SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
February 3, 2003
Date of Report
(Date of Earliest Event Reported)
TELKONET, INC.
(formerly known as Comstock Coal Company, Inc.)
(Exact Name of Registrant as Specified in its Charter)
902-A Commerce Road
Annapolis, Maryland 21401
(Address of principal executive offices)
410/897-5900
Registrant's telephone number
Utah 87-0627421
(State of Incorporation) (IRS Employer Identification No.)
ITEM 6. RESIGNATIONS OF DIRECTORS AND EXECUTIVE OFFICERS
The following press release was issued to announce the resignations and
appointments of certain Directors and officers of the company.
TELKONET NAMES
HOWARD LUBERT
CHIEF EXECUTIVE OFFICER
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FOR IMMEDIATE RELEASE:
Contact: TELKONET, INC. HAYDEN COMMUNICATIONS, INC.
Stephen Sadle, Chief Operating Officer Matthew Hayden
410-897-5900 843-272-4653
ssadle@telkonet.com matt@haydenir.com
Annapolis, MD-February 3, 2003 - TELKONET, INC. (OTCBB: TLKO) THE LEADER IN
COMMERCIAL POWERLINE COMMUNICATIONS, today announced that the Board of Directors
unanimously elected Howard Lubert as Chief Executive Officer. Ronald Pickett,
President and Interim CEO will remain as President. Mr. Robert P. Crabb resigned
as Director and remains Corporate Secretary. On January 30, 2003 the Company
announced the appointment of Mr. Pete Musser as Chairman of the Board. Mr.
Lubert's long-standing relationship with Mr. Musser will enhance the talent
necessary to properly capitalize upon the channel relationships now available to
the Company.
Howard Lubert stated, "I have been privileged to be associated with Pete Musser
since the Safeguard investment in Novell (NASDAQ:NOVL) in 1983. When Ron Pickett
approached me regarding this opportunity, I immediately saw a chance for Pete
and I to team up and do this together, bringing his fantastic knack for building
successful investments in technology companies with my organizational,
technical, and marketing expertise. No one anywhere could ask for a better
partner than Pete."
Mr. Lubert also Stated, "With Telkonet's first generation of products through
successful pilots and initial production runs underway I see my job as the CEO
concentrating on the basics of blocking and tackling. Telkonet has validated and
enjoys tremendous opportunity in the hospitality industry. I'm excited to accept
the challenge of expanding the hospitality opportunity while attracting and
signing E-Partners in the channel that most certainly will open other verticals
to the Telkonet product line. The Company is in the enviable position of having
to manage its resources, production and delivery capabilities into a marketplace
that can absorb everything we bring to them for some time to come."
Mr. Lubert brings to Telkonet over three decades of diversified expertise, which
includes:
o Technical due diligence and business acceleration services for
Safeguard Scientifics in Infrastructure, Internet/e-Business and
Telecommunications.
o Internet, Intranet, Extranet and e-Commerce strategy and implementation
expertise as an e. Business service line leader with Deloitte and
Touche.
o PC, Local and Wide Area Networking experience as the founder/president
of HEL INC. (Integration, Networking & Connectivity).
o General Systems Division of IBM, marketing mid-range computer systems
in the manufacturing, distribution, hospitality and not-for-profit
vertical markets
Mr. Lubert is a nationally recognized speaker who has lectured on e. Business
technologies, Web Content Management and Community Solutions, e. Business
integration, The Financial and Human Capital Issues of e. Business. His
Affiliations include:
Entrepreneur in Residence, The Innovation and Entrepreneurship Institute, Fox
School of Business, Temple University, 2002-2003
Adjunct Professor, Entrepreneurship, The Fox School of Business, 2002-2003
Chairman, Human Capital Advisory Committee of The Eastern Technology Council,
2000-2002 Fellow, The Irwin L. Gross e. Business Institute-Temple University,
2000-2003 Commissioner, The Philadelphia Mayor's e-Commerce Commission,
1999-2000 Chairman, Program Committee, ICA-Supercomm, 1999-2001 National
Director, The Business Technology Association (BTA) - 1995-1998 Chairman,
National Board of Directors, Local Area Network Dealers Association 1993-1995
Chairman, Advisory Program Council, PC EXPO - New York - 1992-1997 Member,
Advisory Board of Directors, The Certified Network Professional - 1993-1996
Member, Program Committee Miller Freeman, Inc. - 1997-1998 Founding Member of
LANDA and the CNEPA
Telkonet's PlugFast Terminal can be used as a stand-alone solution within a
residence, or it may be used in conjunction with a PlugFast Gateway as a part of
Telkonet's solution for the commercial market. The core focus is High-Speed
Internet distribution over the electrical power lines for the commercial and
multi-dwelling residential markets. The Company has designed a suite of products
to address the needs of office buildings, hotels, schools, shopping malls, and
commercial buildings.
Telkonet's products provide connectivity over the existing electrical wiring and
do not require the costly installation of additional wiring, or major disruption
of business activity. In many situations the Telkonet system can be implemented
more quickly and less expensively than adding dedicated wiring or installing a
wireless system.
The Telkonet PlugFast family of Internet access products offers a viable and
cost effective alternative to the challenges of hardwiring and wireless LANs.
This solution set is comprised of two products, the PlugFast Gateway and the
PlugFast Terminal. The Telkonet PlugFast Gateway and Terminal are aimed at
applications such as apartments, hotels and motels, and the SME market.
Statements included in this release may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements involve a number of risks and uncertainties such as competitive
factors, technological development, market demand and the Company's ability to
obtain new contracts and accurately estimate net revenues due to variability in
size, scope and duration of projects, and internal issues in the sponsoring
client. Further information on potential factors that could affect the Company's
financial results, can be found in the Company's Registration Statement and in
its Reports on Forms 8-K filed with the Securities and Exchange Commission
(SEC).
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