ORA Electronics Inc. Announces Appointment of Interim CEO

Business Wire, Sept 20, 1999

CHATSWORTH, Calif.--(BUSINESS WIRE)--Sept. 20, 1999--

ORA Electronics Inc. (OTC BB:ORAE) Monday announced that Martin D. Pichinson has been named as interim chief executive officer and president.

Gershon Cooper will be relinquishing his duties as CEO and president indefinitely due to medical reasons. Cooper will continue his duties as chairman of the board.

Pichinson has been advising Cooper with respect to operational, financial, strategic and other matters for the past six months. Pichinson has been a management consultant for more than 15 years, involved in many industries including technology companies, manufacturers and distributors. Prior to starting his consulting practice, Pichinson served as chief operating officer of a number of companies.

Pursuant to the terms of his agreement with ORA, Pichinson will receive, in addition to his base compensation, a five-year option to purchase 3 percent of ORA's outstanding shares at an exercise price of $0.2969 per share under ORA's existing stock option plan. Such option vests on the first anniversary of the agreement.

Pichinson also received an additional five-year option under ORA's option plan to purchase up to 6 percent of ORA's outstanding shares at the same exercise price. Such option vests upon the obtainment of certain performance goals, including the company obtaining break-even status and stock price performance (beginning at $5.00 per share).

ORA Electronics is a supplier of cellular, PCS (Personal Communications Services), computer, and telephone/modem accessories and enhancement products.