/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
CALGARY, March 12, 2020 /CNW/ - Sylogist Ltd.
(TSXV:SYZ) ("Sylogist" or the "Company") advises that
Jim Wilson has announced his
retirement as President & Chief Executive Officer of the
Company to be effective at the end of the Company's fiscal year,
being September 30, 2020.
Mr. Wilson has served Sylogist for over 17 years. During
his tenure, the Company increased its market value more than a
thousand fold and its share price more than 350 fold.
Sylogist has been transformed from a money-losing, project-based
reseller of third party software to a highly profitable,
Software-as-a-Service organization, owning its intellectual
property and generating the vast majority of its business from
stable and recurring revenue agreements with over 1500 public
sector and private sector organizations. In addition to share
performance, during the past 10 years, Sylogist has returned over
$90 million to shareholders in
dividends and share repurchases.
The Board of Directors commented "This is an appropriate time to
transition leadership of the Company and to build an aggressive
growth strategy for the next decade based upon the solid foundation
laid under Mr. Wilson's leadership. Sylogist is extremely
well positioned, with recurring and accelerating cash flow, highly
satisfied customers and a suite of modern, proven technology that
targets a large public sector marketplace. Armed with a well
established operational footprint in North America and a strong balance sheet, the
Company is poised for growth, both organically and by
acquisition."
The Company is indebted to Mr. Wilson who has dedicated many
years of service contributing to the remarkable success of the
business. We thank him for his continued support and
vision.
As a result of the forthcoming leadership transition, the Board
of Directors has undertaken a strategic review to set the course
for the future of the Company. Strategic elements being
considered include: (1) recruiting a senior leader or leadership
team to drive growth principally and initially in the United States, where the vast majority of
the Company's customers and market opportunities reside, (2)
strengthening and diversifying the Board of Directors and (3)
evaluating other options and opportunities, including strategic
alternatives, to maximize shareholder value.
The Board of Directors has formed a Nominating and Governance
Committee, consisting of Jim Wilson,
David Elder, Taylor Gray and Barry
Foster, whose duties include all executive and board member
recruitment initiatives, as well as board committee structures,
mandates and recommended appointments.
The Board has engaged Shea & Company, a San Francisco-based boutique M&A adviser,
specializing in enterprise software with extensive reach across
North America and beyond in public
sector technology, to assist in its market assessment of strategic
opportunities and alternatives to enhance shareholder value.
Sylogist has no knowledge or expectations of what developments
may occur with respect to any of its various initiatives and,
except as required by law, does not intend to make any further
announcements in this regard unless or until any material
information becomes releasable. The Company cautions that there are
no guarantees that a strategic opportunity or alternative or any
initiative will be pursued or
undertaken.
About Sylogist
Sylogist is a software company that, through strategic
acquisitions, investments and operations management, provides
comprehensive, mission-critical ERP solutions, including fund
accounting, grant management and payroll, to public service
organizations. Sylogist's public service customers include
local governments, non-profit organizations, non-governmental
organizations, educational institutions and government agencies, as
well as public compliance driven and funded entities. Our Company
delivers highly scalable, multi-language, multi-currency software
solutions, which serve the needs of an international clientele.
The Company's financial statements together with Management's
Discussion and Analysis are available on SEDAR at
www.sedar.com.
The Company's stock is traded on the TSX Venture Exchange under
the symbol SYZ. Information about Sylogist can be found at
http://www.sylogist.com.
Forward-looking Statements
Certain statements in this news release may be
forward-looking statements within the meaning of applicable
securities laws and regulations. These statements typically
use words such as expect, believe, estimate, project, anticipate,
plan, may, should, could and would, or the negative of these terms,
variations thereof or similar terminology. Forward-looking
information in this news release includes statements with respect
to this being the ideal time to transition leadership of the
Company, to build an aggressive growth strategy for the next decade
based upon the solid foundation laid under Mr. Wilson's
leadership, Sylogist being in extremely well positioned, with
recurring and accelerating cash flow, highly satisfied customers
and a suite of modern, proven technology that targets a large
public sector marketplace, the Company being poised for
growth, both organically and by acquisition, the
Company's Board of Directors having undertaken a
strategic review to set the course for the future of the Company
and the Company having engaged an advisor to assist in its market
assessment of strategic opportunities and alternatives to enhance
shareholder value. By their very nature,
forward-looking statements are based on assumptions and involve
inherent risks and uncertainties, both general and specific in
nature. It is therefore possible that the beliefs and plans and
other forward-looking expectations expressed herein will not be
achieved or will prove inaccurate. Although Sylogist believes that
the expectations reflected in these forward-looking statements are
reasonable, it provides no assurance that these expectations will
prove to have been correct. Forward-looking information involves
risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Additional information regarding some of these risks,
uncertainties and other factors may be found under in the
management's discussion and analysis for the year ended
September 30, 2019, and other
documents available on the Company's profile at
www.sedar.com. Material assumptions and factors that could
cause actual results to differ materially from such forward-looking
information include Sylogist's inability to retain
satisfactory executive leadership or board nominees, as well as its
inability, in conjunction with its agent, to realize opportunities
or alternatives to enhance shareholder value. Although
Sylogist believes that the material assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur.
Sylogist disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
- Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release-
SOURCE Sylogist Ltd.
