Imex Systems Inc. ("Imex" or the "Company") (TSX VENTURE:IMEX), a
software solution provider to Governments, Municipalities and
Public Authorities, is pleased to announce the following update to
its business operations.
Board of Directors and Management
As previously announced, Effective March 1, 2018,
Kris Parthiban has assumed the position as Interim President and
CEO, as the resignation of Damodar Arapakota as CEO and from the
Board of Imex Systems Inc. has been accepted by the Board.
The Company is pleased to announce that Issa
Nakhleh has rejoined the board of Imex effective March 15, 2018.
Mr. Nakhleh has been a CFO of high growth technology companies,
both public and private, over the last 15 years. He currently
serves as the CFO and Director of Tuangru, a Vancouver based SaaS
company and prior to that he served as the CFO of UrtheCast, an
Earth Observation company. He has his CPA, CGA and MBA and
specializes in financing, strategy, operations and corporate
governance.
The other two directors are Andrew Lindzon and Kris
Parthiban. With the addition of Issa Nakhleh to the board, Imex
Systems Inc. is fully compliant with the Exchange Policy 3.1
"Directors, Officers, Other Insiders & Personnel and Corporate
Governance" section 5.6.
Shibu Abraham has been appointed as the Company's
Chief Financial Officer effective March 19, 2018.
Change of Auditor
The Company has recently changed its auditor to
SRCO Professional Corporation. The Company expects that its audited
financial statements for the year ending December 31, 2017 will be
filed on or before April 30, 2018.
Annual General Meeting
The Company will be scheduling a shareholder
meeting to be held at the end of June 2018.
Government of Botswana Business
The Company has entered into arbitration
discussions with the Government of Botswana to settle the amounts
billed to them under the previously announced $14 million contract.
Both parties are working to resolve this situation in the near term
for the approximately $5 million claim that the Company has
previously disclosed as accounts receivable in its September 30,
2017 balance sheet.
Blockchain Opportunities
Further to the Company's press release on March 8,
2018 discussing blockchain opportunities, although the Company is
investigating how such technologies may bolster the Company's
existing service offerings, there is no assurance that the Company
will undertake a blockchain opportunity, and if it does, it may
constitute a Change in Business and may be subject to a halt in
trading and Exchange review.
Performance Shares
The 2,500,000 performance shares which were
previously issued by the Company have been cancelled as the
requisite performance targets have not been achieved by ex-CEO of
the Company. Following the cancellation of the performance shares,
the Company has 17,754,301 common shares issued and
outstanding.
Recommencement of Trading
The Company has applied to the TSX Venture Exchange
to lift the suspension of trading of its shares. It is expected
that the common shares of the Company will recommence trading on
April 17, 2018.
About Imex Systems
Imex Systems Inc. is a Canadian software products
and solution provider to Governments, Municipalities and Public
Authorities in Canada and internationally. Imex primarily focuses
on E-Government and the Smart Cities market that also include the
integration to payment processing. The company helps public sector
entities to provide "Any Time, Any Where, Any Device and Any
Channel" convenience for citizens to access government services and
help with digital transformation of government operations and
streamline revenue. Imex's various product and service offerings
include: iGov - a Digital Government
Platform for all levels of governments, which provides all the
pre-built components for building an effective Digital Government
and supporting payment processing through multiple
channels; iCity - a Smart City Solution;
and miGov - a Mobile Government
Framework.
Forward-Looking Statements
This news release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
laws. Forward looking information includes, but is not limited to,
statements, projections and estimates with respect to the future
revenue of the Company. Any statements that involve discussions
with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions, future events or performance
(often but not always using phrases such as "expects", or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "budget", "scheduled", "forecasts", "estimates",
"believes" or "intends" or variations of such words and phrases or
stating that certain actions, events or results "may" or "could",
"would", "might" or "will" be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information. This forward-looking information is based on
reasonable assumptions and estimates of management of the Company
at the time it was made, and involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking information. Such
factors include, among others: the need for approvals from the
relevant government body; future capital needs and uncertainty of
additional financing; the competitive nature of the industry; the
effects of product development and need for continued technology
change; and those risks set out in the Company's public documents
filed on www.sedar.com.
Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company undertakes no
obligation to revise or update any forward-looking information
other than as required by law.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Imex Systems Inc. Kris Parthiban, Interim President
and CEO 416 899 9720krisp@imexsystems.com
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