Benzinga | Jun 7, 2021 10:31AM EDT

Orbstat Names Charles Fernandez As CEO, Chairman

Orbsat Corp (NASDAQ:OSAT) ("Orbsat" or the "Company"), a global provider of communication solutions for connectivity to the world through next-generation satellite technology, today announced that Charles M. Fernandez has been appointed as Chief Executive Officer and Chairman of the Company. David Phipps, former Chief Executive Officer, will assume the role of President and serve in the new capacity as CEO of Global Operations.

Charles M. Fernandez has over 30 years' experience in identifying profitable start-up and dislocation opportunities, building significant value, and executing both private and public exit strategies.

Mr. Fernandez is currently Managing Partner of eApeiron Partners, LLC, and was the founder and largest shareholder of eApeiron Solutions, LLC, a brand protection and e-commerce company with corporate clients ranging from luxury businesses to large-scale consumer product companies. eApeiron Solutions, LLC was acquired by Smartrac, a leading developer, manufacturer, and supplier of RFID and Internet of Things ("IoT") solutions, a unit of Avery Dennison Corporation (NYSE:AVY). Mr. Fernandez was a strategic investor in Orbsat's recently completed public offering, personally investing $3 million of the $14.4 million raised.

Charles Fernandez, CEO and Chairman of Orbsat, commented, "I believe that Orbsat is ideally positioned to capitalize on the growing global importance of satellite-based connectivity which is now reshaping how individuals, enterprises and governments around the world connect to everything that is important. Drawing upon my 30+ years' experience and extensive network in related markets such as e-commerce and IoT, I am confident in the many large opportunities that lay ahead of us, and I am looking forward to leading our team during this exciting period in our history."

David Phipps, President and CEO of Global Operations at Orbsat, said, "Charles is an accomplished business leader and investor who brings with him valuable IoT and e-commerce expertise, making him an ideal addition to lead Orbsat as its CEO and Chairman. Under the governance of an expanded Board of Directors and supported by $14.4 million in new growth capital, we are now advancing our business into its next phase, focused on global growth and expansion driven by dramatic demand for satellite-connected communications and IoT."

In connection with Mr. Fernandez's appointment as CEO and Chairman, the Company granted Mr. Fernandez a restricted stock award with a grant date fair value equal to $3,000,000 determined at the per unit offering price of its recent public offering. The restricted stock award will vest 1/3 at each of the three anniversaries of the grant date. The restricted stock award was granted outside the Company's 2020 Equity Incentive Plan.

In connection with the recently completed public offering and listing on Nasdaq, the Company expanded its Board of Directors to include Ms. Kendall W. Carpenter, CPA, CGMA, CMA, who will serve as Chair the Audit Committee; Mr. Lou Cusimano who will serve as Chair of the Compensation Committee; and Lieutenant General (Retired) John E. Miller, all of whom join Hector J. Delgado who currently serves on the Board.