The son of the late founder of Airtrax Inc. has resigned from the board of a small Blackwood maker of specialized vehicles.
Peter L. Amico Jr., in a letter dated Jan. 10, said he no longer sees his participation on the board of directors as "productive."
"My father, the Founder, biggest believer and hardest working man I knew would be proud that I served in his company," Amico writes in his letter, filed with the Securities and Exchange Commission Wednesday. "Airtrax was his concept. A concept that took years to bring to fruition."
That concept was a wheel that can move in all directions. The "omni-directional technology" was designed and manufactured by Airtrax via a technology transfer deal with the U.S. Navy. The company has developed military and commercial vehicles that use the wheel technology, but has struggled to complete orders.
Airtrax was started in 1997 by Peter Amico Sr., who died Aug. 25, 2006. The company said in another regulatory filing that Amico's death, which was unexpected, has limited production and sales.
Why did the younger Amico quit the board? His letter offers this: "The disagreement with the family estate is concerning, and will only create conflict, which would impede with the business of Airtrax ...."
He concludes saying that the Amico family wants Airtrax to succeed and "wishes the best of the Company and its employees."
