SOURCE: Gateway International Holdings, Inc.

November 16, 2006 09:35 ET

Gateway International Holdings Announces the Reorganization of Its Board of Directors and the Election of a New President and CEO

ANAHEIM, CA -- (MARKET WIRE) -- November 16, 2006 -- Gateway International Holdings, Inc. (PINKSHEETS: GWYI) announced today that it has elected James Michael Cassidy, Esq., a principal of the law firm of Cassidy & Associates, Washington, D.C. and currently general counsel to the Company, to its board of directors. Mr. Cassidy will serve until the next annual meeting of the stockholders of the Company, or until their successors have been elected and qualified. Mr. Cassidy was elected to fill one of the positions vacated by Robert Page and Lloyd Leavitt who have resigned as directors.

In addition, Larry Consalvi, President and CEO of the Company, resigned his position as President and CEO to devote his full attention to being the Executive Vice President of the Company's Machine and Tools Group which consists of Elite Machine Tool Company, All American CNC Sales and Nu-Tech Industrial Sales.

Mr. Timothy Consalvi, currently a member of the Company's Board of Directors and President of All American CNC Sales, will replace Larry Consalvi as President and CEO. Larry Consalvi will remain Chairman of the Board and Tim Consalvi will devote the majority of his attention to running the parent company.

James Michael Cassidy, Esq., LL.B., LL.M., received a Bachelor of Science in Languages and Linguistics from Georgetown University in 1960, a Bachelor of Laws from The Catholic University School of Law in 1963, and a Master of Laws in Taxation from The Georgetown University School of Law in 1968. From 1963-1964, Mr. Cassidy was law clerk to the Honorable Inzer B. Wyatt of the United States District Court for the Southern District of New York. From 1964-1965, Mr. Cassidy was law clerk to the Honorable Wilbur K. Miller of the United States Court of Appeals for the District of Columbia. From 1969-1975, Mr. Cassidy was an associate of the law firm of Kieffer & Moroney and a principal in the law firm of Kieffer & Cassidy, Washington, D.C. From 1975 to date, Mr. Cassidy has been a principal in the law firm of Cassidy & Associates, Washington, D.C. and its predecessors, specializing in securities law and related corporate and federal taxation matters. Mr. Cassidy is a member of the bars of the District of Columbia and the State of New York, and is admitted to practice before the United States Tax Court and the United States Supreme Court.

Timothy Consalvi currently serves as a Director, a position he has held since November 2004. Mr. Consalvi has also served as the President of our wholly owned subsidiary, All American CNC Sales, Inc., which he founded in 1993. He had responsibility for the overall management of the operations of All American CNC Sales, Inc., including strategic planning, working directly with new equipment supplies, managing orders, deliveries and repair problems. Mr. Consalvi has been involved in the machine tool industry since June 1978, and has specialized in the sale of new CNC machine tools since 1983.

"The addition of Jim Cassidy to our board and the election of Tim Consalvi to President and CEO will provide the Company with experienced business executives to assist in the reorganization of the Company and ultimately achieve our strategic growth plan," says Larry Consalvi, Gateway's Chairman. "Jim has a long history of success in both the private and public sectors and his vast public company background will help us overcome some of our past issues related to the public sector. In addition, the election of Tim Consalvi to the role of President and CEO of Gateway will provide the Company with an experienced and full-time leader."

Headquartered in Anaheim, Calif., Gateway is a manufacturer of advanced machined components and a distributor of both new and used Computer Numerical Controlled ("CNC") machines and tooling through its wholly owned subsidiaries, All American CNC Sales, Inc., Accurate Technologies, Inc, Elite Machine Tool Company, Inc., Eran Engineering, Inc., and Nu-Tech Industrial Sales, Inc.

Additional information on Gateway International Holdings is available on the Company's website, www.gwyi.com or at www.firstcapitalinvestors.com.

"SAFE HARBOR"

This press release may contain forward-looking statements within the definition of Section 27A of the Securities Act of 1933, as amended and such section 21E of the Securities Act of 1934, amended. These forward-looking statements should not be used to make an investment decision. The words "estimate," "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.

Contact Information

  • Contact:
    Investor Relations:
    First Capital Investors, Inc.
    Contact: Trey Meehan
    (321) 221-2910
    Email Contact