Checkpoint Systems, Inc. Announces Appointment of Per Levin as President, Merchandise Visibility Solutions
Philadelphia, Pennsylvania, September 13, 2010 – Checkpoint Systems, Inc. (NYSE: CKP) today announced the appointment of Per Levin as President, Merchandise Visibility Solutions. This newly created division will focus on the growing use by retail and apparel companies of radio frequency identification (RFID) for merchandise visibility applications. Previously Mr. Levin served as President, Shrink Management and Merchandise Visibility Solutions, during which time he helped to build Checkpoint’s leading position in shrink management.
Leading retailers in the apparel markets increasingly recognize the benefits to their customers and to their businesses of incorporating RFID technology in their operations. Doing so helps them to improve inventory accuracy, eliminate out-of-stocks, reduce markdowns, reduce working capital and ultimately sell more merchandise. Importantly, in apparel retail, RFID can also be used as an electronic article surveillance (EAS) device to prevent theft.
“I am confident that the talent and technology is now in place to win in this emerging business process,” said Rob van der Merwe, Chairman, President and Chief Executive Officer. “With the purchase of OATSystems in 2008 and Brilliant Label Manufacturing in 2009, Checkpoint acquired two key businesses enabling the Company to provide RFID software engineering and expanded global label printing. These capabilities, together with our legacy assets and global footprint, combine to offer Checkpoint’s customers an important end-to-end solution.”
Prasad Putta, co-founder of OATSystems and an industry leading RFID expert who was also a founding participant at the MIT Auto-ID Laboratory, will serve in an executive role in the new division. Farrokh Abadi, currently Senior Vice President and Chief Innovation Officer, will replace Per Levin as President, Shrink Management Solutions. The Company will conduct an internal and external search to fill the Chief Innovation Officer vacancy.
About Checkpoint Systems, Inc.
Checkpoint Systems is a global leader in shrink management, merchandise visibility and apparel labeling solutions. Checkpoint enables retailers and their suppliers to reduce shrink, improve shelf availability and leverage real-time data to achieve operational excellence. Checkpoint solutions are built upon 40 years of RF technology expertise, diverse shrink management offerings, a broad portfolio of apparel labeling solutions, market-leading RFID applications, innovative high-theft solutions and its Web-based Check-Net® data management platform. As a result, Checkpoint customers enjoy increased sales and profits by improving supply-chain efficiencies, by facilitating on-demand label printing and by providing a secure open-merchandising environment enhancing the consumer’s shopping experience. For more information, visit www.checkpointsystems.com.
Caution Regarding Forward-Looking Statements
This press release includes information that constitutes forward-looking statements. Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.” By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include: our ability to integrate our acquisitions and to achieve our financial and operational goals for our acquisitions; changes in international business conditions; foreign currency exchange rate and interest rate fluctuations; lower than anticipated demand by retailers and other customers for our products; slower commitments of retail customers to chain-wide installations and/or source tagging adoption or expansion; possible increases in per unit product manufacturing costs due to less than full utilization of manufacturing capacity as a result of slowing economic conditions or other factors; our ability to provide and market innovative and cost-effective products; the development of new competitive technologies; our ability to maintain our intellectual property; competitive pricing pressures causing profit erosion; the availability and pricing of component parts and raw materials; possible increases in the payment time for receivables as a result of economic conditions or other market factors; changes in regulations or standards applicable to our products; the ability to implement cost reduction in field service, sales, and general and administrative expense, and our manufacturing and supply chain operations without significantly impacting revenue and profits; our ability to maintain effective internal control over financial reporting; and additional matters disclosed in our Securities and Exchange Commission filings. We do not undertake to update our forward-looking statements, except as required by applicable securities laws.