American Electric CEO addresses shareholders
American Electric Technologies, Inc. (Nasdaq: AETI) surged, adding $1.58, or 30%, to close at $6.80, following news that the CEO of the telecommunications network infrastructure maker has written a letter to shareholders.
Arthur G. Dauber released a letter this morning thanking shareholders for their support for the merger with M&I Electric, a privately held electrical products supplier. Dauber has been at the helm of M&I since 1984.
“This was an opportunity to introduce ourselves and I am very pleased at how the information was received by the investment public,” Treasurer Joe McGuire told SmallCapInvestor.com. He said that the company has been quiet of late but is going to be putting out more news now that the merger is done.
American Electric Technologies was born when M&I Electric bought an 80% stake in American Access Technologies, Inc. in a transaction that was completed in May.
Dauber also tells shareholders that for the remainder of 2007 he will focus on increasing revenue and pursuing a presence in the alternative energy markets.
