Intrusion Inc (NASDAQ:INTZ), a company specializing in computer communications equipment, announced today the appointment of Dion Hinchcliffe as a new member of its Board of Directors. The appointment, effective as of the close of business today, was confirmed by Intrusion's Board of Directors on June 26, 2024.
Hinchcliffe, 54, brings a wealth of experience to the board, serving as Vice President of CIO Practice at The Futurum Group and as an executive fellow at Dartmouth College’s Tuck Center for Digital Strategies. Before his current role, he worked as VP and Principal Analyst at Constellation Research, where he focused on enterprise technology leadership and digital transformation.
Recognized as an independent director under the company’s standards and Nasdaq requirements, Hinchcliffe is set to receive the same compensation as other non-management directors. This includes an annual retainer of $30,000 and additional fees based on committee appointments, ranging from $7,500 to $18,000. Additionally, as part of the non-management director compensation program, he may receive an annual restricted stock unit award, which is capped at a value of $70,000 divided by the closing price of a share of Common Stock on the grant date.
In other recent news, cybersecurity firm Intrusion Inc. reported Q1 2024 results, with a decrease in total revenue to $1.1 million. However, the company secured a significant $25 million contract through partner iOne Resources for the 2025 Philippines midterm elections, expected to boost earnings in the latter half of 2024. Intrusion Inc. has also regained compliance with NASDAQ's listing requirements and raised $2.6 million for working capital through a private offering.
The company's cost reduction efforts have resulted in over $7 million in savings in the past year. Despite a net loss of $1.7 million for the first quarter, an improvement from the previous quarter was noted. Intrusion Inc. plans to focus on growth in the Asia-Pacific region and the federal sector, with a multi-year roadmap for endpoint and cloud products. These are the recent developments for Intrusion Inc., as the company navigates through its financial challenges with a clear focus on growth and innovation.
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