to engage in these actions after the July 2012 acquisition.

PCTEL is seeking restitution from Tim Scronce, Brenda Scronce, the CEO of TowerWorx, and other responsible parties. Scronce and two other individuals involved with these irregularities are no longer with the Company.

Management expects to record a non-cash impairment charge to good will in the fourth quarter of 2012 related to the actual performance and the expected future financial performance of PCTelWorx. The amount of this charge is under review with PCTEL‘s auditors and the Audit Committee, but management currently projects that it will be in the range of approximately $13-14 million. When the precise amount is determined, the Company will report it in accordance with SEC requirements. PCTEL does not expect the impairment charge to result in any future cash expenditures. Management also does not anticipate a restatement of the Company’s third quarter financial statements. All of this will be reviewed at the Company’s …read more
Source: FULL ARTICLE at DailyFinance