Insignia Announces New CEO, Commences Tender Offer - Quick Facts

(RTTNews) - Insignia Systems, Inc. (ISIG), which markets in-store advertising products, programs, and services Thursday announced the commencement of a tender offer to purchase up to $12 million of its shares, adding that it appointed a new chief executive.

The firm said that on July 17, it appointed Glen Dall as its President and Chief Executive Officer and also elected him as a member of the Board of Directors.

Dall has been the company's President and Chief Operating Officer since May 2012. He had previously served as the company's Executive Vice President and Chief Operating Officer and Vice President of Corporate Development.

Scott Drill, who had been serving as the company's Chief Executive Officer, has been appointed Senior Advisor. Drill plans to retire from the Board after completion of the tender offer.

Gordon Stofer, the current Chairman of the Board, has also stated his intention to retire from the Board upon completion of the tender offer.

The company also said it has commenced a "modified Dutch auction" tender offer to purchase up to $12 million of its common stock. Under the terms of the offer, the company's shareholders will have the opportunity to tender some or all of their shares at a price within the range of $2.15 to $2.35 per share.