COLORADO SPRINGS, CO – Spectrum Advanced Manufacturing Technologies, Inc. ("Spectrum"), a subsidiary of Ocutrx Technologies, Inc. ("Ocutrx"), today announced the retirement of Jeff Riggs, Chief Executive Officer (CEO), President, and Co-Founder, a long-time microelectronics and FDA-certified manufacturing facility in Colorado Springs, Colorado. After a dynamic tenure as Spectrum CEO, Mr. Riggs is celebrating his retirement with family, friends, and employees today, August 15th, which was recently named "Honoring Jeff Riggs' Contributions to Colorado Springs Day" by the Colorado Springs City Council. Ocutrx has announced that the current COO, Jeff Gilbert, has been appointed CEO.

"Jeff Riggs and his wife, Patricia Riggs, have had a truly extraordinary impact on the world of manufacturing and on the Ocutrx-Spectrum family," said Michael Freeman, CEO of Ocutrx Technologies. "Jeff's vision and leadership spanning nearly three decades has enabled Spectrum to grow into a world-class manufacturer trusted by industry giants such as NASA, the Department of Defense (DoD), Northrop Grumman, Lockheed-Martin, and NATO, to name a few. We are forever grateful to Jeff and Pat for their vision, dedication, and leadership to creating revolutionary technology, a corporate culture that puts people and customers first and encourages everyone to thrive." Freeman continued, "In honor of the couple's accomplishments and contributions to Colorado Springs and the electronic manufacturing industry, the primary Spectrum building will be eponymously named "The Jeff and Patricia Riggs Electronics Facility."

Acquired by Ocutrx in February 2023, Spectrum AMT is a recognized leader in High-Reliability Circuit Card Assembly, Wiring and Harnessing, and Final Assembly. Spectrum's expertise spans multiple sectors, including Aerospace and Spaceflight, Deep Space, Defense, Medical Devices, and the Enterprise and industrial sectors. The company provides "concept to commercialization" contract services as well as manufacturing its own brand of products. Spectrum AMT is deeply invested in delivering highly reliable solutions that align with client needs and industry standards.

On his decision to retire as CEO, Mr. Riggs stated, "As I look back on my time at Spectrum, I'm truly amazed by the incredible range of products we've developed over the years. It's been an honor to work alongside so many talented and dedicated employees who have contributed to our success. Understanding the critical importance of what we do for our customers and our emphasis on quality has always been at the core of our values at Spectrum. The most satisfying part of my journey has been witnessing the growth of our employees. Seeing families thrive and watching individuals use the experience they've gained at Spectrum to improve their lives, whether they continue with us or move on to better opportunities, has been incredibly rewarding."

Under Mr. and Mrs. Riggs' leadership, Spectrum has experienced remarkable momentum across all lines of its business. Spectrum's electronics manufacturing services for a host of Fortune 500 companies is just one example of the added value and convenience it offers its customers. Because of Jeff's governance, Spectrum has become known as the company that can make circuit boards and electronic systems, and assemblies that never fail. Not only did he help the families who worked for him, but Jeff and Pat contributed to their community through charitable donations, helping individuals all over Colorado by donating to nonprofits such as Care and Share, Springs Rescue Mission, Toys for Tots, St. Jude's Medical Center, and Special Olympics, to name a few.

Mitch Freeman, Senior Executive Vice President of Spectrum, said, "On behalf of the Board, I would like to thank Jeff for his unwavering commitment and outstanding, dedicated service to Spectrum, our customers, partners, and employees for the past two decades. Under Jeff's leadership, Spectrum experienced remarkable innovation, growth, and transformation, delivering high-value-add technology to some of the world's most exciting projects and companies. These achievements, in addition to his development of future leaders, positions Spectrum for continued success for years to come. We are extremely grateful for Jeff's many contributions and look forward to continuing to work with him throughout the upcoming CEO transition process."

Manufacturing veteran and COO Jeff Gilbert appointed to CEO

In his newly appointed role as CEO, Mr. Gilbert will be responsible for the overall strategic direction of the company, reporting directly to parent company Ocutrx CEO Michael Freeman. Since taking office as COO of Spectrum in August of 2023, Mr. Gilbert was responsible for securing $1,281,974 in state incentives for adding over 100 new jobs in the next few years at the company's Colorado Springs facility. The Company has seen significant growth since being acquired by Ocutrx Technologies, Inc. in 2023 and is projecting a 40%+ YOY growth pattern. Mr. Gilbert plans to continue updating the manufacturing campus and equipment for optimal efficiency in preparation for expansive growth. An accomplished industry leader, Mr. Gilbert joined Spectrum after a 34-year career at Hughes Anderson Heat Exchangers Inc., a leading manufacturer of shell and tube heat exchangers for refineries and chemical companies. At Hughes, Mr. Gilbert served in various leadership roles, ending his tenure with the company as President and CEO for 10 years.

Commenting on Mr. Gilbert's appointment, Michael Freeman said, "There isn't a better person to fill the shoes of CEO of Spectrum after Jeff Riggs than Jeff Gilbert. His knowledge, expertise, and adept business acumen will help accelerate our business, employee, and customer growth while supporting our passionate focus on providing best-in-class technology products and services for our customers."

Mr. Gilbert added, "I am excited to serve Spectrum in this new role as CEO and to continue executing our mission to turn groundbreaking ideas into fail-proof commercialized products for years to come. I have enjoyed working under Jeff Riggs as COO this last year and am excited to follow in his enormous footsteps to both continue his legacy and begin a new era for Spectrum."