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InfraCor, Inc., announced that its president and chief executive officer, Jim Quarles, will resign as an officer of the Company following its upcoming annual shareholders' meeting, scheduled for July 29, effective July 31, 2002.
Quarles will continue to serve on the Company's Board of Directors as chairman. The Board will appoint an executive from within the organization to serve as president and chief executive officer beginning August 1, 2002.
"Due to the economic recession, resulting in our organization's decline in financial health, management has reduced costs wherever possible. Still, InfraCor cannot afford to pay both the president of our one remaining operating subsidiary, InfraCor of Virginia, Inc., and a president of the parent holding company, InfraCor Inc. Obviously, somebody has to go and I have decided it should be me, although I have a stake in the organization and intend to remain involved at the board level," Quarles stated.
InfraCor, Inc., is a leading construction company specializing in design, build and rehabilitation of subsurface infrastructure corridors, utilizing trenchless technologies and conventional methods on behalf of municipalities, utilities and industries requiring pipelines for water, sewer, gas and cable.