Settlement of SEC Formal Investigation Against Officer
SOUTH WINDSOR, CT -- Gerber Scientific, Inc. (NYSE: GRB) announced today that Bernard J. Demko, a senior vice president in charge of the Company's supply chain, freight and logistics, IT and customer service operations, has advised the Company that he has consented to a settlement with the Securities and Exchange Commission (the “Commission”) to resolve an investigation by the Commission into Mr. Demko's actions, at a time when he was serving as Corporate Controller, in relation to certain financial accounting and reporting matters. These matters were the subject of the Company's 2004 settlement with the Commission, which was previously announced.
The settlement, among other things, provides for the entry of an order in federal district court enjoining Mr. Demko against future violations, or aiding or abetting future violations, of specified provisions of the Securities Exchange Act of 1934 and related SEC rules, including Rule 10b-5, and requiring payment of a civil penalty. Under the terms of the settlement, Mr. Demko neither admits nor denies the Commission's allegations. Mr. Demko informed the Company that he agreed to the settlement to put the investigation and possible enforcement action behind him.
The Company is not aware of any other continuing investigation by the Commission's Staff of a current or former Company director, officer or employee in connection with the matters described above.
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com) is a leading international supplier of sophisticated automated manufacturing systems for sign making and specialty graphics, apparel and flexible materials, and ophthalmic lens processing. Headquartered in South Windsor, Connecticut, the company operates through four businesses: Gerber Scientific Products and Spandex Ltd., Gerber Technology, and Gerber Coburn.
Forward-looking Statements:
In addition to the historical information contained herein, there are matters discussed that are considered to be "forward-looking statements." These forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's operations, markets, products, and services, that could significantly affect results in the future. For a discussion of other risk factors relating to the Company's business, see the Company's Quarterly Report on Form 10-Q for the quarters ended January 31, 2005, October 31, 2004 and July 31, 2004 and its Annual Report on Form 10-K for the year ended April 30, 2005, as filed with the Securities and Exchange Commission. The forward-looking statements contained in this release are made as of the date of this release, and the Company expressly disclaims any obligation to update or revise any forward-looking statements contained in this release.